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Growing Your Business in This Economy

Q. How can I expand my business in this economy?

A.

1. DON’T Stop Marketing. In fact, now is the time you should be throwing everything you have into your marketing campaign. No campaign? Then this is a great time to create one. But don’t be afraid that means a huge financial investment. After all, marketing is not just the online ad you run, your website or a direct mail piece. Think of marketing as the unlimited opportunity to “touch” your clients and take this time to re-evaluate every touch-point in your business. As such, when developing your marketing campaign, don’t forget such tasks as standardized procedures for relating to guests; the look of your store front or office; the delivery of information from your staff; your sales kit; and of course, your online ad, website and direct mail piece. There are multiple ways to touch your clients, and you don’t have to spend a fortune to do it. This is a great time to be creative.

2. DO Answer Every Inquiry. Even if a prospect’s budget doesn’t’ match your pricing structure, you can still take advantage of the opportunity to project your brand. Excellent customer service skills will always serve you well. Even if your prospects aren’t able to use you right away, they’ll remember how you treated them and they’ll tell others.

3. DON’T Be Afraid To Negotiate. In today’s economy, we must all be willing to do what it takes to get business. However, before you negotiate, let your clients know your full price first. In this way, they’ll appreciate your flexibility and understand the need to revert to regular pricing when the economy bounces back.

4. DO Explore Social Media Marketing. Should you jump in or continue to sit on the sidelines? Twitter, Mobile Marketing, Facebook and Linkedin® are all great avenues to further your business, but you need to understand how they work, how to best utilize them and determine if you have the staff to maintain your messaging. First, analyze how similar businesses are utilizing these channels, then decide if they’re a good fit for your organization. Once you take the plunge, you need to be committed to maintaining the distribution of your messaging in order for them to pay off.

5. DON’T Forget to Network, Network, Network. It’s a proven fact, we do business with those we trust; those we know will take care of us and our needs--our friends, business colleagues and neighbors. Remember though, networking, as with all relationships, is a two-way street, so always seek out relationships that not only further your business, but for whose businesses you can provide assistance or referrals. Whatever groups you belong to--associations, tradeshows, church, PTA, book club--everyone should know who you are and what you do, and vice versa. Challenge yourself to make and maintain quality connections whenever and wherever you can.

Marcia McKinney

A results-driven, sales and marketing manager, Marcia McKinney is a strategist in the service industry with 20+ year’s experience. From Minneapolis to Chicago to Florida, Marcia has worked with such groups as D’Amico Catering, Capital Grille/RARE Corporation, Cuisine Concepts and Lettuce Entertain You, Inc. This past spring, she launched her own business, 5two1 Consulting, a Marketing Consulting group.