Archive for the ‘Small Business’ Category
Friday, April 10th, 2009
As a small business owner in the murky waters of a bad economy, you may be scrambling for solutions on how to keep your company afloat. Letting the fear take over, and not being true to yourself and your company’s mission, can be a recipe for recession-related disaster.
If you own a small business, you’ve probably been losing sleep at night lately. With the economy in trouble, businesses everywhere are feeling the crunch, but no one is more worried than small business owners. While fear may drive you to go into survival mode and compromise your values, you may be making a huge mistake that in the long run can hurt your business far worse than the recession.
You can’t let yourself, or your business be paralyzed by fear. In times like these it’s more important than ever to maintain your brand identity and focus on what makes your company stand out, what makes it great. You have to be a ‘fearless fish out of water’—shining a light on those qualities that make your company different and more desirable than the other businesses in your industry. Playing up what makes you special could be the very thing that keeps you in business.
So, what should small business owners do at a time like this? It’s time to refocus on your company’s core values, to remind yourself and your employees what it is that sets your company apart from all the rest, and most importantly, to be fearless. Now more than ever is when you should be staying true to your company’s brand by sticking to projects where you can excel.
7 steps to being fearless in the small business world, and how they will help you survive and thrive in this economy:
Go fishing for the real you
It’s time to focus on what your business does better than your competition and put that out there to your clients and prospects. Maybe you’re a boutique ad agency that can create any kind of campaign, but your best work is in B2B advertising.
You have to peel away all the layers that have made you a jack-of-all-trades and focus on the area that you are truly passionate about so you can excel. That’s your vein of gold. Sure, some things are a guaranteed sale, but your clients can get that at any agency. Get back to being creative. That’s where you can show your clients your value, and impressing your customers is how you can ensure you keep bringing in the revenue.
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Wednesday, April 8th, 2009
10 tips for the advertising industry during the economic downturn:
1. Don’t cut your prices - research shows that by discounting your brand during a recession it will take you 7 years to recover to your original price level.
2. Focus on your brand strengths (real not imagined!), and emphasise heritage and classic / traditional values - while the crisis is on people tend to hark back to the memories of the good old days.
3. Do exploit the fact that your competitors may have shrunk their advertising spending - you can rapidly win back mind share as well if you have the courage to act now. Then rely on your operations and product teams to keep you ahead long-term.
4. Brands that invest in marketing during a recession tend to gain market share when the recession ends. It might seem wrong to splash out on a new ad campaign when you are cutting staff, but if the message is right and the campaign is well executed, the investment will pay off in the long run.
5. Bundle up: instead of cutting prices on your top brands, offer something for free as an add-on to your core (non-discounted) brand. So if you happen to sell bags, don’t discount your bags but throw in a free keyring instead.
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Category Advertising, Economy, Marketing, Small Business | Tags: Tags: Advertising, Advertising Industry, Agency, Budget, Economy, Marketing, Recession, Tips,
Friday, April 3rd, 2009
It’s not easy to go out and start a business. Yet somehow, small businesses represent 75% of our gross domestic product. Isn’t that astounding?
It’s especially amazing in light of today’s headlines. We focus so much on the GMs and the Chryslers, we can completely overlook the real engines that drive our country, and the real engine that will pull us out of this recession.
The same is true in the marketing industry. Right now, our country needs these scrappy small-agency entrepreneurs to keep doing their thing, because they will indeed dig us out of this mess faster than the holding companies and big agency networks. No offense. I’m confident that larger agencies will offer great help to their large clients, but what I’m thinking about right now is the other 75%.
The smaller agencies that make up part of that 75% and will be doing the marketing to help lead us out of recession deserve a tip of the hat. The reality is they can do things for their clients the big monster shops can’t. With fewer people and less overhead, they offer the nimble and fast approach to problems a lot of nascent brands need.
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Wednesday, April 1st, 2009
“For one, they communicate better. Without the din and prattle of bureaucracy, people listen as well as talk; and since there are fewer of them they generally know and understand each other. Second, small companies move faster. They know the penalties for hesitation in the marketplace. Third, in small companies, with fewer layers and less camouflage, the leaders show up very clearly on the screen. Their performance and its impact are clear to everyone. And, finally, smaller companies waste less. They spend less time in endless reviews and approvals and politics and paper drills. They have fewer people; therefore they can only do the important things. Their people are free to direct their energy and attention toward the marketplace rather than fighting bureaucracy.”
-Former GE CEO Jack Welch, explaining why he admires entrepreneurial companies.
Monday, March 30th, 2009
Many businesses that are in trouble are in trouble for a simple reason: they’re the wrong size. A newspaper that only had a few dozen employees would be doing great today. But they have hundreds or thousands of employees because that was an appropriate scale twenty years ago. When I started my first web company fifteen years ago, the idea that you could be successful with six or ten employees was crazy, but today many of the most successful companies have not many more than that. That’s 15,000 fewer employees than eBay has.
It’s tempting to get bigger. But is bigger better?
In many cases, it’s worse, particularly when you can leverage reliable systems that are cheaper and faster and more stable in the outside world.
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Monday, March 23rd, 2009
Here are two testaments to adjusting and not retreating in order to outlast hard times. Like us, these companies know that confidence is contagious, even our very own homegrown Cessna.
Friday, March 20th, 2009
Tough times never last, but tough business leaders do. In a marketplace amidst economy turmoil, only the bold and tough can survive. What can make you fearless in uncertain times?
Hone your most valuable skills
To face uncertain times, focus on your strengths. Focus on what you do that others can’t and put it out there to your prospects and customers. Assess all your qualities and abilities that got you where you are today. Be fully focused, hone your skills and acquire expertise that is most valuable for your business right now.
Use strengths that make you different
Under extraordinary economic conditions continue doing your work, curtail expenses where necessary and do everything you can to not lose existing business. This strategy will help you weather the storm. If you fail to stand up, stand out, work for something important, you will be out of the business. Use your strengths that make you different and make a difference for your customers.
Find ways to deepen customer relationships
The path to boldness is to build strong relationships so that you are not left alone during tough times. You may reward your customers for their faith in you, your services or products, even in trying times. Invite them for lunch; stay connected through phone calls, networking events and social sites. This is the time to develop customer intimacy and deep relationships to secure your company’s future.
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Wednesday, March 11th, 2009
Q:
Boutiques really do seem like a more economical business model. Not only do they have all the benefits listed, but it also seems like there is less start up cost. This in turn makes it less expensive for them to get started during an economic crisis. However is there ever a point in time where the market can become over saturated with too many boutiques? At what point do these boutiques begin to get bought out by larger companies? -Chris, Wichita
A:
Great question. We think that the boutique industry regulates itself in that weaker companies are weeded out during difficult economic times. As for being bought out, we have no desire to become the biggest video production company. We simply strive to be the best, no matter our size. Our goal is service to our clients, above all. We look at it as 50% product, 50% customer service and have no interest in growing huge or being bought. Thanks for the comment! -Intake Studio
Ian from Springfield, Missouri made some excellent points in his comment on IntakeStudio.com:
Smaller can be better, especially in a hard hit economy. Everyone is thinking about saving the environment, their checkbooks, and keeping their downtowns alive. Small locally owned businesses can contribute to all three. They provide variety and a uniqueness that can’t be found in other towns. They typically keep the money within the community, thus expanding the local economy and boosting everyones bank accounts. They help the environment by not having to ship large amounts of product across oceans or strip large swaths of resources. Ideally local businesses would work together to share resources and production.
We appreciate the participation. Leave a comment or shoot us an e-mail with a question of your own.
