And now the GOOD news

by Steve Fradkin, President
The Wizard of Adz

Do you know the difference between a “recession” and a “depression?”  When all the businesses all around have dropped in sales and have had to lay off employees and cut management salaries to the bone — that’s a “recession.”  When a customer walks out of MY business without buying something — that’s a “depression.”

OK, so we’re in a recession.  I know, you’ve been feeling it.  And yet, some of our clients are going straight out.  One called to say he was so busy, he hadn’t had time to do his office work.  Another said she had 9 inquiries (4 of which became new clients) on the first day she appeared in the newspaper.

Why?  Because they’ve learned a few little tricks to marketing during a recession — we call it “moving up in a down economy.”

If you’re like many small-business execs, you’ve tightened your belt a few notches and figure you’ll ride out the storm.  Just when you need more business, you’ve slashed your advertising budget (maybe eliminated it entirely).  To save money, you’ve dropped out of networking groups and chambers of commerce.  Maybe you’ve even let your best salesperson go because you can’t afford that big draw when, after all, there’s “no business out there.”

That’s like removing the floorboards of your lifeboat to keep it from sinking.

As a marketer, you know that.  So what’s a business-owner to do?

·        First, analyze your market and determine what it is your customers need in an economic downturn, and then adjust your offerings.  For example, if you’re a contractor who does major renovations (room additions, garages, etc.), try promoting smaller, less costly projects (siding, roofing, closet re-making).  When fewer people are buying homes, more of them are remodeling.

·        Cut your advertising budget (what?!?!?) and still get valuable and widespread notice.  We’ve enabled a number of our clients to get articles written about them in major daily newspapers, complete with color photos and contact information, with zero media cost.  One 2-page color spread in the Patriot Ledger was worth over $8,000 and it cost our client nothing more than for our professional services.

·        Check out some of the media rates that are significantly cut —because of the recession, because national advertisers have cut back, and because the heavy-buying political and holiday times are over.  You may be amazed at how inexpensively you can reach your target market, if you buy right.

·        Get in on the new “free” media.  Emails, websites, “viral” marketing, “social” on-line communities — one or more of these may be right for you, and your investment is just the work it takes to get it done.  The benefits go on and on and on, at little or no cost!

·        Finally, do it yourself (what, again?!?!?).  Maybe you’re adept at desktop publishing, or you have a sister-in-law who designs fliers for her PTA.  What you need is a professional marketing analysis and strategies for target marketing, product positioning, media selection, and so on.  We have prepared dozens of these reports, and many of our clients have been able to take the report and produce really convincing advertising and brochures.

Here’s the best news.  If you can keep your business thriving, perhaps even increase your market share and visibility, you’ll come out ahead when the recession is over.  History is full of big-business examples (even dating back to the Great Depression), and it will work for you too.

Don’t just “ride out the storm.”  Use the waves and wind to get you where you want to go.  We’ve seen many economic downturns in over 30 years in business, and we have helped many of our clients “move up in a down economy.”

Don’t just survive…thrive!  Call Sharon at The Wizard of Adz (781-821-1818) or email Sharon@WizardOfAdz.com.