by Markey Read

The economy looks great and business has never been better.  Maybe its time to reduce your marketing/advertising budget, right?  Wrong!

No matter what the economy is doing and no matter how busy you are with providing services or making widgets, never stop marketing.  In today’s world of media blitz marketing and short attention spans, it is imperative for small businesses to consistently get the word out in order to get the work in.  Remember: a potential consumer will only remember your company name after hearing and/or seeing it seven times.  Yes, SEVEN times.

This does not, however, mean s/he will buy your product or service yet. After seven times, your name will seem familiar.  And since consumers buy what is familiar, it is reasonable to say that s/he will at least call your company to learn more about your product or service.

Remember that marketing does not have to be expensive and it is not limited to advertising.  Every time you appear in public, answer your phone, or greet a customer in your shop, you are marketing.  Look for ways to make appearances at conferences, expositions, and other public gatherings by volunteering to make a presentation, lead a workshop, or submit an article to a newsletter.  Underwrite events and/or activities that relate to your business or target audience.  Volunteer your time to a favorite organization or business association.  None of these have to be huge time commitments, just consistent time commitments.

Some other ideas include:  record a catchy quote or business description on your answering machine or voice mail (and be sure that whatever answering device you use sounds clear and will not cut people off); collect names and addresses and send regular informative mailings, announcements of specials, and birthday cards (direct mail gives a big return in the long run); and make it a point to give your business card to ten new people a week.  Whatever methods you use, do them consistently and with good cheer.

Another highly recommended method may even seem contrary to good business, but try it and notice your results.  If a potential customer comes to you and you truly cannot serve her/him, refer the customer to a “competitor.”  Know your competitors and what their “specialties’ are.  Since no one company can serve every customer’s needs anyway, refer the individual to another company and spread good will in the community.  That person will remember that you willingly gave a good referral and will likely return to your company for your specialty. Additionally, you will receive referrals in return.

Once you have established a consistent marketing rhythm and understand your normal cash flow and receivables trends, monitor those trends.  Any change in your income is an indication of a change in the economy.  One of the first signs of a down turn in the economy is a down turn in cash flow.

If you are busy delivering lots of services or product, but clients who used to pay within 30 days are taking 60+ days to pay invoices, take note.  It might mean that the client’s business is suffering.  Stay in communication with your clients and make arrangements for payments, instead of becoming resentful.  It takes 10 times the effort to enroll new clients as it does to keep current clients.

In the end, the secret is: keep marketing, keep delivering, and keep in communication with clients.  Its a formula that is bound to keep you busy in the good times and the slow times.