What Are You Doing To Stimulate Your Economy?

The economic news continues to have mixed signals. The wholesale cost of goods rose last month which would indicate higher inflation. Higher inflation would further weaken the economy. However, last month was the first time in six months that the consumer confidence level and consumer spending increased. These are positive signs that the recession may be coming to an end.

You may remember in June that I wrote an article titled “The Recession Ended Yesterday.” In that article, I stated that the national economy has little to do with our local economy and your own personal economy. I suggested that if we would start being more positive in our outlooks and start looking for opportunities, we could begin to have our own recovery and stimulus package now. What have you done to make this a reality in your business? What new plans, actions, marketing initiatives or other activities have you and your team begun in the last 30 days?

I believe that the business world has changed dramatically in this recession, unlike any other in the past. In the recessions of the early 80’s and 90’s, consumer spending didn’t slow as much as it has now mainly because banks continued to offer consumers and businesses credit. In this recession, the banks have almost stopped lending. This has dramatically slowed the recovery because ability to fund any growth opportunities has been halted.

All of that being said, I am still an optimist and believe that there are opportunities for those who are creative and tenacious. If you are willing to put in the effort you can still be successful and grow. Below are some ideas to help you begin to turn your personal economy around.

Strategic Marketing. Many sources are telling business owners to market more now than in the past. I agree with one additional piece of advice, you need to market strategically. What I mean is that you need to know who you are targeting with your marketing efforts and then focus your marketing to those individuals in the locations they are most likely to be found. Shot gun marketing; blind mailers, flyers in mailboxes and other types of blanket marketing, is a waste of time and money now more than ever. Consumers are being much more selective in their purchasing decisions. We need to take the time to identify our target markets and create a message that is exciting to them. If you haven’t identified your target market, please contact me and let me help you do that so your marketing efforts can be more successful.

Strategic Partnerships. Find companies that offer products and services that are natural complements to your offerings. A car wash, a detailing shop and a quick lube would be an example. These three businesses could put together a marketing package and incentive program. Each would market for the other in their locations and when a customer completed getting their oil changed, that service attendant could offer to make an appointment at the car wash and the detailing shop with a discount if scheduled today. The other businesses would of course do the same. It is a great way for each business to increase their exposure with little financial investment. Other potential partnerships could be a chiropractor, massage therapist and a day spa or a family style restaurant, a movie theater, and a family entertainment center like Bo’s or Hickory Dickory Dock. Think about your business and who you could partner with for a strategic partnership. Again, I would be glad to brainstorm with you to develop these if you would like.

Both of these suggestions are great ways to start improving your business today and they don’t require a lot of money to get started. In fact, I believe marketing today should be more about a time commitment than a monetary one. It takes time to identify your target market and create marketing material specifically to them and it takes time to develop strategic partnerships but when done well they are great sources of business growth. Focus on your prior customers, finding strategic partnerships and build your business the smart way in order to create your own economic stimulus package.