Be Prepared For A Dip In The Road

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Be Prepared For A Dip In The Road

I don't want to jinx things or to be sacrilegious in these dynamic and prosperous economic times.

But, with a few knocks on wood, some salt over my shoulder, and a few bows toward Alan Greenspan, it's time to consider what to do if, as your business matures, demand begins to decrease. This can happen, you know, even in the market we are experiencing today. So it's best to know what to do if the unthinkable starts to happen.

The first step you should take is to conduct some market research. You need to know the scope and extent of the downturn you are experiencing. It is regional in nature? Is it industry specific? Or, is it just confined to your business? The sooner you can pinpoint the problem's source, the sooner you can begin rectifying the situation.

1. Start by interviewing other businesses or organizations in non-competing geographical territories to determine if they are experiencing the same decrease in demand. If that's the case, then you and the other organizations can work together and pool resources to bolster your industry.

2. If they are not being affected, ask them what they are doing to keep their businesses humming. You might discover a few applicable pointers or tips that can help your business. If they are non-competing, chances are they'd be more than willing to assist you.

You can also re-examine some of the ways you do business to determine if you've overlooked something.

1. Look for new opportunities to fill your clients' needs. Consider providing related products or services that you would be willing to supply to your same client base. Judge the feasibility of such a venture before you put it into practice, though. You don't want to add new expenditures if the return isn't warranted.

One way to discover new opportunities is to interview several clients to determine what complimentary services or products they may need that you could provide. Take them out to lunch or someplace "neutral" to talk with them. Also, make sure you interview them individually. You don't want to put them in a situation where they would be sharing information with their competitors.

2. Review your marketing plan again. Determine if there are segments of your client base that you may have missed. It could be industries you hadn't considered when everything was running smoothly. Or maybe geographical locations that weren't worth investing in until now.

Also, consider different methods of marketing. Maybe a newsletter, fax broadcasting, e-mail, or direct mail may be appropriate ways to reach prospects that you haven't reached in the past.

Don't just view this as cautionary information, either. If your business is humming along, you just might want to consider implementing some or all of these points anyway. A little extra business coming your way probably wouldn't hurt now, would it?

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I'd like to offer a quick 'thank you' to all of my subscribers for your suggestions and assistance with topics for the Marketing Partners e-mail newsletters. The more I know about what you need marketing-wise, the better I can help.