4 important questions you need to ask yourself if you want to survive & thrive through the coming recession.
Recently MYOB conducted a survey to Australian businesses concerning
the coming recession. 57% of the participants predicted a coming
recession and 58% expected the economy to be far worse in the next 12
months. 88% of the respondent considered planning and preparing their
business to
ensure survival through economic recession to be important but only 44% have a plan to get through it. Have you prepared your business for this coming recession? When
revenue dies down, the one activity you can do in your business to control business incoming sales is marketing.
The unfortunate thing is that most businesses cut their advertising
budgets to reduce overheads - in reality, what a business should be
doing, is finding ways to
make their marketing more effective so that advertising generate more results.
Here are 4 questions you need to ask yourself in preparation for this coming recession.
Do you have a direct response marketing strategy in place? You
can't waste your precious advertising dollars on marketing that doesn't
work. Spending 1000's of dollars on getting your name and logo in the
market place simply won't generate you the return on investment you
want. You need a marketing strategy that is focused on getting your
target market to respond to your offering.
How much mind share do you have with your client base? Your
building can burn down, you can lose your staff but if you have your
database you're ok. Statistics prove that it's 6 times more expensive
to generate a new client over re-selling existing ones. You need to
make sure you have mind share with your client base so none of your
competition can take any of your clients.
Are you doing any search engine marketing? There is no point
spending money on people who may not be interested in what you offer
when there are people searching for what you sell in the first place.
Search engine market is all about channelling the "pro-active market"
into your sales funnel. You need to utilise the search engine marketing
so you deal with people who are interested in what you offer.
Is your website an effective marketing tool? Just because you
have a website it doesn't mean you are reaching your target market.
Unfortunately a lot of business websites are not lead generating tools
but are merely graphics and text on the internet. You need to make sure
that your website is set-up to convert the traffic coming into the
website, into hot qualified leads.