Sales, advertising and marketing are early targets for
entrepreneurs navigating recession. And it's not a bad time to
trim efforts to sell to marginal accounts. Take a fresh look at
existing customers and new markets to winnow out the least
profitable and reliable. "You shouldn't have all your eggs
in one basket, but you can have more eggs in the baskets you have
the most confidence in," says Hoffman.
Also, focus on finding quick sales rather than long-term
marketing. "You want orders," says Kinnear.
"[Don't] waste time at trade shows where people aren't
buying anything at the moment."
Another approach is to ramp up sales efforts. As customers for
Lok's marketing newsletters become coy, he feels he has to
pursue them more energetically. "If I'd traditionally mail
25,000 direct-mail pieces, I'll send out 30,000 this year
hoping to get the same total response," he says.
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Now that competitors may be marketing less, you also have a
chance to grab market share. Says Norm Stoehr, founder and CEO of
Inner Circle International Ltd., a Minneapolis-based organizer of
entrepreneur peer groups, "Everyone else is in a fetal
position, waiting for the recession to play itself out. Now is the
time for the bold ones to step forward."
 Online Exclusive |
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- The American Marketing Association has
dozens of authoritative articles about proven methods for marketing
during tough times available online. Register to get free access to
articles and select the topic you're interested in under the
Best Practices tab. You can also sign up to receive free email
newsletters and news alerts.
- Jay Conrad Levinson wrote Guerrilla
Marketing in the aftermath of back-to-back recessions in the
early 1980s. And there's still no cheaper, livelier or better
manual for low-cost marketing than the $13 paperback third edition
of this classic: Guerrilla Marketing:
Secrets For Making Big Profits From Your Small
Business
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