Thriving in a Competitive Business Environment

Nationwide business owners are either working harder to thrive or they are cutting back to survive. Increased competition and economic uncertainties, often trigger business owners to cut back on their investment in marketing and advertising. While it may seem like a good idea in the short-term, this is a decision that can end up being quite costly...even deadly to your business.

Instead of cutting back, keen business owners are using the tight economy as an opportunity to re-think and re-work their product and service offerings. One of the most important things these business owners are doing is saturating every marketing and advertising venue with their message. After all, what better time to get the word out when other businesses are cutting back?

Slow and steady wins the race. And little actions over time add up to give you a big impact. When figuring out what you want to do with your company next year, here are a few things to keep in mind.

1. Develop a plan. It is always surprising how many small companies neglect to do any kind of business or marketing planning. Figure out where you want to go and how you are going to get there. Then write the plan down and update it periodically.
2. View marketing as an investment. The more you strategically market to the people who need your product or service, the more customers you will attract.
3. Evaluate what you are currently doing to make sure the money you are spending on building your business is working for you. Don’t use strategies just because they are part of a traditional marketing program. Focus your efforts on a program that will get you the best results.
4. Stop using strategies that are not working, and always remember to test and measure so you know whether you are effectively reaching your target audience.
5. Review your marketing message. You want to be certain it clearly and concisely demonstrates “What’s in it for me?”.
6. Don’t forget to have fun. If you love what you do and have fun doing it, you will have no choice but to succeed.