marketing in a recessionYou can’t read the news without hearing about just how bad the recession is…or how much worse it could get.

And that’s just the online news which I’m exposed to. I don’t want to imagine what the TV news or newspapers are reporting right now…I don’t get either personally. We did get the local newspaper for a while, but I found it so useless that I called them up and told them to stop sending it. Even though I had paid in advance I didn’t want a refund. I just didn’t want to have to collect them anymore.

If you listen to the news, it all seems to be doom, gloom, and despair. Unemployment is rising. Business owners are shutting their doors. Taxes are going up.

No wonder people have to buy anti-depressants. They’ve been watching the news!

But there is another side…one they don’t talk about very often.

Some businesses are booming. The question is whether you’ve chosen to participate in the recession or not. Because it doesn’t have to be a recession for you.

Successful new businesses are starting right now in the middle of the recession. Others are using this opportunity to expand. Your competitors may be pulling back on advertising. That’s good news because it also means the rates on advertising are dropping. Right now is the perfect time to negotiate for better rates on any of your paid ads.

Look at past recessions and you’ll see that major companies were often birthed right in the middle of the recession. For example Revlon, the cosmetics company, started in 1932 in the middle of the Great Depression. Microsoft came out of the recession in 1975. And look at Google, the big dog online, they were the survivor who basically consumed the internet through the dotcom bust while their competitors disappeared.

Will you stand strong and use this time to grow while your competition disappears?

Online we have an advantage that brick-and-mortar companies simply can’t match…lower costs of doing business.

It’s tough right now if you operate on razor thing margins. People are price sensitive on items they buy regularly. They can see the price increases, yet at the same time costs for many of the supplies businesses use have increased.

Hopefully this is not the position you find yourself in. But even if it is, you can still find ways to release NEW products…and reach new markets.

That’s a second danger that many people ignore in times like this. They may be in a business that’s dying…and they sit there waiting with hope for something to get better.

For example, now is most definitely not to the time to simply run a video rental store. With Netflix and other online video delivery services, this business is dying. No matter what happens and if the economy improves, business is not coming back to the local video store. They need to find a new business model.

Your changes aren’t likely to be this radical…but there will be changes.

How are you using this time to change and expand your business?

What new products and services are you offering?

What new forms of advertising are you experimenting with?

And here’s the major misconception I keep hearing from people…they believe the solution is to sell lower priced products and services.

That may work for some markets, but it’s NOT the answer for the majority of markets. As hard as it is to believe for someone who is going through troubles themselves right now, not everyone is hurting.

Affluent customers are still buying. And they’re paying premium prices if it solves their problems.

The math is still the same. You want to solve desperate problems for customers who are willing to spend the money to solve those problems.

They may ignore minor problems. They may put off little desires. But they’re still buying products that solve their urgent, desperate problems.

If you’re not selling to a market where this is true, how can you change your focus to make it true for you.

I remember hearing from Mark Victor Hansen a long time ago, “If people aren’t buying what you’re selling, it’s because you’re not selling what they’re buying. They’re always buying something.”

Big desires and big problems equal the big opportunities…especially right now.

Businesses are growing right now IF they’re willing to make the changes necessary to thrive today.


Terry Dean
Terry Dean

Terry Dean has been in full-time internet business since 1996 and has helped thousands of entrepreneurs get started online through his articles and products. He lives in Ocala, Florida with his wife and 2 dogs. Find out more about how his step-by-step courses can help you today.

    9 replies to "The Truth About Marketing In a Recession"

    • Terry,

      It is not only in all the news but it is what everyone is seems to be talking about. I go to different leads and training groups and it seems like any one talking and many there keep talking about “this economy”.

      I know I am personally struggling right now and it is an easy excuse to blame the economy. But now is the time to build and innovate and create those solutions that solve problems for people and to grow a profitable business.

      Thanks for the positive words.

      Peter

      • Terry Dean

        A lot of people are struggling right now just as you mentioned you are. But if we as business owners blame the economy then it is giving away the power we hold to take action.

        If we can’t influence the outcome, then we’re powerless. The good news is we can influence it. But that requires change on our part to find out what needs to be done for us to grow. I’m glad to see you’re willing to make that change.

    • Great post Terry,
      Count me “IN” for not participating in the recession,
      I’m using what I learned from your newsletter back in
      Sept. 08. Thanks for blazing the trail for all of us.

      David R

      • Terry Dean

        Excellent! I’m glad to see you’re using what I shared way back in that issue. It works…still to this day. Thank you for sharing!

    • Spot on Terry.
      I’ve got four businesses: 1 long established business dying on its feet but three doing much better.

      With one of them, the competition no longer advertises via Adwords at all so although the overall market is smaller, we’re still getting a profitable chunk.

      And who’d have thought that another business, Candle Making Kits, would do well in a recession? We started that business just under a year ago as a microbusiness, expecting it to be Christmas-only but it’s turned out to be a huge success this year even in the “quiet” period. Why? Because no-one else provides the products we do (because we make them ourselves) and no-one else markets so effectively or builds up personal relationships like we do – you wouldn’t believe the testimonials we get (well, ok, maybe you would). Our customers seem genuinely relieved that they’ve found someone who provides what they’re looking for rather than the toy kits otherwise available.

      I firmly believe it’s possible to make money in any market if you pick the right product – something you only discover by research though keyword analysis, surveys, market analysis and “soft” launching – and market it properly.

      I’ve just joined your monthly mentoring club and I’m enjoying it so far: at last a genuine voice in internet marketing.

      • Terry Dean

        Thank you for the confirmation. One of your businesses isn’t doing well but the other 3 are. That’s what I see happening in many places. For some people its not totally different businesses, it’s portions of their current business.

        I think too often people hope for “miracles” instead of smart marketing and testing. Find a hungry audience. Then sell them what they want to buy.

        For a lot of people, now might be the time to go back to those business basics.

    • Great points on recession. The only recession that matters is the recession of intellectual capital that people have within them. Just as you noted people still keep on living during recessions and depressions. The needs people have to keep living and developing never stop. Business marketers just need to provide the products and services that people want at a fair market price they can afford, and are willing to pay.

      During the depression of the early 1930’s sports and film industries boomed. Gone With The Wind, the book and movie, sold in record numbers. People always need inspiration and guidance. Many spiritual based organizations also were created and boomed during that period.

      When people are pressed, the best comes out. It takes pressure to make a diamond. Business marketers that are pressed and respond to the pressure will create diamonds in the market place.

    • Terry, you have perfectly spoken our minds as a family enagaged in putting up an additional new Business Centers despite of Recession. We just opened these new businesses last September 8, 2010 while others have been ahead of us in terms of time in starting yet we have overtaken them, making us NUMBER 1 companywide and even competetive to all others with the same products but of different brands despite that these other companies with different brands have been in operations years by. Truly, recession is an OPPORTUNITY! You are part of the performance and achievements we are enjoying. Thank you.

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