Prepare now for good times
Small business marketing series
Originally published in Small Business Charleston, January 2009
By Tiffany Jonas
With all the economic gloom recently, it's easy to believe the economy’s struggles are nearly permanent, but that isn't so. Now's the time to set up your small business for success when the sun does come out.
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With all the economic gloom and doom in the air, it's easy to believe the economy's struggles are nearly permanent, but that isn't so. The economy is cyclical; what goes down will come up. Yes, you do need to make it through to the economic turnaround, but if you're surviving (or even thriving), now's the time to actively set yourself up for success when the sun does come out.
1 } First, let's take a look through gloom to the rays of light already breaking through. Some industries are not just getting by on a thread, they're thriving! "There are plenty of industries … that have historically done well in recessions," says the New York Times, "particularly those that serve basic needs like food, energy, and health care." One of my professional services colleagues mentioned last week that she is actively turning away work because she has more than she can handle.
The Charleston Regional Business Journal published the results of an email poll in November; in it, nearly half (42.4%) reported their businesses had grown in the last year despite the poor economy, and far from being ready to fold, more than a third (35.5%) expected their firms to grow in the next year. Add to this the rapidly approaching inauguration of a hope-inspiring president, and the picture becomes even brighter.
2 } Next, focus on what you can do now to bolster your business. As a recent front page Business Journal article pointed out, people want comfort during stressful times; sales of pajamas and puppies spiked after September 11. If you sell comfort food, blankets, fireplaces, home movies, cozy furniture, homes or apartments, pieces of nostalgia, and the like, make the most of this! On your website and in your marketing, feature photos of relaxed, happy customers curled up on the sofa with a loved one enjoying your product. If you sell financial services, your reassurance, wisdom, and help during this rough patch will stand you in good stead.
If it's possible in your line of work, consider shifting some of your attention to industries that are less affected by a recession, and continue to nurture these relationships through times both rich and lean. As the economy continues to move through cycles (and it will), you'll be glad you did.
3 } Cut where you must, but don't trim marketing to the bone! The companies that invest in marketing now are setting themselves up to rocket to new heights once the economy turns… and remember, it will turn. The temptation these days is to hide under a rock hoping things will get better, and many small businesses are doing just that. When it does get better, though, the smart firms who have promoted their services well will be ahead of the game, while the others will be running to catch up… if they can.
A bonus: there are currently many steals to be had in the cost of advertising space and elsewhere. And even marketing companies that are doing well may be hesitant to raise prices during a recession.
4 } Last but not least, take a moment to pat yourself on the back for making it through a challenging year! As entrepreneurs, we don't do this often enough. The Business Journal editorial staff perhaps said it best in their most recent issue: "Businesses that made it to 2009 are survivors. They made tough decisions and found opportunities to keep customers in an uncertain and difficult marketplace. They changed the meaning of 'getting better' by stepping back and reimagining the way they were doing business."
Good job.
About the author
Aio Design founder Tiffany Jonas graduated magna cum laude with a Bachelor of Journalism degree in advertising from the Missouri School of Journalism, a top journalism school. She also holds a Bachelor of Arts degree in English and has taken coursework toward an MBA. She’s a member of Mensa, an organization for those who have tested in the top two percent of the population on a standardized intelligence test. She has been the two-time recipient of an 11-state award for design, honored at the Chicago Book & Media Show and was chosen as one of the Charleston Regional Business Journal’s 2008 Forty Under 40, honoring those who have achieved professional success while contributing to the community.
