In a wavering economy showing intermittent efforts to rebound, it’s necessary for businesses to consider how their economic strategy is helping to navigate the turbulent market forces. While revisiting internal factors, such as budget and staff utilization, are crucial to a company’s vitality, be sure you are considering the ways your business can strategically leverage external factors, as well.
Tip 1: Offer more than one service.
While specialty companies have the opportunity to capture a loyal market segment in need of their niche service, it is risky to rely on just one offering in today’s irresolute economy. By strategically leveraging at least two services that fiscally complement one another, you help give your business an economical advantage.
Example: Operating for over 26 years, my company Creative Marketing Alliance (CMA), a full- service marketing firm, is balanced out by a counter business-unit, CMA Association Management, a full-service association management firm. These two segments complement one another in the marketplace, in that, marketing as a service is typically impacted first in an economic downturn and also the first to signal a recovery. Conversely, associations are often last to be impacted and, likely, the last to recover.
Tip 2: Adapt your services to today’s needs.
Dependent upon the service your company offers, there are modifications you can make to the product, pricing model or marketing tactics to show your existing clients, customers and general marketplace that you are in tune with current economical demands, while still driving business.
Example: From the perspective of CMA, our proposal approach to potential new clients has shifted to reflect current marketplace needs. Specifically, we have now made it a best practice to provide potential clients with “phase” or “ramp-up” marketing packages, as opposed to always offering a package inclusive of everything up front. This anticipatory approach let’s potential clients know that we are aware of today’s budgetary concerns and able to adapt to their needs.
What strategies has your company implemented to help weather today’s economic storm?
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