Just because we are in the middle of a recession, it doesn’t mean your business has to be in one. In fact, I have never been more optimistic than I am about 2009 and the prospects of growing my business and that of our clients.
At PRMG, we continue to grow our business. Like many businesses, we’ve had a few losses and a few gains, but our clients realize that we provide them with value for our services and continue to provide them with the opportunity to grow in good times and in bad.
First, it is important to take an historical perspective which tells me that things are never as good or as bad as they seem. Yes, retail sales reports for November and December showed a 2% decline, but that means that sales were 98% of what they were the year before and higher than what they were in 2006. A number of retailers had their best years yet. Nationally, unemployment is up about 2% from its average during the past decade of about 5% (economists consider employment full at about a 4% unemployment rate to account for persons leaving jobs for non-economic reasons). In other words, 93% of Americans are employed and our unemployment rate remains 3 percentage points better than what many Western European countries see during good economic times. Locally (Suffolk/Nassau, New York), for November, unemployment stood at 5.2%.
With lower costs, including the cost of advertising, labor and greater availability of qualified personnel, recessions are often the best time for businesses to expand. In recessions, new industries and opportunities are created. Effective marketing can help you tap into these new opportunities and expand your business, despite the poor economy.
Here are PRMG’s tips for marketing in a recession:
- Focus on your Current Clients.
- Expand Business from Current Clients.
- Grow by Concentrating on Prospects.
- Solicit New Business using Low-Cost Methods.
- Gain Earned Media.
- Build your Web Traffic.
- Pay for Results.
- Get out of the Office or Store.
- Create Events to Increase Traffic.
- Advertise, Advertise, Advertise!
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