Economic Outlook: Rethinking the Plan

PNC Financial recently released its latest economic forecast. Click here to see specifics for small business. Long and short - the recession is here to stay. The information also covers survey results from business owners asking about their actions in response to the recession. Good stuff. 

So what good is that 2009 marketing plan now? It may be time to revisit it, not because it wasn’t  a good plan, but even in November or December few really knew how deep the economy would fall. (I wrote Marketing in a Downturn in November...if I had known, it might be called Marketing in a Recession!)

Although according to a recent Outsell survey, twice as many small businesses (fewer than 100 employees) are planning to increase marketing spending than large businesses (more than 1000) employees. Unfortunately, that twice as many is actually only about a quarter of all respondents. In other words, one in four small businesses and one in eight large businesses are planning to increase their marketing spend in 2009. (If you are in that group, let’s talk!)

More likely, you’re in the super majority that are holding the line or cutting the budget. If so, it’s time to have a second quarter plan adjustment. There are several changes you’ll want to consider. Most important, do you know from where your sales come? What is the process? What are the yields of each step in the process and the alternate routes through it to the sales?

If you can’t answer those questions, we should really talk. You may be wasting money simply because you don’t know what works and what doesn’t.

Second big question: Where are the opportunities? Even in a recession, there are opportunities. The opportunities aren’t of equal value in every sector, but there are opportunities. Almost always there is one reality in a recession - the competition is pulling back, too. Market share is often up for grabs. Value is valued (not just price). How can you exploit these and other opportunities? 

Often it takes simply pulling back and taking a fresh look at the situation. Rethinking the plan and getting it more actionable and into a process that is tracked and corrected. No matter what the conditions.

Email me if you need help in that discussion. We’ll get you on track whether your budget is up, steady or down.

SLE