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Small Business Marketing: How to Thrive In A Down Economy

By Allison Babb

Republish: EasyPublish™ Published: 01Feb2009 Word count: 612 Viewed: 293 time(s) Get Free Content For Your Site

One small business owner is a real estate agent and is calling it quits while another is having their best year ever in 2008. One retailer is closing her doors, while another retailer in the same industry is growing like gangbusters. Over and over again, I see a bunch of entrepreneurs struggling while others are thriving. So what's up with that? How can you thrive is this so-called "down economy."

Well, here's what I'm seeing as the difference between the thriving business owners and those who share they are struggling because of the current economy:

Resist the Media Frenzy: My 7-figure mentors don't pay attention to the "recession" news nor do I. I refuse to be told that I'm supposed to be struggling and that things are getting bad, that they're going to get worse, that I'm going to have a hard time, bla bla bla. I shut the TV off - haven't watched the news in months because it's all bad anyway. Instead I choose to focus on opportunity, growth and success and that's what comes my way. Simply put, you create more of what you focus on and that's one big difference I see between the thrivers and the strugglers.

Here's some news we missed that my mentor Dan Kennedy shared: There are more people with more discretionary income, buying power and affluence here in the US than at any time in our history and many many more worldwide than at any time in history. Unfortunately, with the media hype, pessimism is at an all time high.

Evaluate Pre-Existing Conditions: As I read stories on blogs and in the news of suffering small business owners, it seems I always get to a part of the story where they confess that the suffering started long before "recession" was in the air. They share that it's been an uphill battle for a long time. But then the media says it's "recession" and they're sure that's the source of the problem. Here's the difference between the thrivers and those struggling--the thrivers have long since found a system and strategy for enormous success and that strategy works no matter what the economy brings. Those struggling have never really found a consistent way to create enormous success so they feel the weight of any economic change. Your goal may be to discover the business strategy that works consistently!

Step Into Resilience: Similar to what I shared earlier, thriving small business owners have a reliable strategy for success. They know how to tweak their business model to match economic changes if needed. You tweak your products and services by listening to what your target audience is complaining about. It doesn't necessarily mean you change what you do, but you take a "problem resolution" approach (vs a victim approach) to your business. If you have to reduce business spending, for example, then increase your collaboration and joint venturing with others to continue marketing your business - this is a no-cost way to continue bringing in customers.

Choose Action vs Worry: Last I checked, worry didn't pay the bills nor did it improve my business. So I figure I have a choice - action or worry. There's a great saying that "Action Stops Fear." The small business owners who tell me they are thriving aren't in "worry mode." They are into significant ACTION in their businesses. They're not holding back while waiting for "bad stuff" to happen. They are engaged in ACTION that improves their businesses. Don't just wait and hope for new business to come to you. To thrive, you may need to focus on what actions you need to take to create continued success in your business.

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