Marketing Your Way Through A Recession
Recessions can provide a unique opportunity to build your business and market share but requires a level of planning and patience. Under most theories economic slowdowns require rapid and measured budget cutbacks. However these actions are contrary to what you would need to do in order to grow your business and proportional market share.
Instead consider expanding your promotional and marketing budgets during downturns such as the one we are in currently. Your competitors are probably cutting back and spending less money while cutting staff. Pick up any newspaper and it is full of stories involving cancelled trade shows, conventions and other corporate retreats. In some cases it's necessitated by a business in jeopardy of failing but in other cases it is the result of over compensation to perceived market conditions. If finances allow these periods can be full of opportunity for your business as you fill a void being left by your competition. While they are spending less to keep and capture new clients any dollars you spend will go further and have less direct marketing competition on the other end.
The American Marketing Association has a multitude of information on their site as do groups such as the Direct Marketing Association for those looking for general marketing information. If you are looking for promotional product information PPAI is a great place to start. Taking it a step further there are various vendor websites end users can browse such as Sweda and sites such as Ashworth. Most of these manufacturers are prohibited by agreement from selling to direct end users and instead use a network of local distributors which you can generally find by browsing their sites.
Take the opportunity as it presents itself and get a head start on the recovery. Most of the recent economic data points to the economy now being in the trough and showing the beginning stages of recovery. Now is the time to increase your marketing efforts and make new contacts.