The two most important survival tips for small businesses in a struggling economy (as presented by the managing partner of a small business):
1. Don’t cut costs that seem frivolous, like advertising.
I’ll echo a point I made in my previous posting. As the economy continues to spiral out of control, businesses will obviously continue to struggle. One of the most immediate ways they can help themselves is to cut costs, which probably includes advertising. As an advertising executive, I of course don’t want you to do that. But as a businessman, I don’t want you to do that either. As your competitors conserve spending, advertising space opens up. And this space could be yours. When a door closes, a window opens, so capitalize on the dwindling visibility of your competition.
2. Rediscover your core business values.
As spending becomes more conservative, now is the time to rediscover your roots. Remind your target markets why your business offers the best services and/or products. Peel away the layers of fancy promos and add-ons and get down to what key values your brand stands for. For example, if you’re selling a new car, don’t focus on a luxurious feature like GPS. Focus on what inspired you to make this car in the first place and why that makes it better than everyone else’s. This is what people want right now – basics. They’re interested in what will help them survive, not in fancy accessories. But be forewarned: This doesn’t give you license to create boring ads. Let your creativity run wild, just keep it simple.
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