Who's talking to your customers?

Well let me tell ya...If you're not marketing, your competition holds a firm grip on your customer's ear. Bet on it.

Continuing to promote your business during slow economic times works in your favor for a couple of reasons. Number One: It's easier to grab attention. The first impulse of many businesses: reduce marketing efforts and hope for the best. The trouble with this approach lies in the belief that your audience quits listening just because they're not buying as much. Market share is relative to your 'voice share' in the market. It's a constant truth. So when you cut your marketing and your competitors don't, your share of the voice decreases, which negatively impacts your share of the market. This leads us directly-do-not-pass-GO in to reason Number Two: Historically - businesses who market through turtle-paced economies burst out of the gates strong when the race picks back up. Simply stated: Market now = grow later.

What's a business to do?
First things first. You must know your customers...already. Now - more than ever - understanding their needs remains paramount. (And you should know considerably more than "times are tight for them.") Do you meet their needs? Are they aware of this? Your marketing investment makes them aware. So how do you continue to get the word out when things are slow?

1. Take a look at your media choices.
Make sure they're hitting your core audience in the most efficient manner. In order to get the right message to them, you have to tune to their channel. It may be time to fine tune.

2. Use the web for cost-effective promotion.
If you have a website, use it. Make the content relevant to your customers. You have a tool for generating leads and beefing up loyalties to your brand...make the most it.

3. Look for non-traditional partnerships.
How nice would it be to have bakery goods delivered for the holidays? Pairing a bakery with a local delivery service takes a step toward meeting the needs of customers...which increases customer loyalty. Businesses which provide complimentary services or products can work together, sharing the cost and the rewards.

4. Network. Network. Network.
Join organizations, groups, alliances, directories, the gym. Whatever venues afford you personal contacts and relationships to help work the word of mouth angle - go to them. Mix and mingle. Swap stories. Collect leads and referrals while getting your cardio workout.

Every day wake up and repeat "Marketing is an investment...not an expense" a dozen times. (Sometimes we have to remind ourselves of the simplest things.) Then keep talking with your customers. Continue building those relationships. Down the road, when the pace speeds back up, you'll find yourself way ahead of the competitive pack.