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Tough Times, Tough Tactics Online

When your competitors run for cover in difficult times, don't follow the pack. Take advantage of the situation and move confidently to win more clients.

Generally, the first budgets to get cut in tough times are marketing and promotions. Nothing could be more foolish. This is exactly when they are needed. But because you are wiser than your competitors - their error is a potential opportunity for you.

From Business Week to the Harvard Business Review, studies consistently show that, in every downturn since 1970, companies who maintained or increased an existing marketing budget did better on average during the recession - capturing a larger share of their market in the process. Further they tended to retain that advantage when the market eventually improved.

Successful companies had the courage to continue investing in their marketing efforts when their competitors were cutting back.

if you are already following a marketing plan, are working it and getting results, you are in the best possible position to win more business under any market conditions. But then of course you probably wouldn’t have read this far.

Still reading? Don't worry, you are certainly not alone.

Assuming that you either don't have a marketing plan or you have one that isn't working for you - what do you do?

1. Establish a monthly budget for marketing. If you already have one, so much the better. Consider increasing it. If you don't, establish one today.
   
   
2. Find a firm that is willing to work with you to:
   • either establish or revise your marketing plan. If what you have isn't working for you - there's a reason;
   • get very clear about your ideal clients or customers - you need to know who you are talking to;
   • get creative about how to apply your marketing budget each month - there are all kinds of cost-effective ways to reach your clients or customers once you know who they are and how you will win them over once you do;
   • establish a realistic plan for the part the Web will play in your sales process - including your Web site as well as other channels like Facebook, Twitter, etc.
3. Work your plan for 3 months.
   
   
4. Assess the impact of your marketing investment on sales and profits, refine your plan based on your results.
   
   
5. Don’t stop!

Keep it up and you will not only see an upswing in your sales numbers, but you will be well positioned for any economy.

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