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Marketing in economic crisis

If 87% of companies in the US fail in good economic times, how can a business succeed in the worst economic times? Instead of marketing harder, the trick is to market smarter. You can't help the economy, but you can help your response to it, and you can plan well, so as to avoid economic crisis. Here are some tips for marketing in economic crisis, and not letting the downturn of the economy result in a downturn for your business:

Change your outdated methods, and focus on innovation. The best thing you can do for yourself during an economic crisis is make sure you are not holding so fast to tradition that you can getting swept under by the tides of change. While there are some strategies that traditionally work well in marketing, some are simply outdated, and have been replaced by something that works far better. If you are not using marketing tools like blogs, email marketing, social networking, SEO, etc. you are behind the times. If you are still pushing products, and not developing relationships, an economic crisis could kill you. It is time to update. This does not mean drop the old and race headlong into the new, but adapt the old to fit the changing needs of your market.

Turn from product focus, to customer focus. The most important changes you can make when marketing in an economic crisis is that of your focus. It used to be that if you had a good product, and lots of money, you could advertise the heck out of it, and sell, sell, sell. Now, product, while still important, takes a back seat to the relationships a company forms with its customers. A customer wants to know that they can trust a brand, that they can count on it to be reliable, and to take a financial loss pulling things off the shelves if it means a better or safer product for their consumers. Reputation matters, and it matters a lot. So, your marketing scheme needs to involve something that helps your company to form relationships with, and build on the relationships you have with your customers.

Create an operational marketing plan to guide your decision making. This means you should have a marketing plan that has your purpose and goals outlined, but that is flexible, and able to be changed in real time to meet the changing demands of your marketplace. The fact is, that sometimes strategies need to be changed, and that if you keep yourself informed with measurements and metrics, and work to constantly meet the needs of your customers, you may need to make changes from time to time. However, these changes should all be made within the parameters of your marketing outline, where every action you take helps you get to your goals, and achieve those things that you want, while still maintaining the values and integrity of your company, and building relationships with your consumers.

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