How to Grow your Business in a Down Economy
This blog entry was posted on July 2, 2009.
Now is the time to grow your business while others are just waiting for the tough times to pass. Opportunities abound with many of your competitors going out of business or at least in deep hibernation. You just need to understand that yesterday’s tactics no longer work in today’s marketplace. These are the steps you should follow.
Reassess: Your market has probably shifted. Which of your products, markets and customers are the most profitable and have the greatest growth potential? This may mean getting rid of services and products or even customers that are not profitable or ones that consume large amounts of your time without a payoff.
Shift: Focus your marketing budget on advertising that provides the greatest value and results. For most businesses this means shifting away from traditional advertising to online advertising. Update your existing website or add a new niche website for a business segment you want to focus on.
Optimize: Where ever you are spending your marketing budget, optimize for maximum results and return on your investment. Optimize your website for organic search. Optimize your PPC campaigns with landing page design and test different ads. Optimize radio ads and measure leads from each commercial.
Create a Buzz: Promote your business using non-advertising methods. Build your own PR campaigns to announce new products or company directions. Publish your own press releases on sites like prnewswire.com. Start a blog. Add your company to Facebook.
Measure: Your bias has to be toward results. The nice thing about the web is that everything is measurable. Don’t be afraid to try new things as long as they don’t require large investments and long term commitments. If something doesn’t work, then stop and try something else.
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Filed under: Business Consulting
This entry was posted on Thursday, July 2nd, 2009 at 4:03 am and is filed under Business Consulting. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.No Comments
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