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5 Marketing Strategies to Get the Most Bang for Your Buck During a Recession

By Bigg Success Staff
05-30-08

Bigg Success in Business

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When times get tough, businesses often cut their marketing budgets. This may not be the best move you can make, but it may be necessary. If you need to cut back, there are ways to do it without destroying your future prospects.

Here are five ways to get the biggest bang for your buck during a recession.

Current customers

It’s much less expensive to market to your current customers than to find new ones. So share the savings with your customers! Find a way to save them money and they’ll be more likely to buy from you, even in tough times.

Contacts

Step up your networking efforts. The more people you meet, the more likely it is that you’ll find someone who needs what you sell. You may spend less money on marketing during a recession. Make up for that by investing more time in your marketing endeavors.

Referrals

The best way to get referrals is to ask for them! Ask your current customers for people they know who would benefit from what you offer. You may even offer an incentive to them for doing it. And don’t forget to work your contacts for referrals as well.

Customers like your customers

If you can identify people who share the characteristics of your current customers, you can target them efficiently. Check with your mailing service. They should be able to compare your customer base to their databases to find these prospects. This will also help you later with all your marketing efforts.

Counter-cyclical segments
Some products or services do better in a recession. Identify the areas of your business that are likely to gain more attention during tough times. Use those areas as a way to keep people buying from you and to gain new customers. Invest in what’s going to bring in dollars now.

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25 Ways to Lead Your Organization Through Good Times and Bad

By Bigg Success Staff
05-14-08

Leadership Skills

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Leadership is challenging under any condition. In this article, we’ll offer some tips to survive the bad times and to let the good times keep rolling! We discuss five great tips from each of five great articles along with the links to the original articles themselves.

5 Tips to Keep Your Organization’s Knowledge in Your Organization

#1 – Don’t let your best people leave.

#2 – Establish a mentoring program for new employees.

#3 – Share best practices.

#4 – Share lessons learned.

#5 – Document, document, document.

This is a fantastic article on The Providers Edge site. Check out the entire article to learn how to reduce knowledge loss in your organization. *Note that this link will open a PDF file.


5 Key to Overcoming a Crisis

#1 – Keep in mind that business without risk is business without growth.

#2 – Work with the facts. Listen to the market, not your ego.

#3 – Act quickly and decisively. Delay makes things worse, not better.

#4 – Be a proactive leader and clearly communicate your decisions.

#5 – Be resilient and continue to innovate. Success is not forever, nor is failure.

These great tips come from Atsutoshi Nishida, CEO of Toshiba. He was discussing his company’s decision to pull the plug on HD DVD with Yukari Iwatani Kane of The Wall Street Journal. Check out the full interview for detail on overcoming a crisis in your organization.

 

5 Tips to Get the Best Results from Your Employee Training Programs

#1 – Remember that training is an investment.

#2 – Make sure the training is targeted and really needed.

#3 – Establish measurable returns.

#4 – Work with vendors that truly understand your needs.

#5 – Make sure the training is flexible and customized.

Chris Young wrote this excellent post on his Maximizing Possibility blog. You owe it to yourself to check out his complete explanation of his five tips for improving employee training and development during a recession or economic downturn.

… but we’re not done with training yet …


5 Pointers to Train Your People to Up sell / Cross sell

#1 – Tell your people what’s in it for them.

#2 – Give them clear objectives.

#3 – Create a non-threatening environment for role playing.

#4 – Assign them structured skill improvement activities.

#5 – Schedule a follow-up workshop about a month after the initial session.

This is an oldie, but a goody written by Brian J. Geery for BNET. He specifies it as sales training, but these tips are helpful for training for any human interaction. Read details of his five tips to ensure successful up selling / cross selling training.


5 Tips to Keep the Momentum Going

#1 – Reset greater challenges.

#2 – Review individual efforts.

#3 – Re-energize.

#4 – Rewind.

#5 – Recognize and reward.

Understanding these concepts is so important because momentum is such a precious thing. Check out the details on CareerBuilder’s top five tips for maintaining momentum.  

 

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Recession Progression

Pretend that we could eat as much as you want, of whatever you want, whenever you want, with no consequences. What would a lot of people do?

Probably eat a lot of their favorite foods!

Of course, in the real world, we know that if we do that for any period of time, we’ll have to go on a diet.

That’s what a recession is – the economy going on a diet.

It’s just the business cycle. Things go well. People get over-exuberant. Too much debt. Bad investments. Then a recession gets rid of the excesses. It’s part of the evolutionary process.

So today, we want to discuss how to survive and thrive in a recession.

How to survive a recession

  • Develop a contingency plan.
  • Start by asking yourself, “What if …?”

    What if you get laid off?
    What if you have to work longer hours because other people got laid off?
    What if your time gets cut back?
    What if your benefits get cut?
    What if your business takes a hit?

    You know your situation. Think about the most likely scenarios and develop a plan for them. Then, do what you can now.

    For example, why put off updating your resume until you need it? Do it now! Most people wait until they need it. You’ll be a step ahead.

  • Watch your spending
  • Businesses cut spending to get through a recession. We should take a clue. Try to avoid making long-term commitments. In times of uncertainty, wait until you’re more certain before making major purchases.

  • Don’t panic.
  • Resist the urge to drastically change your retirement plan and other long-term investments. You need to look at the specifics of your situation. However, as a general rule, if you won’t need the money for five or more years, you should probably stay the course. Historically, that’s been the best thing to do.

    If you need the money before that, you may want to deploy another strategy. Check with your financial planner to figure out your best option.

How to thrive in a recession

  • Take advantage of low interest rates.
  • Interest rates tend to go down during a recession. So consider refinancing your mortgage and other debt. Business owners may have prepayment penalties, but it may still make sense. In both cases, you need to analyze your specific situation.

    Let’s assume you refinance. Use what you save each month to 38 build your passive income].

  • Keep investing in yourself
  • Once again, let’s take a clue from businesses. Businesses that thrive, after a recession, are often those that kept on investing, during the recession.

    There are a lot of opportunities once a recession ends. Position yourself to thrive – take a class, attend seminars, and go to conferences. You’ll build skills and make great contacts. One of those contacts may lead to your next bigg opportunity!

  • Look for great deals.
  • Once-in-a-lifetime opportunities may present themselves during a recession. People are often more willing to negotiate. You probably won’t find your great opportunity advertised anywhere.

    So how do you find it? Network, network, network! You’ll most likely be surprised by it, so keep your eyes and ears open. Your accidental discovery will be the result of your active searching!

Our Bigg Quote today is by an unknown author.

“A bend in the road is not the end of the road… unless you fail to make the turn.”

So keep your eyes on the road and your hands on the wheel. Be ready for detours so you don’t have to come to a screeching halt!

Next time, we’ll look at the question, “Does it pay to blame others to cover your backside?”

Until then, here’s to your bigg success!

 

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