| Smart business owners continue to market in good | | | | new markets. Consider the hot "Green" market. |
| times and bad. It seems logical to spend money on | | | | 2. Update your web site and offer discounts. People |
| marketing in good times, but more importantly you | | | | are shopping for deals and are looking for ways to |
| need to spend on marketing in bad times as well. | | | | stretch their dollars. Be sure to have a time limit on |
| Companies that keep their names and logos in the | | | | such discounts. |
| public eye during a slow economy are more likely to | | | | 3. Start a frequent buyers program and give those |
| be perceived as successful, enduring and solid. Strong | | | | members special deals in appreciation for their loyalty. |
| marketing strategies will pay off in the future. | | | | This will also allow you to keep your business name in |
| Marketing consist of market research, advertising and | | | | front of these customers. |
| public relations. Experts suggest changing the | | | | 4. Join Network groups on the Internet. Network |
| marketing mix, but not the overall budget. For example, | | | | groups offer the potential to open new doors to new |
| in down times a business may not know exactly who | | | | markets and keep your business name out there with |
| is buying and why. So market research is critical in a | | | | little to no costs. |
| downturn economy. | | | | 5. Start or continue to be involved in community or |
| Likewise, a business should find out what forms of | | | | charity work. This will give your business name more |
| advertising are producing sales and then increase the | | | | exposure and offer opportunities to receive some free |
| budget for those while reducing the others. Tracking | | | | press. People always want to do business with |
| and monitoring systems need to be in place to figure | | | | businesses that give back. |
| out which forms of advertising are giving your business | | | | 6. Holiday gift giving. When most businesses are cutting |
| the biggest return. | | | | back on gift giving to customers, now is your chance |
| Even in downturns, folks are still paying attention to the | | | | to step-up with a unique corporate gift. Consider giving |
| news. Public relations can help to keep your business | | | | custom sandals with your business name or logo |
| name out there. Or start to research your own ways | | | | printed on the flip flops. It's an inexpensive gift and very |
| in receiving free press. The Internet provides a vast | | | | unique - and it's the thought that counts. |
| opportunity to connect with your customers. | | | | Downturns in the economy can actually open doors to |
| Tips on Marketing in a downturn economy: | | | | new opportunities. Work smart and be creative. Most |
| 1. Spend more money and time on your market | | | | importantly, don't cut the marketing budget - just be |
| research. Areas to pay attention to is opportunities in | | | | smarter about it. |