Your small business needs to be prepared to weather a gloomy market. What’s your next play?
First, start by thinking about the future value of your brand and why your business is important to your client base. Specifically, is there something that your business can offer that is of value to your clients today and in the future?
Next, look at other businesses and vendors in your area as well as the business relationships you’ve grown through great networking. Establishing cooperating business relationships is another way to provide stability and add significant value to your brand during good and bad economic times.
Ask yourself:
- Can you co-brand with another business, preferably in a recession-resistant industry (health care, repair shops, marketing/advertising and education)?
- Do you have a service or product you can cross-promote to the other’s existing and potential clients?
Case Study: Bur Oak Designs
Most people know the definition of “staycation”. Watching this trend, BOD owner, Jane Kuzma, knew that her clients would plan to stay home more and – maybe instead of hiring her - might start doing their own landscaping. Her next move? Bur Oak Designs launched a marketing campaign highlighting landscaping options to increase the size, value and pleasure of her client’s homes, including beautiful pictures of outdoor entertaining spaces, outdoor fireplaces and outdoor kitchens. By showing homeowners they could get more enjoyment out of their homes, Jane created a whole new market for BOD
Partnering with Realtors she had established relationships with, Jane began marketing to their clients who had homes on the market. Her campaign focused on creating curb appeal quickly and on a budget.
Last but not least, Jane sent marketing pieces to her existing clients and prospects reminding them how good landscaping can significantly increase the overall value of their homes.
This is a great example of what we call looking down the field! So, what is your next business move?
