Yeah, everyone is going to be more cautious about how they invest or spend their money in a tough economic downswing. But what’s the main function of any kind of business at any time? Getting people to buy your product or service. Simple, yes or yes? But if a business today isn’t good at attracting people to buy what they’re offering, it will lose profitability and go down, but the economy gets blamed.
Here’s the truth: being a successful businessperson has nothing to do with the economy. If you know what you’re doing, you’re going to be successful in any economy. And one of the keys to the success of a business is Effective Marketing.
This is one of the most crucial functions of business, but quite frankly most people suck at it! That’s why statistically, most businesses fail, especially when exposed to an economy like the one we’re in.
As a business owner, the main function of generating leads and getting as many of those people to buy your product as possible doesn’t ever change no matter what’s going on out there. An effective system of marketing will make or break if people will buy your product, and whether or not your business will be profitable.
Successful businesses have these four marketing techniques, no matter what the industry:
- You have to start with prospects—These are the people you’re going to be “talking” to. You need a database of people who will raise their hands and say, “Hey, I’m interested. Tell me more.”
- You Have to Have A Message—Start with information: who you are, what you do, your credibility and expertise, and the benefits of whatever it is you’re offering. The hook.
- How you’re going to reach them— Newsletters, emails, network marketing, direct mail—a system of delivering the message.
- Back End—A method for closing the sale or following up later. Not everyone who raised their hand will say, “I want this now.” Don’t let potential customers fall through the cracks.
These four steps are necessary for any business at any time, and you also have to have strategies in place for each of the steps individually, like how to build your database (engine search, joint ventures, etc.), psychological leveraging (the potential pain by notgoing with your product), attractive packaging, and alleviating fears and hesitation.
It doesn’t matter what type of marketing you do—paper or electronic, people to people— you’ve got to have a system that works; a checklist of things you’d do whether the economy is good or bad.
You need something that makes it easier for you to get people to buy your product, and easier for the customer to want to buy it. With effective systems in place, it’s a win-win, and you’re giving yourself a greater chance that people spend their otherwise reluctant money on you. Of course, don’t forget to deliver on the promise.
Effective marketing makes the difference between a good business that prospers only when times are good, and a great business that endures in any economy.
