President Obama, Small Businesses & Growing the American Dream during Tough Times
President Obama, Small Businesses & Growing the American Dream during Tough Times
That should help, but having access to credit is just the start. Small businesses are going to be more important than ever to our economy. They will be the engine that pulls us out of this economic recession. They will develop the new ideas and create the new jobs to keep the country growing, but just as lending institutions need to free more credit to allow small businesses to grow, small business owners in turn are going to have to get much savvier about marketing and promoting their businesses in order to reach their target market and have their businesses grow. Many businesses are cutting their PR and marketing, just when they should be focusing on reaching their customers. Many companies don’t realize that by cutting their advertising and marketing budgets they’re also cutting their lifeline to their customers. If a company is not visible, how will its clients find it?
Remember, your public relations, promotions and marketing budget is not an expense, it is an investment in ensuring that your company grows - particularly during tough times. Studies have repeatedly shown that companies that continue to market during tough economic times see growth during those times, where businesses that cut their marketing budget will generally not only see a decrease in sales, they will have lost market share when the economy turns around.
McGraw Hill’s study found that those businesses that boosted their public relations, marketing and advertising during a recession grew 275% over the 5 years proceeding. However, those businesses that cut back, if they were still in business, only grew 19%. That’s pretty striking. It doesn’t take a genius to see that the worst business decision you can make, particularly in tough times, is to cut back your marketing efforts.
It's not time to stop marketing, but to re-evaluate your marketing and figure out where your dollars are best spent. Perhaps a full scale advertising campaign is prohibitive at this time. Consider a well targeted PR or Media Relations Campaign. That way you not only cut your marketing costs, you reach your target market and receive the credibility and validation that only media exposure can offer you. With a good marketing gameplan, you can establish yourself as an expert in your field, reach new customers and build your business, even during tough economic times.
Copyright © Anthony Mora 2009
President Obama Small Businesses Growing the American Dream during Tough Times - To learn more about this author, visit Anthony Mora's Website.
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To Quote President Obama: "Small businesses are the heart of the American economy, their responsible for half of all private sector jobs, and they created roughly 70% of all new jobs in the past decade. They're not only job generators; they're at the heart of the American Dream." That pretty much says it all. In an effort to help small businesses, the stimulus bill allocated $730 million for direct spending on small-business programs, including expanded financial support for the SBA's two key lending initiatives.
That should help, but having access to credit is just the start. Small businesses are going to be more important than ever to our economy. They will be the engine that pulls us out of this economic recession. They will develop the new ideas and create the new jobs to keep the country growing, but just as lending institutions need to free more credit to allow small businesses to grow, small business owners in turn are going to have to get much savvier about marketing and promoting their businesses in order to reach their target market and have their businesses grow. Many businesses are cutting their PR and marketing, just when they should be focusing on reaching their customers. Many companies don’t realize that by cutting their advertising and marketing budgets they’re also cutting their lifeline to their customers. If a company is not visible, how will its clients find it?
Remember, your public relations, promotions and marketing budget is not an expense, it is an investment in ensuring that your company grows - particularly during tough times. Studies have repeatedly shown that companies that continue to market during tough economic times see growth during those times, where businesses that cut their marketing budget will generally not only see a decrease in sales, they will have lost market share when the economy turns around.
McGraw Hill’s study found that those businesses that boosted their public relations, marketing and advertising during a recession grew 275% over the 5 years proceeding. However, those businesses that cut back, if they were still in business, only grew 19%. That’s pretty striking. It doesn’t take a genius to see that the worst business decision you can make, particularly in tough times, is to cut back your marketing efforts.
It's not time to stop marketing, but to re-evaluate your marketing and figure out where your dollars are best spent. Perhaps a full scale advertising campaign is prohibitive at this time. Consider a well targeted PR or Media Relations Campaign. That way you not only cut your marketing costs, you reach your target market and receive the credibility and validation that only media exposure can offer you. With a good marketing gameplan, you can establish yourself as an expert in your field, reach new customers and build your business, even during tough economic times.
Copyright © Anthony Mora 2009
President Obama Small Businesses Growing the American Dream during Tough Times - To learn more about this author, visit Anthony Mora's Website.
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John BrennanJohn Brennan Ed.D. Dr. Brennan is President of Interpersonal Development, LLC, a training and development firm. Interpersonal Development has provided sales training and coaching to more than 3,000 sales reps from over 100 companies. A native of Australia, Dr. Brennan received his doctorate from the University of Rochester. His dissertation researched the effectiveness of Behavioral Modeling Technology in training people in interpersonal skills. While he has spent most of his career designing or delivering training, he was also a Vice-President of Sales of a training and development franchise with operations in 25 markets. Dr. Brennan has designed and delivered sales training in North America, Asia, Europe, Australia and the Middle East. He has been a guest speaker at numerous national and regional professional conferences. When Microsoft wanted Best Practices articles on sales for their web site, they called Dr. Brennan. The results are at http://office.microsoft.com/en-us/FX011387391033.aspx His firm’s clients have included Volvo, The Prudential, Merrill Lynch, Eastman Kodak, Gannett, Equifax Europe, the Economist Group and countless small businesses. - Visit John Brennan's Website |
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Joe DagerJoe Dager is President of Business901, a progressive coaching company providing no-nonsense direction in areas such as Lean Six Sigma Marketing and organized referral marketing. What others say: In the past 20 years, Joe and I have collaborated on many difficult issues. Joe’s ability to combine his expertise with “out of the box” thinking is unsurpassed. He has always delivered quickly, cost effectively and with ingenuity. A brilliant mind that is always a pleasure to work with.” - James R. If you want to learn more about Business901, start a conversation with us. We can be found @ Web/Blog: Business901.com Web/Blog: FundingYourNonprofit.com LinkedIn Profile Follow me on Twitter - Visit Joe Dager's Website |
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Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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