As marketers and business managers, we always claim to seek the highest ROI, but if you ask me that is not the case. Strategies slip when things are going well. We get lazy when profitable choices abound and go for easy instead of best. We conveniently forget the strategically sound practices of evaluating alternatives and scrutinizing spending.
That’s why an occasional recession is good for business: it brings us back to basics. Here are three ideas to consider while dealing with a shrinking economy:
* Find your customers who haven’t been slowed and please them into doing more business with you. They are looking for ways to spend their dollars, so double your efforts at understanding their wants and provide a product or service that meets them.
* Customers who cut back on a luxury may substitute it with something else. Discover what that something else is and you may also discover a new opportunity.
* Take a look at your own marketing programs. Get rid of those that do not work for you, and replace them with programs that have more promise.
You may also want to read…
…more about what I’m doing personally to cut back. Scroll down to my answer to “What’s the upside to a down economy?” here, on Linkedin.
Jim Lenskold goes more in-depth on how to strategically improve ROI in Six Approaches to Marketing in Tight Economies, published today on MarketingProfs.com.
Strategy is not all about ROI. When the going is good we fall behind in other areas, too. Tricia Molloy’s most recent entry in her Working With Wisdom blog explores some of them.