subject: Downsizing, Debt Workouts, Reinvention, Marketing… The Path To Successfully Navigating Today's Economy [print this page] Downsizing, Debt Workouts, Reinvention, Marketing The Path To Successfully Navigating Today's Economy
You have heard this message here before, however, things are moving so fast that I must make an adjustment. I added a fourth leg to the table: marketing.
The ways to successfully navigate the downturn in today's economy are:
Downsize deeply.
Debt Workouts: These are fundamentally required; you cannot service your debt with dramatically reduced revenues and increased overhead.
Reinvent your business model and update it. Make the difficult changes that are necessary for your growth and emergence.
Marketyourself. It is a new world and the internet has leveled the playing field. Webs site, blog, video, social media you can compete and win. Marketing is no longer solely a function of dollars.
Let's focus on the final leg of the table that will support your emergence into profitability.What happens in a downturn is typically a knee-jerk reaction when confronting declining revenues and increased overhead. Business owners reduce or eliminate their marketing budgets, waiting for the revenues to return, believing it is ok to cut the marketing budget in a down economy because, as they say, "No one is buying anyway, so what's the point of marketing?"
How silly a notion! Smart business owners understand that there is an opportunity in a down market to gain market shares for that exact reason. Your competitors are hiding out, not promoting or advertising and thus leaving the door wide open for an aggressive competitor to take advantage and market successfully, taking share of market away from his competitors. Even if the market is smaller and revenues are down, an effective marketing program can return huge dividends to a business owner who has figured this out.
Additionally, since you havereinvented your business equation and tuned it up to meet today's needs and requirements, you have a great message to promote, advertise and market, drawing additional customers to your new marketing message.
Finally, there is the internet. While millions of small business owners understand its power and marketing potential, many, many small business owners are either not utilizing it effectively or not utilizing it at all. They are missing a huge opportunity that is not restricted by the requirement of a huge cash investment. The simple conclusion any business owner must come to terms with is that the internet levels the playing field and allows any business to compete effectively, whether it be local, national or international.
This can be accomplished with internet marketing if done correctly and effectively. Videos, blogs, social networking like LinkedIn, and yes, Facebook and Twitter, are all very much part of being successful in today's marketplace. Without it, you are inviting your competition to take away your competitive advantages. With it, you can compete with anyone, anywhere, and win. It is a new world and internet marketing is leading the way to newfound profits and successfor those who understand and utilize its power.
As an aside, I took my business from a New England-based business to a national business with the help of rich content on my blog. It resulted in my doing business in over 35 states and increasing my revenues 15-fold from the time when I restricted my marketing efforts to more traditional methods. At first, I wanted a web site just to use as a brochure, or as a selling tool when I was pitching to a client. I had no idea at all that it would bring additional clients. I didn't really believe it would and was I ever wrong. Whether I pursued it or not, business came to me and has not stopped since. I utilize a blog and video program tied into Facebook, Twitter and LinkedIn and off we go a national presence because of social networking and internet marketing.
It works, but like so many other aspects of business, one must get it right and do it effectively. It is not a matter of how much money one spends buthow one spends the money. There is plenty of information, seminars, webinars, and specialists willing to help you. Get it done, there are no excuses. Your new and enlarged market awaits you.I am about to publish my first book about workouts and successfully navigating this new down economy, all on my web site. It works.
Never has there been a more direct path to the customer base you want, at a price everyone can afford, delivering an enormous bang. The world has changed; get on board before your competition figures it out. This is the new way to market in the downturned economy. Do not miss out.
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