3 Keys to Staying Competitive in Today’s Economy

Solomon Thimothy - January 18, 2009

3 keys to staying competitiveDespite the challenges and concerns brought on by this season of economic slowdown, many small businesses are actually discovering that they are remaining competitive and even seeing unprecedented sales as 2008 draws to a close.  What distinguishes these survivors from the rest?  How can you maximize your profits this year?

1. Exude Confidence. The worst thing you can do during these trying economic times is to communicate to your customers a sense that you are unsure of the value of your products and services. If consumers sense any hesitancy, they’ll lose confidence in you and seek out a competitor who is more convincing. There are still plenty of people buying products, even in this struggling economy. You still provide a commodity that people need. Believe in the value of your products and continue to improve your marketing strategies, even in the face of drastic economic changes.

2. Play to Your Strengths.  The changing business climate brought on by global economic shifts requires an adjustment in your core marketing strategies.  Using marketing tactics that helped you to diversify and expand your business in the past may now put your small business in peril.  The small businesses that will weather this storm are those that will focus on their unique strengths and will take steps to market themselves as “specialists” in one area of expertise.  Find your niche in the marketing world.  Identify the thing you do best, learn to do it even better, and stick with it.

3. Keep Attracting New Buyers.  In a struggling market dominated by fear, a common tendency among small business owners is to make drastic cuts wherever possible.  Many choose to spend less on marketing, implementing barebones marketing strategies that reach fewer potential buyers.  On the contrary, this is the perfect time to focus your marketing strategies on attracting many new buyers.  There are still many consumers with money to spend and they are searching for the business that can best meet their needs.   Rather than make cuts in your marketing campaigns, continue to make efforts to strategize more effectively for greater focus and advantage among your competitors.

Stay confident, concentrate on your unique strengths, and attract new buyers with more focused marketing campaigns and you can survive and even thrive in today’s economy.

Want more information on increasing your market reach? The experts at OneIMS will guide you through a variety of available options within your budget.  For more information, contact OneIMS today at 1-888-ONE-IMS1.

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