Since unemployment rates jumped past 10 percent last week, it looks like the recession is anything but over. While the news is discouraging, businesses need to realize that there are still opportunities available for them. As explained in the video report below, these opportunities would not exist if times were better.
For starters, customer service opens up many new doors for businesses to stand out. Why do you think Zappos and Amazon are so popular? These companies aren't known for their exceptional products, but they are known for their exceptional service. Businesses should adopt this customer service model for their own use.
In addition, a business needs to provide a customer-friendly website experience. Recruit a group of outsiders to test your site regularly to make sure it is functioning properly. Also, remember to keep your site up-to-date since customers expect the latest technological advances.
A third possibility is a partnership. By joining forces with a complimentary company, you could not only save costs, but could also give your business additional exposure that you may not have gotten on your own.
Negotiation is a fourth strategy that many marketers are effectively using. Businesses often forget that media companies are suffering from the economy as well. That said, marketers can work to negotiate deals that could have never been reached if the economy was better.
Next, businesses should utilize social networks if they aren't already. Social media allows businesses to build their brands and reputations in the places their customers already occupy. It is important to update these social networks regularly since it will show consumers your level of commitment.
Some people may frown upon this strategy, but it is an opportunity. The sixth strategy involves trying things you've never tried before. This could include anything from reaching unthought-of deals to producing an entirely new business model.
Lastly, no matter what you do, remember to stick to your principles. More often than not, businesses relinquish control to their customers over fear of losing them. As a result, customers lose respect for the business and the business loses integrity. A better approach would be to be true to your business and believe in its abilities.
Is your business taking advantage of these opportunities? Have you found other ways to be successful during these trying times? If so, please share your experiences below.
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Comments
The Upside of Marketing...
Not entirely sure i'm in full agreement abby, Most of it i do agree with but i think too much social networking can be far worse than none at all.
Imagine a hypothetical bar, people go to chat and enjoy themselves and then along comes some herbert who wants to talk about work... They quickly become a social outcast..
Facebook pages etc, that constantly keep touting 'brand names' big or small rapidly become a liability in my opinion.
Re: The Upside of Marketing...
Thats why social marketing
The Upside
Good article. I love the postive tone. I own two small companies - one in video production and the other in Etiquette - PalmBeachEtiquette.com. In my etiquette and life skills, I contstantly write about and teach what you just wrote.
Ironically, as the video has fallen off the radar due to marketing and advertising cuts, the etiquette and corporate training has increased! Go figure.
Despite the doom and gloom
Despite the doom and gloom you are seeing on the news, this is not the time to be hunkering down, saving your pennies. It is, however, a great time to be spending them wisely. The bottom line is that you need the best possible business intelligence – and you need it now. Once you have it you can develop a marketing plan that will carry you through the recession.
re The Upside of Marketing...
Whilst I agree with Abby on some points, one I strongly disagree with is ..
"Also, remember to keep your site up-to-date since customers expect the latest technological advances."
Yes a website should be bang up to date with information, offers and content. There is nothing more off-putting than seeing Easter offers in the run up to Xmas. Even copyright statements that are years old, or customer testimonials that stop several years back are signs of a cobweb site.
However in contrast I want the website for my York interior design business to work with lowest common denomenator of browsers since that maximises the number of potential viewers and minimises customer irritation. I cannot be the only person currently bouncing off websites that have the arrogance to tell me that I should change my browser from IE6; I'm a potential customer lost because the website owner pulled up the technology drawbridge.
Bottom line is that MOST customers DO NOT expect the latest technological advances, they merely want to find out about your products or services and your business and hopely that will result in an order.
rgds
Steve
Re: re The Upside of Marketing...
Products For "The Upside of Marketing"
Not sure about you but have you noticed an increase in health related products during the economic down turn? In other aspects of the economy certain prdocuts get more press, ie. pills of all sorts, nutrition and excersise machines. In the automorive catagory, people start using inferior lubricants and vehicle owners deglect regularly scheduled maintenance for example, hence the "Cash for clunkers" was a temporary hit. It's ironic that when times improve, people seem to have more disposable cash and so they think spending more on certain products is smart.
The truth of the matter is that, in my opinion, superior products that have longevity through tough economic times is the superior way to go. An example of that is a product I am passionate about, Amsoil synthetic automotive lubricants and related products. Driving a car for one year or 25,000 miles before it needs an oil change saves time, money and makes a car last longer. Talk about saving the environment, it contributes to using less fuel, reduces emissions and cuts your depreciation so you can keep your car the minimum of ten years that financial advisors tell us.
After looking...
After looking over your list, I can see that I am doing most of what you mention with my Safety and Security web site. I partner with many different businesses on my links pages as well as having a top ten products page for those visitors interested in finding out what products sell the best. Because my company is small I can give excellent customer service and at the same time try to give them the advantage of large store pricing. I also use Twitter, FaceBook and other social sites to raise awareness for my products and the need for them, so thanks, Abby, for this check list.
Great Article! Look At The History
So true! Opportunity does exist now, the economy does flow in a cyclical fashion. Many businesses came out of or started following the Great Depression to achieve Great Success! Keep in mind when you are listening to the Media, bad news sells!
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