“Tough Love” in a Bad Economy
Being even a little brave during “bad” times can make your company stronger.
By Jennifer Blanchard | HRTools.com Business Writer
Although there’s almost no need to state the obvious, the United States is in an economic recession. And everywhere you look there are articles advising business owners to “hunker down” and “play it safe.”
But forget that!
There are plenty of ways companies can safely remain aggressive in their markets and continue to build their businesses in spite of the current economy.
And of course, just like most things in life, there are different degrees to which you can be aggressive:
Be a Little Brave—Launch a Social Media Marketing Campaign
One of the cheapest and easiest ways to continue growing your business during the current economy is to hop onto the social media bandwagon. It doesn’t cost anything to join one (or more) of these social networks, and they can help grow your business in ways you can only begin to imagine.
Some social media sites that are great for businesses are: LinkedIn, Facebook and Twitter. Each of these sites offers different features that businesses can find value in.
Here are some short-and-sweet points about each:
LinkedIn—“LinkedIn is an interconnected network of experienced professionals from around the world, representing 170 industries and 200 countries. You can find, be introduced to, and collaborate with qualified professionals that you need to work with to accomplish your goals,” according to the LinkedIn Web site.
With LinkedIn, you are able to create a profile that details all your professional experiences and accomplishments, as well as have people recommend you/your company. You can also recommend others.
Here are some things the LinkedIn Web site says you can do once you become a member:
- “Manage the information that’s publicly available about you as [a] professional;
- Find and be introduced to potential clients, service providers, and subject experts who come recommended;
- Create and collaborate on projects, gather data, share files and solve problems;
- Be found for business opportunities and find potential partners;
- Gain new insights from discussions with likeminded professionals in private group settings;
- Discover inside connections that can help you land jobs and close deals; and
- Post and distribute job listings to find the best talent for your company.”
Facebook—Originally created for colleges and college students only, Facebook is now available to everyone. You can use Facebook to create an information page/profile for your company and then get fans/friends of your company/products added. Facebook is a great way to update your customers on the happenings at your company—new products, new services, changes in management, the possibilities are endless—as well as manage the conversation your customers are having about your company/products.
Here are some examples of companies that are using Facebook to grow their business:
- Lucky magazine—This is a popular fashion and shopping magazine originally launched in the United States.
- Save the Frogs!—This is a nonprofit, international team of scientists, educators, policymakers and naturalists dedicated to protecting the world’s amphibian species.
Twitter—“Twitter is a service for friends, family, and co–workers to communicate and stay connected through the exchange of quick, frequent answers to one simple question: What are you doing?,” according to the Twitter Web site.
And in the business world, Twitter is being viewed as a micro-blogging, public “instant messaging” platform. In fact, Twitter may even be the next Google.
Here’s how Twitter works: You get 140 characters to post an “update” on your company. Since 140 characters are not very much, you have to make sure to use each character wisely.
Many companies post links to information on their Web sites, but since you only have 140 characters, most links won’t fit. This is when a site such as TinyURL.com comes in handy. You can use this site to shorten a longer URL, making it fit for Twitter.
Here are some examples of companies that are “Tweeting” (the nickname for posting on Twitter):
- Whole Foods—This national, natural grocery store is using Twitter in two ways: to give information about Whole Foods stores and to offer up healthy recipes.
- JetBlue Airlines—JetBlue uses Twitter to talk with its customers and give information about flight deals, travel advisories, etc.
- Society for Human Resource Management (SHRM)—SHRM is using Twitter to give out information about their upcoming conferences, as well as link to important articles regarding human resources news and information on its Web site.
Sure, it can be difficult to put your company out there and receive feedback from the world, but this day and age, companies can no longer “bury their heads in the sand” by not hearing what people have to say about them.
It’s important to know what the world is saying about your company. And the best part is, using social media sites is a great way to join the conversation and to also spotlight the things that make your company/products great.
If you want to take it a step further, though…
Be a Lot Brave—Create New Services Your Company Can Offer
During times where customers are wary about how much money they’re spending and what they’re spending it on, it’s important for companies to find ways to add to their value.
You can add a lot of value to your business simply by looking for creative ways to add services to the products/services you already provide. The best way to go about doing this is to determine what your customers need to make their lives easier or better and give it to them.
Typically new services can be added for very little, if any, money. Here are a couple examples of how companies can add to their offerings:
- Create a weekly/monthly newsletter that informs your customers about company happenings, new products, sales, etc.
- Hold in-store product demonstrations so customers can get a better grasp of how to use your products.
- Offer monthly webinars/seminars on topics that are important to your customers.
For more ideas and information on adding value, check out the HRTools.com article, Relate, Innovate, Accommodate and Customers Will Gravitate to Your Business.
And if you’re feeling really brave right now…
Be Bold—Start a New Business
Although most people would scoff at this idea, there are many businesses currently being launched. There are even some companies that are launching additional businesses, such as Reader’s Digest, which is launching three new magazines this year.
Here is a short list of companies that launched (and succeeded!) during an economic recession:
- Hyatt Corporation—This hotel company launched in 1957, during the Eisenhower recession, and continues to prosper today.
- International House of Pancakes—This well-known breakfast chain launched during 1957 as well.
- Trader Joe’s—This healthy grocery chain originally launched during a recession in 1958 as Pronto Markets.
- Hewlett-Packard—This computer company launched in a garage in Palo Alto, Calif., at the end of the Great Depression.
The point is this…Doing anything that’s considered “risky” in a down economy can be very scary. But you can ultimately make the decision to move ahead regardless of that fear. Plant a stake in the ground and REFUSE to let the economy break you or your business.
Make it your goal this year not to talk about the economy or make excuses, but to instead focus on what is possible. You’ll have a much more profitable year if you do.
<p>There are plenty of ways companies can safely remain aggressive in their markets and continue to build their businesses in spite of the current economy.</p>