Yesterday I was asked the question about what are the concerns of small to medium sized businesses when it comes to marketing right now.
The truth is only they know, however I have a good gauge having spoken with more than 100 small to medium sized businesses in the last month.
Their real concern is what if the sales don't come in, how are they going to pay wages. It's as simple as that.
This fear that has been ignited in small business that if what we read and hear is right and it is all doom and gloom for a long time coming, then how are we going to be able to pay wages.
Whilst I harbour the same concerns, I have fortunately had an increase in revenue over the past 12 months of over 20% but the profits are nowhere to be found. Why? We now give more to our clients than ever before so they can get through this tough time. They need every chance to succeed. Whether this proves to be a good strategy or not it is anyone's guess.
Which leads to the issue of profits. Should we all be more relaxed when it comes to profits in a downturn and focus on streamlining our business and giving better service?
When it comes to SME's right now, and I am one, the light flickers on and it flickers off each month and we all don't know whether or not it will stay on or eventually go out.
If you don't have a marketing team or an agency who helps you out, search the Internet and find ways in which you can market your company at no cost. Start a blog (www.blogger.com is free) and drive customer back to your website.
Use public relations as a vehicle. There are hundreds of websites telling you how to write a press release and the best way in which to distribute it. Ring up a journalist and tell them the compelling reasons why your business is newsworthy.
There are so many ways and I am happy to share them with anyone. Give me a call as at the end of the day, we are all in it together.
Tough times brings people and business closer together.
www.marketingeye.com.au
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6 comments:
I think it is great how you react to the economic situation and how you do everything for your clients to keep them satisfied in rough times like this. I think in a crisis situation you should do everything to keep your business successful and happy costumers are a vital part of it.
I always find it sad how a lot of companies still don’t realise how important marketing is in a situation as we have it right now. Companies try to cut back money wherever they think it is not needed. And so it is mostly the marketing and communications budget that is cut back because companies think it is not as important. But that is totally wrong. Especially in a crisis it is the communication that is one fo the most important parts of keeping a company successful and alive.
I agree with the post's author. Any small to medium sized companies should rely on marketing, from small steps, such as newsletter or a simple blog or forum, to a full communications program. Profits are important of course, but keep your customer focused is even more!
I thought that you had some great suggestions for small to medium sized businesses. I think that, like you said, the internet is the best way nowadays for people to get their company out there at a very low cost if there is any cost.
The economist in me will have to say this, when you are "breaking even" you are still making more money then you are spending. You will have wages, and all other costs, covered, even the opportunity costs of investing elsewhere. While it is easy to fret over how to pay the bills and wages, the changes you see in profits (even if they are negative) does not mean to lose hope!
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