The economy looks tough right now, but marketing is the strongest
defender of your business. I have heard business owners consider
pulling back on their marketing efforts due to the state of the
economy. Well, think again my friend! Now is the time to capture
market share while your competitors are cocooning! Here are five
questions to ask yourself about your marketing efforts which could
lead to big results for your business.

1. Is it time to partner?

Many businesses are looking for ways to continue to increase their
visibility without spending a lot more on marketing. Consider
creating a partnership with another business. For example, you can
create a strategic alliance with a similar business with
complementary strengths. In this kind of partnership, you agree to
share resources in a certain project. Benefits of such a partnership
include access to your partner’s distribution channels, products,
technology and intellectual property. You also have increased brand
awareness through your partner’s channels without an expensive ad
campaign. Think about who also serves your target market, and find a
creative way to offer each other’s products and services to each
other’s customers and clients.

2. Do I have a formal referral program?

Word of mouth advertising is critical at all times, and it can be
your saving grace right now. It is simply not enough to hope that
referrals will come your way. Design a formal referral program that
will inspire your current and former customers and clients to bring
business to you. It can be as simple as asking for referrals in
conversation or in an email, and offering something special in
return for the referral. Examples include a thank you note, a $5
Starbucks gift card, or a bottle of wine or gift certificate at a
restaurant for more than a certain number of referrals in a month.

Get creative with your referral rewards while keeping in mind what
would motivate your clients and customers.

3. Am I continuing to network?

This is truly your moment to stand out in the crowd. While others
are cutting back on networking and other forms of marketing, staying
in the game will put you far ahead of the crowd. Remember that you
have got to be in the game if you want to win! This is the perfect
time to get out there and gain market share.

4. What can I do with what I already have?

Get creative! Find new ways of packaging your products and services
and you can actually end up making more money! This technique of
bundling your products and services can work well to serve your
clients even better than before. For example, if you have ten
products, try bundling them in 3 or 4 different packages. You can
even charge more than the total sum of the individual products if
you toss in a bonus or two. If you are a consultant or coach, you
can even offer one hour of your time for free, which puts you in a
direct conversation with a hot lead where you can demonstrate your
expertise and upsell them into one of your programs. If you have a
gift shop, consider creating a VIP membership program where
customers pay a pre-determined monthly fee in order to receive
exclusive benefits such as notifications of new arrivals, customer
appreciation shopping days or special hours, discounts on certain
things, a free gift on their birthday, VIP trunk shows, wine
tastings , specials from other stores you partner with in your area,
and so on. Think creatively about how to serve your customers and
clients. The sky is truly the limit.

5. Am I getting in my own way?

Sometimes the hardest thing to do is think differently about our own
businesses. We’re so used to doing things one way because we think,
“That’s how I always do it” or “It can’t be done any other way.”
It’s really important for us to “get out of our own way” and see our
business from other perspectives. How do we get out of our own way?
Ask your advisory group or mastermind for help, talk to a trusted
colleague or friend or hire a coach.

I am not one of the alarmists who buys into the idea that the
current state of the economy is so dire that we all need to close
our doors and hide under our kitchen tables. The truth is that there
is a lot of business going on these days. I see it in the malls, at
restaurants, with my own business and my clients’ businesses. What
can you do to stand out and capture market share?