Smart recession survival

Small business owners can see recession two ways. One where they sit in fear and one where they take advantage and stay ahead of the pack.

I suppose it's a natural survival tactic to hold everything close, keep it safe - particularly your money. But if you let fear govern your business decisions, you simply may not survive.

Recessionary times are when the smart survive and the unique get noticed.

Smart companies recognize marketing as a revenue generator, not a cost centre. They don't immediately cut their marketing budget. They get smarter about how the money is used. Mass communication is replaced with targeted communication. Interaction with the customer is increased so they stay front-of-mind.

Unless you are in a luxury market, your customers still need or want your products. Make sure your products and services are priced to reflect market tolerance. Surviving recession isn't about lining your pockets, it's about survival.

Get creative about how you reach your customers. Surprise them with where they find you and what you are telling them. Small business messages have historically been very ego-centric. You have to become customer-centric to make it through tough times (actually you should be customer-centric all the time, but it's even more important now). Standard tactics won't be enough.

And tighten up your marketing spend. That doesn't mean cut the budget, it means eliminate the chaff and be efficient with the money you have. If a tactic isn't bringing a return, then change the tactic. But remember when you are measuring the success of your tactics that it isn't just about the immediate return. It's about developing a relationship with your customer. If you're getting inquiries or website hits but no actual buying, then your tactic has done its job. Marketing's purpose is to bring customers to you, it is the job of the sales team to actually make the sale.

The best weapon you have in recession is a good data base of your customers. This will help you deliver personalized attention at the marketing level. You can gather a good data base through a contest with a small survey as part of the entry form. The contest creates traffic, either to your website or your place of business, and while your customers have a chance to win so do you with the information you gather. Variable data printing isn't only for big companies these days. It's affordable to businesses of all sizes.

Develop a referral program. This is common place in the financial services industry but is functional for all types of business. Your best advertising is word-of-mouth (whether it's traditional word-of-mouth or through social media) and if you can get your customers talking, you're a step ahead. And if your referral program is strong enough, they'll definitely start talking.

Above all, don't try to manage your marketing on your own. You're in the business you're in because that's what you are good at. Don't try to be good at everything - no one can manage that. Call in the specialists to really get your marketing budget working for you. But make sure they are trained and experienced. Just owning some desktop publishing software doesn't make someone a marketing specialist.

Small businesses can be agile. That's a great advantage over big business. Be ready to change at a moment's notice - whether it's your product list, your audience base or marketing tactics.