I read an interesting article from Entrepreneur.com about how the “Economic Crises Call for Better Marketing Plans“. Specifically, the author quoted a well known small business marketer, John Jantsch, founder of Duct Tape Marketing, who suggested that, “the best thing to do in hard times is focus more and focus better. By narrowing your focus, you can concentrate on your best customers, your key market segments and the parts of your business that are most important to you.” The author felt like that seems like very good advice, and I agree (this is also supported by another great article I read recently about The Upside of Marketing In Uncertain Economic Times – more on that next time). The article went on to state, Don’t settle for just a conceptual review. Dig into your numbers. Open up your sales forecast and expense budgets and take a long, deep look into what parts of your numbers are most likely to fall off and why. Review and revise. Look at your expenses, and cut where you can. Then look back at your sales and imagine which of your customers, including how many, are doing the same as they plan for their business, therefore reducing their orders from yours.

Again, very good advice, but it made me wonder how many companies could actually access any of this information. Think about it. Do you know who your best customers are, what market segments they represent, and how that is important to your company? Could you look back at your sales and customers and figure out where your business is likely to dip? My guess is that you could, but not easily. It would probably be a painstaking, time consuming task. By the time you figured it out, the stock market would likely have recovered, but where would your business be.

Despite the doom and gloom you are seeing on the news, this is not the time to be hunkering down, saving your pennies. It is, however, a great time to be spending them wisely. The bottom line is that you need the best possible business intelligence – and you need it now. Once you have it you can develop a marketing plan that will carry you through the recession.

By: Kimberly Clark

Marketing Director – SystemLink