The SBDC has an annual conference every year where we learn from each other and from those who are specialists in their field. Curt Clinkinbeard of the FAMEE Foundation is often a speaker at this conference. His organization has a 10-part series of online seminars for recession-stressed entrepreneurs.
The Foundation for the Advancement of Marketing Excellence in Entrepreneurs (FAMEE) helps small and medium-sized companies improve how they grow profitable, sustainable, long-term customer revenue streams. They do this by providing free resources, training programs, and guidance to both entrepreneurs and consultants.
If you need assistance with your marketing plan, please contact your local SBDC where you can receive free and confidential one on one counseling.
The following are Curt Clinkinbeard’s 8 marketing tips for recession stressed entrepreneurs:
1. Keep your cool.
o Fear alters our decision-making process – panicking.
o A recession does not hit all businesses the same.
o Recessions happen – always have, always will.
o Don’t allow yourself the luxury of feeling sorry for yourself.
o Turn off the news, especially if it depresses you.
2. It’s not the things you do that’s different, but how well you do them.
o Good news – the adaptations will help you when times get better.
o Bad news – you are paying the piper for what you should have done
o Go back to the basics and focus on execution.
3. Get close to your existing customers.
o Retention marketing.
o Work the database – use your lists.
o Mail, phone, lunches, emails, etc.
4. Resist the temptation to discount.
o Be a quick follower not a zealous leader.
o Understand the numbers.
o Consider “free with purchase”.
5. Look for opportunities to innovate.
o Understand what is going on with your customers.
o Meet them at where they are vs. where you want them to be.
o Tough times lead to different solutions – and wealth creation.
6. Looks for “deals” to promote and expand.
o When everyone else pulls in, you can stand out.
o Media rates will be the best.
o Best time for commercial realty.
o Best time for hiring great employees.
7. Focus on what you can control. Take a lesson from Alcoholics Anonymous.
o You cannot control the world economy.
o But you can control your attitude and your actions.
o Which means you have at least SOME control over your business.
8. Be optimistic – pessimism REPELS customers.
o Recession = collective pessimism.
o Entrepreneurs are often the ones who pull the economy up out of a
o Feed your mind with good stuff.
o Believe in yourself – you are in business for a reason – stick to that!