In Tough Economy Keep Marketing, but Shift Focus

When business is down and clients are hard to come by, the ONLY way to keep a business going is through more marketing.

About a year ago, still a Project Manager at a small company, I was chatting with a co-worker. The subject was slow-down in the amount of business our company was getting. We speculated idly how long would it take before layoffs and who would go first and who – last.

Half-joking, I said that at least one employee should feel totally safe at this point – the marketing assistant (the company hadn’t had a marketing manager and the assistant worked directly with the CEO). As it turned out, I was hitting the proverbial nail on the head! What’s more, in the next week 50% of operations people were laid off and an ad for a marketing manager and a SEO specialist was posted on an internet job board.

What can a small business owner or a solopreneur do to get by and even succeed in tough times?

• If you laid off employees or delayed hiring new ones, it might mean that either some tasks don’t get done or the quality of work suffers (or both). Consider hiring a virtual assistant as a short-term ” ’til good times come back” solution.
• Do not cut your marketing budget or stop marketing! Instead, figure out which marketing channels and efforts get you the best results and which ones underperform. Spend more on the former and cut out the later.
• If you have more time than money, then consider Internet marketing – it’s easier to get started and, if you DIY it will not cost you a penny.
• If you need help with your marketing, don’t get the lowest bidder. What you need, especially in tough times, is an expert, someone above average in a particular marketing niche.

Technorati Tags: virtual assistant, internet marketing,  social media ROI

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