We’ve had some hard times in the last few years, and plenty of businesses have been cut way back. But a few businesses grew through the hard times. How did they do it?
Pretty simple really, they kept promoting.
That’s how you grow a business, ongoing promotion. And because other businesses were cutting back on their marketing at the same time, this gave the ones promoting an even bigger advantage.
Through the worst of the recession Apple experienced remarkably strong growth. Even though they were introducing and selling high end products that grew when nearly everyone was shrinking.
The Economy Can Go Where It likes
Economists are well known for making more wrong calls than right ones, so I don’t want to try and make predictions about where the economy will go next. What I do want to do is help Kiwi businesses grow regardless of the economy.
Stupid Business Advice
The bad times were accompanied by bad business advice. I read countless pieces about how businesses should cut back all their expenses. Granted most businesses have some fat they can cut. But downtime is the worst time to cut back or expenses that bring in new business.
Basically the only time to cut back on marketing is when you want to slow down your growth.
You can’t cut you’re way to growth. You can only grow by getting more business.
And that’s the key to doing better than everyone else. When they’re cutting you’re expanding, which gives you an even bigger advantage over the competition.
Your Last Dollar
I his book, Alan Wiess talks about his friend’s ‘last dollar story.’ If you had only one dollar left would you save it, and try and make it last by feeding your family ever more meagre meals? Or would you take the money and spend it on a marketing plan that might create enough business to feed your family well for years to come?
Your last dollar will eventually run out. It should be out there making you more dollars.