Marketing in a Shaky Economy

I am so lucky to be a member of a very robust Chamber of Commerce here in Louisville, KY and I just got back from a Breakfast Networking Meeting where the featured speaker was giving a presentation on Marketing in an Economic Downturn. Shannon is a PR professional who makes a living helping small businesses thrive through creative marketing programs. Needless to say, with the current economic climate as it is, this meeting was packed with eager ears and pencils at the ready.

I thought I would share a few of the highlights of this meeting. Not because I think that this is new information, but because I think, just like effective marketing efforts, it never hurts to hear a good message more than once.

According to Shannon (and multiple sources quoted throughout her presentation), the biggest mistake a business can make is to stop marketing when things get tough. This is the time that business should stay top of mind and out in front of their best customers. Providing a clear and frequent message is key.

Another interesting piece of advice had to do with cutting prices. That can also be a big mistake. Intead of slashing prices, shaping the message and staying focused on the brand/unique selling point of your product or service should be the goal. Remaining true to your belief that your product or service holds value will keep loyal customers coming back. If you believe in the value of your product, so will they.

Shannon spent 20 mintues discussing the importance of maintaining a robust marketing plan in this tough economy and the message was loud and clear. Will you need to reevaluate your marketing programs? Perhaps. Will that mean cutting back on certain areas that aren't working quite as well as they once were and pumping that money into other avenues? Most likely. Is this going to be easy? Probably not. But according to the experts and the people who have had to lead businesses through other tough economic times, those who continue to market, will most likely be the ones standing at the end of this cycle.

"If you build it..."

My elements studio has been open for 10 months and I did something recently that although necessary, was very scary for me. I hired 3 new therapists all in the same week. I hired them hoping that we could keep them busy. Hoping that it was a "Field of Dreams" situation..."If you build it, they (clients) will come." It was August --- not the busiest time of the year for massage. People are focusing on back to school, last minute vacations, that last long weekend at the lake. Massage sometimes takes a back seat to all of this...heck, lots of things take a back seat to the immediacy of the end of summer and the start of the school year. But, I did it anyway and you know what. Its working.

The struggle to find the right therapists has been constant but it is not unique to me. I have spoken to a lot of studio owners and managers who face the same thing. They get a lot of people interested in working for them but it takes guts and patience to hold out for the right people to join the team. No matter how beautiful and serene the surroundings, the staff is the reason people come back. It isn't a big business revelation that if the experience doesn't live up to the expectation of the client, they won't be coming back anytime soon.

I've been blessed with a tremendously talented staff, from my front desk professionals to my therapists. And, I am once again counting on riding the current Field of Dreams wave...I'm on the look out for 2 more therapists and one more front desk person.
Wish me luck.