Post Recession Marketing
In August 2009, Fed Chairman Ben Bernanke proclaimed the recession of 2007-2009 was over. Flash forward 20 months to today. What does this proclamation mean for the business environment burgeoning with uncertain small business owners? The growth side of the business cycle suggests some caution is in order for small business owners considering a new marketing approach or more marketing spending. Resist the temptation to pump extra capital into your existing marketing campaign until you read this article.
We live in a different economy than the one that existed before the recession of 2007-2009. Many business owners have embraced the social media marketing phenomenon. That means people just like you are taking their business online to an unknown Internet audience. Think of the Twitter revolution.
Small businesses are using social media marketing to attempt to interact meaningfully with their target consumers. When you consider pumping more into your marketing campaign, it might be more appropriate to spend on a new marketing approach, not just beefing up existing strategies with more of your hard-earned dollars. Redirect marketing funds only after doing your research.
We also live in a changed society in which many adults (think age 20 to 40) have experienced their first recession in adulthood. Your customers might expect different things after surviving the tough times of a recession. For example, many are still out of work. Instead of a bunch of happy messages about more money to spend, create messages that speak to the realities of your target audience.
Small business owners must work their new business environment to their advantage. Look around your market for new opportunities. Think about building new business partnerships as you go through your file of contacts. With more cash flow, devise new business strategies, For example, choose different online communication methods for transmitting marketing messages to the public.
Your business is the key to the future. The economy depends on small businesses to create new jobs. Think back on lessons experienced painfully during the recession. Making improvements in your business may make more sense than throwing money into advertising or special promotions. Look at your whole budget and see if increasing marketing dollars makes sense. You may need to divert funds to other important expenses like technology upgrades or repairs.
As the recession fades away, and before you take money out of your piggy bank, exercise caution. You have learned so much, and you need to protect your business with more effective marketing in a (soon to be) growing economy.
Photo credit by RAWKU5.