How to market a business in this new economy

I hope you understand that things are not going back to the way they were before. So, the longer you wait, the more disappointed you will be at the end.

Things have changed a lot, the way people buy has changed and the way we sell has changed and the sooner you understand that and change the way you have been marketing, the better. This is especially true if you are still using the same channels to market your business and see decreasing results every time. They will not go back to what used to be normal and most likely they will adapt to the new economy or they will just cease to exist.

There is a reason why last year there were 273 magazines going out of business and you hear all the time that newspapers are dying.

Here are a few things about the new economy and the way you should be marketing to prospects and clients:

  1. You need to focus on your prospects problems and not only on your company and products like before. Remember, people search for a solution to a problem.
  2. Define the top emotional reasons people purchase your products.
  3. Start a dialogue with prospects and clients. This is crucial today and not at all like before where you would just broadcast a message to them using TV, Radio etc.
  4. Look for quality of prospects other than the quantity. Everybody is not a prospect and some can bring a lot of headaches. Don’t forget that the gold mine lies in existing clients.
  5. Try ideas, fail fast and come back. You don’t need a business plan, you need an action plan.
  6. Master business storytelling and tell true stories that are compelling.
  7. Provide valuable information using social media tools. That is a lot more effective than spending a lot of money with advertising.
  8. The more education you provide, the more profit coming your way.
  9. Use an ethical bribe or a compelling offer to build a list of people interested in what you are talking about.
  10. Position yourself as the to-go expert.
  11. Use tools like teleseminars or online videos to get the word out and position yourself in the market.
  12. Make a sale to get a client. Don’t focus only on the first sale and create upsells.
  13. You need several products or different services. There is a lot of money in the back-end offers. Give buyers more chances to buy and they will spend more. Repeat sales can increase profits by 22%
  14. Create a continuity program
  15. Leverage technology. Stop giving excuses that you were not born in front of a computer, or you are too old and start using technology not only to attract prospects but to follow-up in an automated way. For example, using auto-responders.

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