verve: in bloom

We’ve all heard the stats. Businesses who continue marketing during down economic times emerge stronger on the other end than those who do not. A recent article in the Harvard Business Review by John Quelch included this:

It is well documented that brands that increase advertising during a recession, when competitors are cutting back, can improve market share and return on investment at lower cost than during good economic times.

So what’s a small business to do? We have a few tips:

Know Your Customer

There are too many channels and too many ways that people get information. You cannot trust your gut or rely on the status quo. If you have a clear profile of who your customer is, you’re not guessing and not wasting money.

Basic research can be done quickly and easily to determine: demographics, psychographics, values/beliefs, lifestyle and how they want to interact with you. Try a simple questionnaire through email or in person. As you develop your customer profile, write it down.

Be Brave

Think about new ways to reach your customers. Maybe social media is a good fit. The financial costs are very low and you can try out a few tools and see what stick. The investment required is time. Need some “toe in the water” ideas, try some of these.

If you know your customer, being brave doesn’t mean being reckless. You can try new things that are in line with your current marketing and communication strategies. Give it a shot!

Be Generous

I’m a strong believer in the adage of “give and you shall receive.” By being involved in your community  and making connections through civic organizations or nonprofits, you can meet a new network of people. But more importantly, you can share your particular area of expertise for good.

Find something you believe in and get warm fuzzies just thinking about. Some of my Twitter friends said that they love helping new talent shine and enjoy seeing the difference that their time has made. Even one of my students chimed in and said that while she doesn’t always have money to give, she can donate her time and expertise.

This, too, shall pass. In the meantime, these tips may give you some new ideas for making it through with fewer bruises.