During our current economic downswing, I’ve noticed an interesting trend. This trend, which I call the “Fear Factor,” partially explains why so many businesses have been going under.
The Fear Factor is what happens when self-employed professionals and small business owners hear that consumer spending is down. Under the influence of the Fear Factor, businesses stop acting out of hope and optimism and being to act out of fear. They stop investing in themselves, stop growing, stop taking new actions, and they neglect the important step of marketing to get new clients. All in all, the Fear Factor undermines their potential for success.
But the Fear Factor is irrational. Even during economic down-times, potential clients are out there, and they’re willing to spend money. It’s just that they’re looking to spend money on things that offer real value. If you can give them this, they’re still going to buy from you.
Ponder this a little bit. When a small business neglects its marketing, what happens? It fails to get clients. Marketing is necessary any time you want to attract new clients to work with.
And when a small business fails to get clients, what happens then? To say the least, money becomes an issue, sometimes to the point that the company goes out of business.
And when money is an issue? Businesses scale back their marketing even more, which causes them to stop growing, which creates a vicious cycle that can be hazardous for small businesses.
In reality, the clients are still out there, and they are still ACTIVELY SEARCHING for valuable products or services like the ones you offer. If you’ve scaled back your marketing, there is a much smaller chance that these clients will find you, which will cause them to turn to your competition. And we don’t want that, do we?
That’s why, in these difficult economic downtimes, while so many companies are going under, others are thriving. The ones who thrive are the ones who have the mindset that leads them to continue marketing. Regardless of how the economy is doing, they continue to get their marketing messages out in front of clients.
In short, you NEED to market if you want to continue to generate new clients. If you’re not doing this, now is the time to get started. This way, you’ll keep getting clients, making income, and building business, even while other companies are failing. So take out your planner and start making time to create and implement your marketing strategies. Don’t wait. Set aside the Fear Factor, and keep your business going strong.
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