Recession-Proof
Your Business
Dear
Associate,
The
United States is already in a recession says U.S. investment
mogul Warren Buffett in an interview published in the German
magazine Der Spiegel. "But the people are already feeling
the effects," said Buffett, the world's richest man.
"It will be deeper and last longer than many think."
Whether
you agree or disagree with the Oracle of Omaha is beside the
point. An increasing amount of consumers are unhappy with
rising prices for food, fuel and other basic necessities.
Reality suggests the stimulus checks cash-strapped Americans
are receiving this summer will contribute little to erasing
consumer debt.
Service
sectors such as airlines, restaurants and hotels are feeling
the big pinch as they see their profits plummet. Downsizing
and layoffs appear to be the latest unwelcome buzzwords. But
you don't have to join them.
If
you own or operate a small businessthis is probably
the best time to become more proactive in your marketing efforts.
Why? Because everyone else is cutting back. They're playing
defense. They're trying to protect what they have. They're
focusing on the recession instead of building for long-term
growth.
Here
are three keys that if applied, can help recession-proof your
business:
1)
Networking. Get out to networking events, business mixers
and social gatherings. Meet new people. Attend the seminars
and workshops your ideal prospects usually go to. Learn the
art of schmoozing.
Here's
a valuable tip:
To
get people's attention, don't begin by telling them everything
about your business or what you do and how everyone in the
world needs what you have. Instead, begin by telling them
how your business has helped other clients and how it can
also help them. That will get the conversation rolling on
a good momentum.
Invest
some time attending conventions and association meetings related
to your business. Ask the top earners what the biggest problems
are facing their industry. Then come up with solutions, joint
venture with someone who has solutions, or become the solution.
You'll be recognized as an important industry resource.
2)
Speaking. This single skill can open doors you couldn't
open otherwise. Yet most people would rather crawl naked over
broken glass than to speak. Probably because physical wounds
heal. Believe me: if you get good at this, you will never
starve.
There's
no real shortcut to becoming a competent speaker. You just
have to plunge in, make the mistakes, make the adjustments,
and then continue. You naturally get better with more experience.
The
really good speakers usually started out being really bad
speakers. They decided not to throw the towel in. They decided
their message needed to be heard. So they did what they had
to do to get better.
Surprisingly,
most employees would rather pass up a promotion that required
making presentations. Not surprisingly, most employees who
speak earn higher incomes. If you want to increase your self-worth
in the marketplace, master this one communication skill.
3)
Advertising. Here's an economic fact: consumers will buy
from your competitors if they don't know you exist. Just because
you build it doesn't necessarily mean they will come. The
secret to advertising that works is compelling people to come.
Most
businesses see advertising as a waste of money. Usually because
they've had little success in compelling people to come. That's
because they duplicate the ads they see their competitors
use that have never worked. And then a third competitor sees
those two ads and decides to follow suit.
Why
waste your money on that philosophy?
Tip:
don't drain your resources producing image ads. Those are
the ads with the pictures and logos, but nothing to drive
traffic to your store. They make money for the ad agency and
the periodical it runs in.
Create
display ads instead. They compel prospects to take some type
of action. You will get the best return on investment running
this type of ad.
A
recession is tough on everyone. But it doesn't have to affect
you the same way. Taking an offensive posture instead of playing
defense will always grow your business through lucrative and
recessionary times.
Warm
regards,
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Tommy Yan helps business owners and entrepreneurs make more
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