Marketing Your Business in a Recession

Marketing Your Business in a Recession

Marketing Your Business in a Recession

We are obviously in the midst of a recession and these are difficult times for many small businesses. If you read all the negative news in the media you are probably wondering if you should be cutting down on your marketing or keeping things as they are.

Of course there is no right answer to the situation because all businesses are different and all industries are different. But there are some general things that you can do to increase your chances of surviving or even prospering in a recession.

Conventional wisdom tells you to cut back on your marketing spend in a recession. But why follow the crowd? Just because you are being told you should cut back doesn't mean that you have to.

If your business is seriously suffering because of the downturn then you should probably look at cutting back your marketing spend. However if the recession is not really having a significant impact on your business then it might actually be a good idea to increase your marketing spend and look for new areas to advertise.

Whilst most other businesses are cutting back you can take the opportunity to increase your businesses market share. A recession can be a good time to grow a business when others are worried about whether they will survive.

Another method you can take is to look at your local market if you haven't already. Small businesses often forget to look locally which is often cheaper and more effective than other forms of marketing to a more geographically spread audience.

Surprisingly a recession can be a good time to grow your business by investing in it. By reinvesting your profits back into your business when your competitors are cutting back can be a good move. Consolidation leads to growth and your business will be better prepared when a new opportunity comes along.

During a recession customers often look for value more than they would during other times. Part of this is because they are finding things financially difficult and part is because of the negative messages they are getting from the media which keeps reinforcing the idea that they should be cutting back.

If you can lower your prices or offer seemingly m

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