5 tips to market your business in a tough economy

Economic downturns are a fact of business life. However, those businesses that maintain a public profile – that stay in the public eye – are the ones that will have the best chance of surviving an economic downturn.
 
Hunkering down and waiting for the bad times to pass may not be the best approach so here are 5 tips to help your business ride it out.

1. Don’t panic – if you let panic take over, you won’t be able to respond rationally and constructively to the situation. Panic, largely emotional, has the power to destroy. You’ll lose the battle if you allow yourself to panic. You cannot afford to throw your hands in the air or to become paralysed by the fear of the situation. Take control. Take stock of where you are, what your strengths and weaknesses are and from there you can begin to build a solid strategy for your business to outlive and outlast a tough economic patch.
    
2. Spend wisely – while it might be tempting, don’t abandon your marketing spend. Rather look for ways that will maximise that spend, ways to amplify your messages through below-the-line and social media marketing and brand building. Box smarter, not harder. Use content marketing and storytelling to connect with your customers – people always relate to stories. Use online media to increase your visibility and forge relationships with your audience. You could also start a blog, write a newsletter and find other online ways to interact with customers.
    
3. Use the powerful multiplier effect of public relations – PR can be a high-reach tool to access your customers and other key stakeholders. The narrative generated by PR can reach your investors, partners and clients to create brand awareness and interest. PR is able to build credibility and leverage marketing spend. If you can’t afford an agency, establish who the key journalists in your field are and connect with them directly. If you go this route, be careful not to oversell your offering and always respect their deadlines.
    
4. Keep your message on target – this will help to position your business exactly where you want it to be. Focus on the positives of your offering – quality, excellence, stability, durability – whatever enables you to stand out from your competitors and makes your offering unique and valuable. Showcase the benefits of your product or services and present these from the perspective of your customer. Let them know the value that you add, not about discounts, in order to build a sustainable business that will survive the downturn and thrive during the upturn.
    
5. Focus on quality – quality is always a successful strategy; it’s what lasts the distance and wins in the long term. Never give up on producing quality. Don’t drop prices – focus on what sets you apart, what makes your product or service worth the extra cost. Price cutting is a race to the bottom that no-one wins. Stay firm, stay strong and build a solid base for the upturn, which will surely follow the downturn.

 
If others around you are cutting their marketing spend while you retain yours, you will be ahead of the curve when the economy turns, leaving them to play catch-up.
 
Invest in the future now and it will enable you to perform better later on.