Spotting Growth Potentials in a Weak Economy

Many of my colleagues are noticing a slowdown in some types of work, as people assess their resources and put off purchasing upgrade services. Even within a slow economy, there are growth potentials. Finding them can help a business weather the storm, and be one of the survivors instead of one of the sinkers.

It is important that you begin the process with the basics in place – good optimization which was prioritized to your level of growth, combined with a solid marketing plan. If you go into an economic slump with those elements in place, you already have the edge. If you don’t, then trying to put those in place when you are already hurting is very difficult. It is easier to maintain a position if you are already on top than it is to fight your way up against a double challenge.

This means, if you feel that a recession is coming, get a good marketing assessment, make sure your site is performing well NOW, and implement a long term marketing plan to keep it growing. Once that is done, you can watch for signs of flagging customer response within your market, and you’ll be well positioned to respond in effective ways.

Certain things gain ground when the economy is tight, and having a basic understanding of how the market changes can help you be prepared to adjust should the need arise:

• Frugal solutions
• Cost effective marketing services – IF they can be proven to work, or carry a guarantee
• Work at Home solutions – the spirit of gambling increases in this arena, but so do the sincere startups.
• Businesses that have been coasting as a sideline may need to pull their weight, requiring purchase of services.
• Do it Yourself options increase in popularity.
• Free informational and instructional resources gain ground.
• Necessities continue to be purchased, though at a lower price.
• Some kinds of entertainment gain ground due to escapism behaviors, but prices may need to be lowered.
• There is more scope for creative solutions, but people are less willing to pay for it.
• Guarantees, reliability, durability, proof of efficacy, full value, payment plans, and other factors become more important, so offering them can increase salability of your product or service.

People don’t STOP buying in a weak economy. They spend less, or they economize more, but they do still buy. The key is to analyze your business, and determine where the money is transferred to, or where people want to economize, and then offer them that option.

Refusal to change, or changing in the wrong way, will kill your business. The earlier you adapt, the more likely you are to continue to adapt, and hold your ground against your competition. Watch your business trends. If you have declines where you usually hold steady, or plateaus where you usually gain, taking into account seasonal trends, then you may need to assess the changes within your target market, and find a way to adjust your product or service offerings to the needs of your customers – or find a way to attract a new customer base that is migrating from another area in the market.

You’ll also need to adjust your marketing materials to reflect the differences in what you are offering, and who you are trying to attract. Most changes are subtle, not dramatic, but they make a big difference in how people respond. Marketing assistance IS available that is affordable, provably effective, and which can help you make those small changes in a way that pays for itself and more.

So far several of our clients have discussed the potential recession issue with us. And those who are watching for it have largely just gone through a series of marketing adjustments anyway. They are not seeing signs of flagging business, but rather, are experiencing growth due to the prior changes in their marketing and website promotional strategies. They are already well-positioned to hold their own, because they optimized their site and developed a solid marketing plan prior to facing potential downturns in customer purchasing.

There is no reason yet to make a pending recession a self-fulfilling prophecy. But if you own a business, it is certainly time to prepare if you have not done so, and to keep a sharp eye out for changes if you are already prepared.