With all of the mortgage disasters happening around us, the housing market being in shambles, and the presidency facing a change, people have begun to murmur that dreaded R-word. Recession. It strikes terror into the hearts of business owners as they lie awake at night, haunted by visions of their business drying up because people aren’t spending money anymore.
First off, let’s address the truth of the situation. A recession is defined as two consecutive quarters of decline in the GDP (Gross Domestic Product.) Considering we showed growth in our GDP in the last TWO quarters of 2007 (source: Bureau of Economic Analysis – http://www.bea.org), the simple fact is, we are NOT in a recession. The media, however, is trumpeting about a recession, and so people are believing it, and growing afraid to spend money. Knock it off! Face facts! Don’t believe everything the media tells you!!
So, as a small business marketer, what can we do about this?
First off, when the economy gets tight, a small business will often cut the marketing budget first. BUZZZZ! Wrong answer! Your marketing is what attracts people to you, gets them to spend money with you. By cutting your marketing budget, you are crippling your ability to make money.
Over the next few weeks, I will be focusing on specific marketing methods and techniques to help you grow your business by tweaking some of the things you may already be doing, and NOT spending a lot of money. My goal is to help you realize the MAXIMUM Return on Investment (ROI) for every marketing dollar you spend.
Until next time.
Helping you WIN this war we call BUSINESS.
Brent Allan C.S.H., C.C.S.