Posts Tagged ‘Small Business’
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.
Wednesday, March 11th, 2009
This recessionary period is when small agencies maximize their opportunities during lean times to gain ground.
- Keep what you have while getting someone else’s. Advertisers aren’t just trimming budgets; they are re-evaluating their relationships to determine if they are getting the most for their money.
- Great agencies shine brightest during dark times. When times are bad, there is better talent available to small agencies. Due to layoffs or the fear of them, good talent can be open to working for an up-and-coming agency.
- Work hard even when there isn’t a lot of work going on. Staying busy is the key to getting out of the gate fast when the economy rebounds. Good employees expect to be challenged.
- Focus on marketing tactics where success can be measured and defined. Marketing directors are running scared (or are likely to be eventually), and in that scenario that want to minimize risk and waste. The inherent measurability and relatively low cost of digital tactics are more attractive to clients when the economy is less robust, and digital will be the one area of the business that will grow this year.
Agencies will have much more success acquiring new business if they diligently pursue their new business goals despite the economic conditions.
Originally posted on fuelingnewbusiness.com
Friday, February 27th, 2009
How do boutique companies maintain maneuverability to help avoid economic disaster?
- Lower overhead costs
- Lower rates
- More flexibility to accommodate clients looking to cut costs
- Little to no major debt
What are the advantages to working with smaller firms?
- Fewer clients = more attention
- Often the owner or president ensures quality work
- No layers of administration, account managers and lower level employees
These are questions we get asked often. Have a query of your own? Leave a comment here in the next week, we’ll answer it in a new post and give you a free Intake Studio hat just for your curiosity.
The question must be related to Get Your Budget Back or Intake Studio. First 10 comments with valid e-mail addresses: a baseball cap in the mail to you by March 6th!
Wednesday, February 25th, 2009
It’s been said that necessity is the mother of invention. To paraphrase, tough economic times call for creativity in promotion.
Essentially, you have two choices when it comes to marketing and promotion: find creative, cost-effective methods or crawl under a rock. For most of us, there’s no in-between.
The general idea is to balance reach, frequency and impact with cost. And now, more than ever, the value quotient is driven by cost.
But there are some possible avenues for small businesses to pursue. Here are a few that have worked for us, our clients and our peers:
- Speak whenever possible: Seek out speaking engagements with groups, associations and companies, and create your own opportunities to get in front of people. You shouldn’t necessarily demand payment. Put yourself in front of lead-rich groups. That’s your compensation.
- Get some ink: Whether you do it yourself or hire a low-cost provider, you owe it to yourself to try and get your business written up in the newspaper and industry publications. Give us a call and we’ll show you how. It’s not that difficult and it’s not as expensive as you might think.
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Monday, February 16th, 2009
Small companies can’t afford to waste their marketing budget, especially during a recession. To keep marketing on track, start with a creative strategy.
Don’t good creative ideas just sort of “happen?” The answer is no. We all benefit from thoughtful preparation. Even during the creative process.
Certainly, marketing involves lots of creativity. But imagine, what if there were no boundaries on that creative thinking? Any and all ideas would be considered and pursued, regardless of whether they are relevant to the audience, the product or the brand.
At best, you’d waste lots of time and money until you found the right idea. At worst, you’d create a campaign that fails to motivate - and may even alienate - your target audience.
Before you embark on building any piece of marketing - advertising, print collateral, Web design, e-communications, etc. - you need a blueprint, called a creative strategy. Good marketing firms use this simple document to help define the audience, message and more.
A creative strategy asks and answers a set of basic questions to help everyone agree on a direction before time and money is spent on creative development. It helps you be both efficient and effective. (more…)