From reading the newspapers and watching the news there are marketing lessons we can learn from the current world credit crisis. The lessons are pretty simple and I think are applicable to all of us you own a small business
Lesson 1 - Do not offer a flawed product or service
All products and services offered should be of quality and targeted to those who can afford and benefit from your product or service. This is also important when you involve business partners to refer or resell your product or service as they need to be reassured that your products or services are worth referring or reselling to their customer base.
Lesson 2 – Be careful how you promote your product or service
If you spend a lot of money or in the case of many small businesses time promoting a new product or service make sure you track the results. Also it is never a good idea to falsely promote benefits that are not true. If you track the performance then you can easily see if you need to make changes or in fact stop the promotion before it costs you more money or time that could be better spent elsewhere.
Lesson 3 – Have a well thought out marketing plan in place
This means do some analysis, work through what you want to achieve and really spend time analysing your customers, competitors and the market you operate in before you go and implement tactics that sound good but actually do not measure up. If you develop a marketing plan for your business, then the marketing objectives, strategies and tactics will make running your business easier and lead to greater results.
Lesson 4 – Take action quickly
If you find your marketing tactics are not producing the results then do not continue for months with evidence of sales declining. It is no good hoping that sales will just appear, because they will not and in the end it will only add more costs to your business not profit.
What marketing lessons have you learnt form this current world problem?
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