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9 Business Development Strategies To Grow Your Business In A Challenging Economy
| Guest post by: Nancy Michaels |
Article Overview: Here are nine strategies that will help you survive and thrive in a down economy.
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Free Download - Top 10 Ways to Marketing Your Business in ‘09 By Nancy Michaels |
9 Business Development Strategies To Grow Your Business In A Challenging Economy
Let’s face it, business is not booming these days. We all have to think a little more creatively, reach out more frequently than we might have and continue to persevere when the chips look down.
At most of the audiences I address these days, I’m often asked, “What is the one thing you would do to grow your business – assuming you could only pick one sales or marketing practice.” My response always is, “if only it were that easy.”
Unfortunately, there is no one magic bullet in terms of how to succeed in business. Instead, it is a matter of employing many sales and marketing tactics in a visible, consistent and repetitious way that attracts more business to your business. This is especially true when times are tough.
Here are nine strategies that will help you survive and thrive in a down economy.
1. Identify your ideal target market. Who specifically, do you want to have as a client? Not everyone will be a perfect match and if the world is viewed as your oyster, you may never be able to afford to reach the universe, as opposed to a specific niche group.
2. Attend and get involved at the events and meetings that your prospects and clients attend.
3. Establish yourself as an expert and valued resource at these meetings by speaking at them and writing for their trade publications.
4. Promote your expertise via publicity by getting published.
5. Leverage past and current successes by re-printing articles written by you or about you, distributing announcements.
6. Cultivate a great database of prospects, vendors, past customers, media contacts, etc. Remember, you are only as good as your list.
7. Create an impressive web presence. It’s the minimum required to have a local, national or global presence.
8. Distinguish yourself from the competition. Extend exceptional customer service, celebrate unusual holidays and events, under promise and over deliver and communicate with your target market on a consistent basis. Don’t forget to know the competition and be able to articulate how you are different. Thank everyone who refers business to you and never forget to thank your clients. I continue to be amazed at the good will generated by a thoughtful, kind gesture.
9. Commit to a plan. Make a date with yourself every October to revisit the marketing and sales items you implemented in the past that were successful and plot those activities on a calendar for the upcoming year. Work backwards to determine what small steps need to be taken on a regular basis to be sure your marketing plan gets done.
Marketing, as I say quite often, is simply put as having VCR – visibility, consistency and repetition in the marketplace. In order to have name recognition among your target market – you need to be visible in a consistent way and repeat that message over time. Because we all learn in different ways, employing a media mix is an ideal way to grow your business.
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About the Author: Nancy Michaels RSS for Nancy's articles - Visit Nancy's website Click here to visit Nancy's website   Bridging the Gap between Your Prospects Your Offerings Save a Tree Create Profitable Products with a Punch that are Downloadable 10 Things to Do During Your Summer Vacation Suffering from Information Marketing Overload 13 Lessons Learned on Approaching the Press |
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BDC
- [quote="IWDCanada":jib6tqt9]I think if you try to do business in the Maritimes the Business Development Bank of Canada might be able to provide grants.[/quote:jib6tqt9]
On that note, does anybody have any experiences with the Business Development Bank of Canada that they would like to share? I have been considering approaching them for a business loan.
My entry
- 1. The Best Business Books Ever: The 100 Most Influential Business Books You'll Never Have Time to Read
- this is a fascinating book about the history of Business theory, and I'd recommend it to anybody.
2. The Big Book of Small Business: You Don't Have to Run Your Business by the Seat of Your Pants, by Tom Gegax. Ditto.
3. PADI: The Business of Diving Book
Okay, so this book won't be of use to anyone who doesn't want to start a scuba store, but I did, and this book was of course invaluable to me in reaching that goal.
Exclusive: Interview with Results
- Hi Forum Members,
I'm helping start up a Business Coaching and Consulting company here in Toronto, Ontario, Canada (a Subsidiary of RSC Business in Los Angeles).
As a Research and Development Intern I am required to practice my listening and interview skills by surveying Small and Medium Businesses on thier Business.
This Survey is designed by RSC Business to also assist the Business being interviewed more insight into their own business.
I am looking to interview about 30 businesses across North America over the span of 3 months.
At the end of these interviews I will be publishing a report of the results and they will be made available for free to the Interviewees. The Report data will include responses from a minimum of 100 interviews.
I would like to extend this opportunity to members of the Forum.
If you would like to have this short 20-30 minute interview conducted on your Business and you reside in North America please send me an email or PM.
Please contact me at andy[at]jvprosperity[dot]com to arrange our interview and to get free access to the results when they are published.
Re: what position to request?
- Hi Michael,
Great suggestion from David, or you could try something around a design consultancy,
How about Website Design Consultant, Design and Development Manager, Website Support and Development Manager or maybe Internet Business Development Consultant.
Ultimately whatever you are comfortable with and good luck for the future,
Mal.
Re: BDC
- [quote="Jones":255lkmrn][quote="IWDCanada":255lkmrn]I think if you try to do business in the Maritimes the Business Development Bank of Canada might be able to provide grants.[/quote:255lkmrn]
On that note, does anybody have any experiences with the Business Development Bank of Canada that they would like to share? I have been considering approaching them for a business loan.[/quote:255lkmrn]
I'll be working with the BDC later this month on a few projects. From what i've been told they are really great when it comes to small business. Their loans have a little higher interest but their payment terms are a lot easier to swallow. I can give you a contact if you need.
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