Business trends follow cycles. There is no doubt that we have been through Spring, Summer and Autumn in the business cycle and we are on the verge of winter (its my believe only, but there lots of evidence out there to support it).
Earnings can actually grow in challenging markets if the businesses are strategic about their marketing plans.
The question is – how many businesses are prepared to weather a sharp winter?
I’ve seen these cycles before and what happens is:
• Conditions tighten;
• Companies look at their costs;
• They identify areas to cut back
• Usually (not always) marketing is the area that suffers.
What businesses should be doing NOW:
1. Assess where they are in their economic cycle;
2. Assess the stage in the cycle of the market, competitors, economy, THEMSELVES;
3. Forecast forward the reasonable level earnings on current conditions and WORST CASE scenarios;
4. Define a low cost high impact marketing strategy which sets them apart from the competition
5. Increase ,momentum on targeted low cost marketing
There’s never been a better time to capitalize on the New Economy marketing (where online meets offline marketing) if the business owner understands the key components in the presence building process. Its actually not that hard to implement a marketing plan that will not break the bank cost wise and will produce a very favourable Return on Investment.
But be careful of ‘online marketers’ and make sure they understand the true steps in marketing and are not just technical developers that will produce a pretty brochure with no meat.
Whatever you do, stop, look, listen and assess the market, business and your plans to increase earnings when the winter does hit in full force – be prepared!