Surviving the Slump

All of us would love to have a 1.2 million dollar budget to advertise our business. The reality is that no one, not even “BIG” companies have that kind of budget in this economy. Small business owners are finding it hard to retain enough money to pay their current employees, much less PAY for advertising that is not rendering the business it used to before. So what do we all do now? Unfortunately there have been many local businesses that have not been able to answer that question. It’s sad to see them close. But in this economic crisis it IS survival of the fittest. Our killer instincts must come back into play and part of that is being smart about how you spend your money while still making it. What successful business owners will tell you when asked what to do in this economy they will tell you one thing… ADVERTISE. With all of these businesses closing their doors around us, there is much more market for everyone else to gain. Now I’m not saying to pray that your competitors down the street to close so you can hoard all of their business. What I am talking about is staying top of mind. Advertising doesn’t have to be millions of dollars shoveled out your doors. But it is money that is spent in areas that will bring a return on your investment. One of the most profitable ways of promoting your open doors is by becoming a social butterfly. Get on all those social media sites like Twitter, linked-In and Facebook. These sites are not just to chat it up with friends and to tweet every time you take a drink of water. Use these Medias to get your business name out there. And since you are already part of a social network of people, use them as low hanging fruit. Subtle reminders that you are still in business, or that you have introduced a new product or service, are the best way to keep people interested. Instead of Tweeting that you are going to a concert this weekend, tell them that you are having a sale on some of your products or direct them to a web link. Of course all of this is not going to work for EVERY business. Professionals such as attorney’s of Doctor’s that rely on their reputation shouldn’t go around telling people they are having a half off sale on retainer fees for Law Suits or plastic surgery procedures, (wait that might actually bring people in!) In these professions, separate your private life from your work life. Create a “Fan” page and blog about what you have done in science or in law. Give people indirect advice by sharing stories about jobs you have currently worked on. (Please remember your client/patient privacy privileges though.) A word about Blogging: DO IT! People love to read (contrary to popular belief). Especially if something relevant to what is going on today. Talk about being a business owner, give people instructional help on how to do small fix-it jobs around the house if you are a handy man. And if they can’t do, they will go to you! Use Blogging as your own personal plug! Websites like Blogspot.com are abundant on the internet. A small blurb at least once a week about a job you just did or an answer to a question that one of your clients had for you would be enough to get people reading about you and your business. And ALWAYS, ALWAYS, ALWAYS remember to plug your website. I can’t stress the importance of splattering your website out there as many times a day as you humanly can. The more traffic you get to your site, the higher up you will move in the natural listings on all those search engines out there! This means that more searches will pop up with your information first! Using all of these FREE, (Yes FREE) tools will help to give you back some more of that market share you may have lost in our recent slump. If you have any questions or would like to get some more information on how to survive the slump, please feel free to give us a call. We are more than happy to help! Written By: Melissa Neyor, President of Mojo Media Miami, Inc. www.mojomediamiami.com