In case you haven’t heard enough about the busted real estate market yet, I thought I’d look at it from a different perspective… how it could help you prepare for a dip in business.
Here are some lessons learned that can apply to your business marketing:
Don’t get comfortable
No matter how well your business is doing, continue marketing. A downturn in business is not the time to suddenly revamp your marketing plan. You’ll inevitably make different choices than you would normally and may come off as being desperate for business.
Keep expectations realistic
With the easy-money mortgage plans that were available, buying a home outside of one’s income level wasn’t a problem. But when it sounds too good to be true, it probably is. Keep expectations in check, including your sales projections. If you’re not sure of the potential returns of your marketing strategy, be conservative until you can test a few techniques.
Don’t think you can time the market
You can’t always predict business lows or highs (except maybe for seasonal changes). Just plan for the long term and always have a backup plan if things don’t go your way.
Do your research
Before jumping on a seemingly hot trend or new marketing strategy, do some research. For that matter, research your customer as well. Client perceptions change and you should adapt to those changes.
Business is cyclical. Stick to your business plan and update your marketing plan every year. Don’t have one? Stop reading this and start one now—ideas written on a scrap of paper are better than nothing. Also, record results of any tactics you use, so you know which are duds and which bring results.
Your overall goal is to prepare during the highs to soften the lows. With this type of outlook, you should weather any business declines with confidence and, hopefully, a quick turnaround.
(Photo by indi.ca)