Marketing in a Recession

 It seems there's no getting away from it, and I'm actually going to have to mention the recession, the credit crunch and everything that else that makes the hearts of the self-employed sink to their boots.

 Luckily, it's not all doom and gloom and you can and should continue to market your company during an economic downturn.

Recession refers to a period where economic growth slows down and the level of output may actually decrease.

If you have a lot of debt and /or are in markets supplying goods and services that are in anyway discretionary, you may be in for a hard time - but recessions affect everybody.

Over the coming months, we are likely to see:

1. A fall in consumer spending as the feel good factor disappears and people worry about the possible impact on jobs and interest rates.
2. Related to this, an increase in saving by individuals.
3. A reduction in profit margin - due to lack of sales and cuts in order to stimulate spending.
4. A rise in unemployment and more money spent by central government on unemployment benefits.
5. Less money collected by government in income tax and VAT.
6. An increase in business failures.
7. A fall in share prices.
8. Money moving into cash, commodities and utilities.
9. A fall in Gross Domestic Product (GDP is a measure of the total economic activity occurring in the UK. It refers can be measured in production, income and

So, what can you do ?

Firstly, don't burn your marketing plan (yes, I'm assuming you have one).

At its purest, marketing is just the practice of encouraging consumers to buy products. If you stop doing this because you're unsure about the effects of the recession, you're basically telling potential customers that you do not want their custom during these difficult financial times .......... where's the sense in that ?

This is not the time to wait for the telephone to ring - push yourself out there, speak to past clients, identify new ones - develop a marketing strategy and follow it through.

So step up your marketing - don't adopt the ‘let's ride out the storm' mentality.

You need to be more visible than ever - don't batten down the hatches as you may not have a market when you re-emerge.

I'm not suggesting you spend loads of money on advertising materials - this is where networking comes even more into is own. Get out and meet people, clients and potential partners.

Networking is the art of building alliances. It's not contacting everyone you know when you are looking for a new job and asking if they know of any job openings. Networking starts long before a job search, and you probably don't even realize you are doing it. It's not about selling - it's about people.

It's about making personal connections that might be relevant for your business (or that of the person you're talking to).

Don't believe me ? Then you're doing it wrong - read ....And Death Came Third: The Definitive Guide to Networking and Speaking in Public by Andy Lopata and Peter Roper, if you don't believe me.

My next tip is re-visit what you're offering - can you compete in terms of:

·        Value

·        Quality

·        results ?

If you can't, change so that you can - and once you know you are delivering ....... tell everybody who needs to know. (Be prepared to lower your price - yes I want you to avoid the ‘recession mind-set', but you need to be realistic.)

Finally, if you're feeling overwhelmed, if you need an objective sounding board to discuss your personal or business direction during the coming months, consider the 1 to 1 coaching services provided by Striding Out (it works !)

Coaching can help you identify and prioritise the actions you need to take in the best interests of your company and your personal priorities - you know what you need to do to move forward, but may need support in focussing on a plan of action to clarify this.

 Generally sessions will considers 3 areas:

• Goals (what do you want and how will you achieve it ?)
• Values (what's important to you ?)
• Beliefs (what's your view of the world and your place in it - do you honestly believe you deserve success?)

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