Winning Strategies for a Sluggish Economy

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I’ve personally experienced the results of a company going into “survival mode” during an economic downturn. It begins with the “everyone’s got to tighten their belt” speech. Expense reports are put under the microscope and a moratorium is placed on purchasing sticky notes.

What comes next is always predictable. All of the brand developing activities that generate new business, and many that keep current customers happy, are deemed to be too costly when all you want to do is survive. So the company cuts back. Revenue dwindles. Margins shrink. Black ink turns to red, and heads begin to roll.

Winners can see the downturn coming, and they don’t panic. They view slow economic periods as a chance to gain focus and return to their roots. By defining and magnifying their difference, they see a chance to take market share from their competitors.

If you understand the principle of faith, then this is the time to use it. You will have to resist the urge to reduce your branding budget and step out on that proverbial limb. It is critical, however, that you maximize how your brand development money is used.

When examining how your branding dollars are spent, ask yourself these three questions:

· How does this help me gain and keep customers?

· What happens if I stop doing this?

· How can this be improved upon?

Every function and every person in your organization should be focused on gaining and keeping customers. Your quality control inspector becomes your first line of customer service by preventing warranty claims and returns. Your accountant who sends out invoices can’t afford to make a mistake and miss-bill a client. Your maintenance personnel keep the plant running efficiently so you can keep your pricing attractive to the customers. Branding must be a company-wide mindset.

Of course these three questions apply to your web site, advertising, sales promotion, and all of the areas that you normally associate with marketing and communicating your brand. You can read the full article, Winning Strategies for a Sluggish Economy, here.

Or, if you’d like to talk to us about maximizing your branding dollar, contact us today by e-mail or by phone at 903-534-5220.