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The Economy: What we have noticed

Recessions and business

I believe everyone by now has heard of the recession that we are all in. Some businesses have fared just fine. Some have gone out of business but one thing is certain, it is not pretty out there. We have also felt the recession mainly because we work with businesses of all shapes and sizes and some have been hit pretty hard. Lately though, we have seen some light on the horizon and it seems as though things are picking up out there.

What we have noticed

The time frame I’m speaking within is about January 1, 2009 through August 24, 2009. We talk to many businesses and early this year we heard many stories that businesses were cutting back. Any B2B (business-to-business) can most likely agree that it has been a little slower lately. Lately though, the business owners we have been chatting with are opening up to the idea of spending more money and increasing their business. This is a great sign for anyone in the advertising industry, partly because in a recession scenario, advertising is one of the first things to be cut.

What you can expect

While businesses deal with the current economic conditions, you can bet they are looking for ways to stay in business. This usually means that businesses that can help them spend less and be more efficient will be in demand. You can also expect that most of the businesses that are choosing to do nothing during a recession will be going out of business. This will also mean that the customers that those businesses served will be looking for other companies to complete the work. If your businesses is able to pull through these tough times, I imagine the internet and a great sales staff will be key to the survival. You can also expect the internet to grow, even through the recession. People will tend to stay at home and use tools that they are already paying for. They will also be looking for additional ways to save money, ways to educate themselves, cheaper products and services and coupon shop. All of this brought to their doorstep by the internet, courtesy of web designers everywhere.

Bootstrap marketing ideas

If your business is in rough shape, you may find help on the internet for some ways to get the word out about what you offer. I would recommend sitting with key decision makers in your organization and brain storming for ideas that could help you get the word out. Here are a few:

  • PPC (pay per click) search engine campaign
  • SEO (search engine optimization) optimize your business for the search engines
  • Write articles for your website
  • Restructure your website
  • Keyword research
  • Call your current clients and ask how they are doing and if they need additional services
  • Add some additional services to your business
  • Go to a few tradeshows and strike up conversations with business owners that could use your services
  • Send out a mailer to businesses you’d like to work with. Add on a great offer.
  • Think of where your potential customers might go to find more information about the industry you serve. Send an article to a magazine that they read.

Chin up! Charge the mountain!

Staying motivated is necessary in a recession climate. Keeping all sales staff on top of their game and looking at the bright side of what is happening can have a positive effect on your business. Recessions are part of today’s economy. If you structure your business the right way, you will roll right though a down economy and be in a position and pick up business that your used-to-be competitors dropped.