FROM THE BUSINESS COACH
MIKE HILDERBRAND BS MBA
Owner | Managing Partner
M.B. Hilderbrand Associates LLC
Business Consulting | Coaching
409-789-0072 | [email protected]
How to ACT in a
DEPRESSED ECONOMY
I
am hearing it all the time – from clients, at
networking events, on the phone, even within the
family. Yes, the economy is going through some
difficult times, and the media has an easy story
to sensationalize. But there is no doubt that, for
many businesses in our area, the lingering effects of the
pandemic are very real and not going away soon.
With so many tightening their purse strings, often
the first area businesses try to save in is marketing (for
those that have an active marketing budget – sadly most
businesses don’t). You wouldn’t believe how many times
I hear these comments, “business is tough, so we need
to just keep things tight and ride the difficult times”,
meaning hunker down if you speak fluent Texan.
It should, however, be quite the contrary. If your
business has taken a down-turn, then this is a fantastic
opportunity to be doing what others aren’t - stepping
up your marketing activity. Your success in business
depends on the decisions that you make now.
While it is true that the economy is going to fluctuate
and that things are going to happen which will make
business difficult, but that is not surprising, is it? There
are businesses thriving at the moment, so what are they
doing that others aren’t? It could be that good luck is
with them, but how is it that certain businesses have all
the good luck? Maybe that their good luck is down to the
actions they take - planning, education,
training, effective marketing, customer
service and so on.
It is at times like this that the proactive
businesses are going to stand out from
the norm. The question is: do you want to
be part of the norm or do you want to be
at the top of your league? Where do your
competitors want to be placed? If they
decide to take on this challenge presented
by a slow economy, what impact could that
have on you if you want to ‘dig in’?
When you decide to become proactive,
you will see that there is a multitude of
tools available around you to make your
marketing give the returns you want. So,
ask yourself a very honest question: “Could
I be doing more to market my business?”
If the answer is yes, then inaction, not
economy, is your greatest threat.
A few tips to help you on your way:
1. Define your uniqueness (USP): Find out
what makes you different. Once you
know, brag about it, and let the world
know.
2. Test and measure your marketing: Test and measure
your marketing to see what works and what doesn’t.
Save money where it isn’t working and spend more
where it is.
3. Clearly identify your target market: The best marketing
piece in the world is wasted if not targeted correctly
(e.g. advertising stair lifts at rave concerts would not be
terribly effective!)
4. Increase your knowledge: Hire a coach, read books,
attend webinars, take some good business courses, or
do whatever it takes to invest in yourself because you
are the most important asset to your business.
16 MOMENTUM