Defending Your Business: 5 Questions to Ask Yourself in The New Economy

The
economy looks tough right now, but marketing is the strongest defender of your
business. I have heard business owners consider pulling back on their marketing
efforts due to the state of the economy. Well, think again my friend! Now is
the time to capture market share while your competitors are cocooning! Here are
five questions to ask yourself about your marketing efforts which could lead to
big results for your business.

1. Is it time
to partner?

Many businesses are looking for ways to continue to increase their
visibility without spending a lot more on marketing. Consider creating a
partnership with another business. For example, you can create a strategic
alliance with a similar business with complementary strengths. In this kind of
partnership, you agree to share resources in a certain project. Benefits of
such a partnership include access to your partner’s distribution channels,
products, technology and intellectual property. You also have increased brand
awareness through your partner’s channels without an expensive ad campaign.
Think about who also serves your target market, and find a creative way to
offer each other’s products and services to each other’s customers and clients.

2. Do I have
a formal referral program?

Word of mouth advertising is critical at all times, and it can be your
saving grace right now. It is simply not enough to hope that referrals will
come your way. Design a formal referral program that will inspire your current
and former customers and clients to bring business to you. It can be as simple
as asking for referrals in conversation or in an email, and offering something
special in return for the referral. Examples include a thank you note, a $5
Starbucks gift card, or a bottle of wine or gift certificate at a restaurant
for more than a certain number of referrals in a month. Get creative with your
referral rewards while keeping in mind what would motivate your clients and
customers.

3. Am I
continuing to network?

This is truly your moment to stand out in the crowd. While others are
cutting back on networking and other forms of marketing, staying in the game
will put you far ahead of the crowd. Remember that you have got to be in the
game if you want to win! This is the perfect time to get out there and gain
market share.

4. What can I
do with what I already have?

Get creative! Find new ways of packaging your products and services and
you can actually end up making more money! This technique of bundling your
products and services can work well to serve your clients even better than
before. For example, if you have ten products, try bundling them in 3 or 4
different packages. You can even charge more than the total sum of the
individual products if you toss in a bonus or two. If you are a consultant or
coach, you can even offer one hour of your time for free, which puts you in a
direct conversation with a hot lead where you can demonstrate your expertise
and upsell them into one of your programs. If you have a gift shop, consider
creating a VIP membership program where customers pay a pre-determined monthly
fee in order to receive exclusive benefits such as notifications of new arrivals,
customer appreciation shopping days or special hours, discounts on certain
things, a free gift on their birthday, VIP trunk shows, wine tastings ,
specials from other stores you partner with in your area, and so on. Think
creatively about how to serve your customers and clients. The sky is truly the
limit.

5. Am I
getting in my own way?

Sometimes the hardest thing to do is think differently about our own
businesses. We’re so used to doing things one way because we think,
“That’s how I always do it” or “It can’t be done any other
way.” It’s really important for us to “get out of our own way”
and see our business from other perspectives. How do we get out of our own way?
Ask your advisory group or mastermind for help, talk to a trusted colleague or friend
or hire a coach.

I am not one of the alarmists who buys into the idea that the current
state of the economy is so dire that we all need to close our doors and hide
under our kitchen tables. The truth is that there is a lot of business going on
these days. I see it in the malls, at restaurants, with my own business and my
clients’ businesses. What can you do to stand out and capture market share?