Difficult times often prompt businesses to batten down the hatches and pucker like they just drank a domestic beer. They have a tendency to become too inwardly focused, risk-averse and be protective of their existing accounts. Faced with a business downturn, they shift their attention to conserving capital and minimizing risk. While there may be some real benefit to such courses of action; these reactionary acts nearly always back fire. When the economy recovers, and it will, companies like these may find they have fallen behind their competitors and are in a poor position to catch up and gain market share.
Truly wise business owners and executives have found out that by investing in customer relationships and overall business effectiveness, it can pay big dividends when the rebound invariably occurs. A tight economy is a good time to try new tactics, educate your sales force and adopt new effective sales and marketing programs. Now is the time to embrace new ideas so that when business improves, you will have the edge on your competition. Start by investing in technology to support and drive these new ideas throughout your organization. Social Media, Text Message Marketing, E-Zines, focused and targeted E-Mail Marketing, are just a few simple and cost-effective ways business are using to brand themselves to their existing and soon to be new clients.