Recently, Vitabase CEO Greg Howlett predicted the death of the little guy in online business in 2008.
This is a man that is responsible for getting two multi-million dollar companies off the ground, so it's not as if he has no experience in the field.
"It is simply going to become more and more unfeasible for small budgets to compete online," he says.
If his prediction is true, then what are you going to do to get the most out of your small budget?
Review Your Marketing Plan
Step back and evaluate your marketing techniques. It is up to you to assess the situation and figure out which methods are working for you and which aren't. Are there steps you can take to improve the ones that aren't or are they just lost causes? Sometimes a method can seem like a lost cause when the proper amount of time isn't put into it. Take social media marketing for example.
Time is money, so if you don't have the time to dedicate to a particular marketing method or the money to pay someone else to do it, perhaps that particular method is not for you, but I will say, if you have the resources, exploring as many marketing options as possible is probably going to work to your benefit.
Assess Expenses
Take another step even further back, and look at your business spending practices. Look for ways to cut costs so that money can be put to more helpful purposes (such as more marketing).
Look at your office supplies. Can you get better deals from other suppliers? Do you have employees that are constantly lacking something to do? Perhaps it is time to consolidate. It sounds harsh, but you're running a business, not a charity. Don't make any hasty decisions in this area if there just happens to be some temporary downtime, but evaluate your employee/workload ratio. These are just a couple examples. If you look hard enough, you'll probably find all kinds of ways to save money here and there.
Network
Get to know people in your niche, especially the big wigs. Go to conferences. Participate in blog and social media conversations. Frequent forums related to your niche. Brand yourself as an expert in your field and become known. These are ways to build credibility and those with credibility will have a better chance of survival.
Perhaps "death" is a bit of a strong word in the context of Greg's prediction, but he's right in that it's not going to be easy. Being budget conscious is as important as ever and yours should be taken into consideration whenever making a business decision. What advice do you have to keep an online business alive in 2008?
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I am oneof those little guys with a limited budget. Thanks for the article and please keep the tips comming.
Thanks again
Need a Better Marketing Plan
I'm currently on very tight budget, i need help coming up with a good marketing plan for marketing my jewellery.
Used to find freelancer to do marketing, but i turn them down cause they interested only in submitting lots of articles to lots of directories... not good ways to market, it makes it look like spaming...
RE: Keep Your Online Business Alive in 2008
I dont think my online business will falter at all this year. Im small, sure, but I work at keeping my business alive. It may not make as much as a big company, but its good enough for me.
Great post by the way.
RE: Keep Your Online Business Alive in 2008
I believe my online business will flourish as it has done in the past. All you need is a turn key advertising system that sells itself! I'm not talking about MLM or a pyramid scheme. You have to really look into advertising anywhere you can, as long as you are not spamming. For instance, a good marketer NEVER stops marketing, never stops thinking of new ways to get noticed.
He/She is always thinking of ways to get noticed. I'm an outdoor advertiser in New York City by trade. I do the ball in Times Square for New Years each yr, all of the billboards, big screen tvs, moving images & signage on Broadway, 42nd st & Times SQ. I've learned that no matter what you do, you must always leave your mark. Whether it's a signature on the bottom of an email, or a billboard that's 20' x 60' on the side of a highway.
Even while commenting on these topics that are sent via newsletter. It always pays to plug your business. You never know who is reading or who will find your business interesting! I've uncovered methods of free advertising on the web that pay off time after time. The key to a good strong campaign is site submission & SEO.
Michael Di Pippo,CEO http://Penfishingrods.com
If you haven't seen the world's smallest fishing rods and reels, watch this video!
http://www.youtube.com/watch?v=BcvXbbUxoWk
I guess there is no such thing as bad publicity!
Re: Shopping and Keeping Online Business Alive in 2008
Worried about 2008? This should help out the little guy. Shop through your own powermall for all your office, business or personal needs and start saving and earning now for 2008. Over 1000 stores are involved and in answer to your most likely question, does it cost more, the answer is absolutely not. It's also free to get your own mall. With the fuel prices going up and up, you'll be able to save money here as well. Every little bit helps, right?
www.mypowermall.com/Biz/Home/91925
Your Business Success Formula
Social media marketing is a great way to market your business, as long as your marketing You Inc first.
There are TWO things you need to do well in order to be successful in a home business...
1) Give VALUE to those around you including prospects who may never buy from you and business associates who do.
2) Learn how to drive TARGETED traffic to your You Inc while you QUALIFY these leads on auto-pilot.
Do these two well and you won't have too many worries about generating business.
John
www.TopMentorSecrets.com
I too am an small business
I too am an small business owner on a very tight budget and would like to get some advise on Networking or free adversting. Something that really works, I know I am asking for a lot most free things don't really work. I sell Holistic Pet Food and Pet Safe Products . By the way the articles were great.
Love to hear some good advise.
Marie
www.healthpetslive.com
Sweeping Statetments Lead to Sweeping Panic
Predictions that online small businesses will fail only serve to fuel the flames of hysteria that ultimately will prolong the downturn.
Small businesses are as unique as the people who run them. Depending on product, depending on budget, depending on overhead, depending on scores of other variables that contribute to a small business' success, some will thrive and some will sink -- as always is the case. Whether to market online -- or elsewhere -- is a decision that each business owner must make after carefully evaluating his/her unique situation.
As owner of a commercial, offset printing company that offers affordable marketing materials online, we're seeing an uptick in our business as marketers seize the opportunity to make inroads with their competitors' customers and clients. So, while some marketers "go dark" others will shine in this environment.
Get more marketing info. at:
www.pricedrightprint.com/help/marketing101.asp
Great info
Another great article Chris.
However, growth in search
However, growth in search advertising spending in the short term will slow as the paid search market matures and as the result of Google’s recent Quality Score Initiative that bans low-quality ads from the search engine, lasvegas casino.
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