Unemployment, Recession, Inflation - What is a Business Owner to do?
The tree with the deepest roots are not as easy to knock over when the winds of adversity blow and when the dryness of economic challenges begin to show their ugly face. It is during this time that the deepest roots can still find water. I have said it before and I will say it again. In times like these don't freeze up on your spending. If your doing something that is not working for you stop! You need to try something new and make sure that you are measuring your results. These are times when your customers are choosing how they will spend every dollar. The businesses who will get that dollar are the ones who can provide the most value to the customer. Let's take a closer look at unemployment. If you don't understand the situation you can't incorporate it into you decision making. I hope this helps you get the picture.
Unemployment Numbers
- Number of unemployed rose 529,000
- Total unemployed 9.5 M
- unemployment up to 6.1 percent
- An increase of 2.1M people now unemployed
- unemployment for adult men 5.6%
- unemployment for adult women 5.3
- unemployments for Whites 5.4
- unemployment for Blacks 10.6
- unemployment for Hispanics 8.0
- unemployment for Asians 4.4
I know this looks pretty bad especially for Blacks and Hispanics, but with all with all this unemployment believe it or not consumers are still spending money. The question is how do you get in front of the consumers that do not know you but are ready to spend money NOW on products or services that you offer. Its times like these that the businesses who have integrated their marketing comes out on top and even stronger have the challenging times. The big fortune 500 companies understand this, thats why they incorporate both creative and directional marketing. If you don't know what that is see my blog on the only 2 types of marketing you can do. Good advertising or marketing programs act as the most solid insurance any business can take out against a recession. The stronger more rooted you are in these areas the better prepared you are when economic challenges come, and when its all over you will be left to clean up while your competitor goes out of business.
Ask your self these questions:
- How many different types of marketing media are you using at the same time to reinforce your message?
- How deep are your roots and how far is your reach?
- What value are you providing?
- Why should a customer do business with you instead of the next guy?
- Are you getting aggressive on your prices and making sure that you are competitive within your market?
- Are you focusing on the areas where you are strong and looking into other opportunities that may be opening up as a result of a shift in the economy.
Consider marketing to be like a river of potential customers. No matter how dry it gets out there the tree that is planted by the river that continuously flows while others may wither up and dry the tree by the water will always have a source to drink from.
Forwards Ever Backwards Never!
http://www.contractorleadssuck.com
kip@brydgeme.com
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