Bring on the recession!

Don't get me wrong - I do realise that some people are going to suffer considerably in the economic downturn.  But my sympathy or pity will not change that for them one jot.  They say don't waste energy on things you cannot control, and for many of us the recession will be a much needed wake up call, a chance to re-evaluate what we're doing and why, and emerge in much better shape.  The downside of the good times is that you don't have to try too hard and can become lazy and inefficient - particularly in marketing. 

Now I'm not about to suggest that the only way is to spend yourself out of a recession, marketing is not just about spending on promotions, and there is no point chucking good money after bad.  But I am saying this is a good time to get back to basics.  If the downturn is giving you time on your hands, and this can be true of all businesses large and small, then what better time to review and update your marketing/business strategy and plan to ensure your limited resources are directed at the best returns.

I was reading another blog the other day (I have become quite a fan of the genre) and came across this quote which I have confirmed is from Peter Drucker:

"Because its purpose is to create a customer, your business has two purposes and two purposes only: marketing and innovation.  Marketing and innovation make you money, generate sales, produce profit.  Everything else is an expense .."

So what could be more important than putting in the effort to getting your marketing right?  Here are some simple first steps to getting your marketing act together:

1. What market are you in?  Take a good hard look at the customers you are targeting.  How has it changed recently?  Is it growing?  Shrinking?  Is it still right for you? 
2. Revisit the products you offer into this market.  Are you meeting real needs and offering good value?  Remember we don't always go for the cheapest price.
3. Look after your existing customer first as they are your best and most reliable source of business.  Understand how they are being affected and what you can do to help them solve their problems.
4. Update your marketing plan in line with what you have learned in steps 1-3.  You may spot new opportunities and may realise you can stop things that are not working for you.

 In times of crisis the strong survive - make sure you are one of them!