Small Business Recession Marketing Action Plan

Many articles on recession marketing begin something like, "you should increase your marketing in times of a recession..." But the tacit reaction from the typical small business owner is often "oh yeah, how?" "How do I keep marketing with decreasing revenue? I barely had enough money before the economic downturn.” The answer: make careful and shrewd adjustments. Most importantly, don’t just worry about your business—ACT. Act with discipline and meticulous attention to detail. This article will get you started.

THE ACTION PLAN

One - Google AdWords™. Even with a modest budget, the upside potential here is superior. People are already searching for your goods or services when they see your ad. The filtering process of Internet search gives you a great opportunity to capture a qualified potential client. Google has the broadest reach and generally costs the least. Go with best-of breed. From auto parts dealers to real estate agents and all points in between–what many insiders are saying is that they are cutting back on TV, print, and Yellow Page ads and actually increasing their AdWords push, because it gives them the most bang for the buck. Want even more validation? Look no further than Google's October, 2008 and January, 2009 earnings reports. They not only hit the ball out of the park, but they knocked the cover off the ball. There is a reason why Google is growing while virtually everyone else's growth is suspended until the economy gets stronger.

Caution: First-timers should become familiar with bidding strategies and keyword usage so that you can hit the ground running. There are many free resources available on the Internet. As with all marketing strategies, the more knowledgeable you are—the higher success-rate you will have. Read between the lines—like anything, you can waste your money if you don't know what you are doing with pay-per-click. Most importantly, make sure your website is ready to receive guests and convert them into customers. The last thing you want to do is advertise a weak website.

Two - Partnerships. Look for high quality strategic partnerships with other relevant businesses. Make sure that this is a win-win situation and that you have equal incentive to refer good customers. Be wary of companies contacting you for referral programs. Take time develop lasting strategic partnerships.

Three - Negotiate Advertising. According to "Advertising Age" the price of advertising is going down by some 4%. Advertisers are worried about the recession, too. When you advertise in print or on the web look for good deals and if you don't see them, try to negotiate a better deal for yourself.

Four - Web Links. Continue to find directories and relevant websites where you can post a link to your website. This will help increase your web rankings and Internet exposure (boost your SEO). But keep in mind that the goal is traffic, quality traffic--getting a company to put your link on 1500 irrelevant directories won’t help.

Five - Printing. Don't let the cost of printing stop you from creating brochures, direct mail pieces or other marketing collateral. You MUST continue to spread the word. Search online for discount printers, some even offer 10% off for new customers. Don't know who to trust? Just email Momentum 18 and we'll give you a list. You can get A LOT of printing done very cheaply.

Six - Advertising. This could be as simple as a small web button that goes to a special landing page on your website or as ambitious as a trade magazine advertising campaign. Try not to create "a who we are ad." Instead, offer an incentive, a reason for the potential consumer TO ACT. Make sure to emphasize THE VALUE of your offerings. People will be drawn to the lowest price in a recession, but they will also be convinced by quality goods or services for their money.

Seven - Gratitude. Take extra care of your existing clients. Let your loyal customers know how much you appreciate their business. Tell them directly. If budget allows, create "Thank You" packages or incentives for your loyal customer base.

Eight - Find New Clients. Spend some time focusing on the clients that may not have been the ideal in thriving times. If you can piece together a number of small revenue streams, then you add value to your bottom line. You can accomplish this by expanding your reach, both geographic and capabilities. One way to entice them is by offering a free service along with a paid service.

Nine - Quality. When many people begin in the stock market, they pay "investor tuition." They lose money trying to make quick profits. Warren Buffett made his billions by investing in Quality and Value. You should do the same. Quality printing, advertising, marketing, and design are essential. Your branding and marketing should not take a hit just because money is tight. Confucius says "cheap man travel road twice" (once to pay cheaply and once to get it done over again properly). The cheap route can be costly.