Author: Jonathan Munsell
When the economy suffers, a large number of businesses find themselves in financial trouble and eventually in bankruptcy. Smaller local businesses in particular suffer the most. Faced with tough times, all businesses must find different ways to remain afloat. Finding the right marketing strategy to attract customers in a failing economy can be challenging and, for some, almost impossible. But with an interesting and targeted marketing campaign, businesses can find that ray of hope to stay alive.
Don't be afraid to hit up your vendors. Start developing new goals by first thinking about marketing objectives of the past and how they can be enhanced to address tough times.
Work with your vendors on dual-promotion events and see the success. Evaluate what has worked and what has not.
Is rent reduction in the cards for you? A lawyer friend said he has a client that is in commercial real estate. He said his client is getting hit by many folks to get rent reductions. Times are tough and if money is an issue start the dialogue now and you never know what will happen...you just might be able to save a ton of money
Proper planning is not just about communication, it can SAVE you a TON of MONEY!
Make your operations and marketing more effective. Begin to map out a clear plan of the new objectives. Proper planning is not just about communication, it's about having an action plan in place. The goal may be to increase awareness of existing products or to introduce a new product or service to the public.
One of my mastermind members is using an annual calendar figured already to the end of the year for all his regular maintenance. He had a thermostat go bad on Wednesday, instead of calling in a service call for a minimum of $100; he looked at his calendar and saw his HVAC maintenance was coming that Friday. When the guy came through the door he met him discussed his needs and not only did it not cost him a trip charge the repairman fixed as part of his regular PM - Total Savings estimated to be at least $350.
Bang for your Buck. Is now the time to cut marketing or increase your marketing efforts? I say now is the time to lose anything that is questionable on delivering results and put a little extra into those programs that are working.
The timing is right for a couple of reasons:
1. you can buy media cheaper than you could six months ago.
2. If others are cutting marketing spending as most do when times are tough they have just cleared the way for your message to get through. Your message comes through louder and clearer to those customers that aren't hearing from everyone!
What new ideas have you used to market successful in this current financial climate?
Article Source: http://www.articlesbase.com/marketing-tips-articles/more-innovative-ideas-for-challenging-times-4328772.html
About the Author
As Founder of Amazing Brands, a North Carolina company, with two restaurant brands and a catering company, Jonathan Munsell works with current and aspiring restaurant owners specializing in restaurant startup and growth. Jonathan is also a professional speaker conducting national seminars focusing on restaurant startup, operations, marketing and finance. Download a free report to learn "How to Double Your Restaurant Profits" at http://www.RestaurantGoldMine.com.