Small Businesses & The Economy

Could the recession actually prove to be a decent thing (I refuse to say good) for small businesses? That’s the discussion Gene Marks’ has in Business Week. While the stock market continues to take a pounding, we all need to work together to make the best of a really bad situation.

I do not entirely buy into “now is the perfect time to market because you can gain market share faster.” I do, however, believe that downturns in the economy offer great opportunities to test your marketing and smart testing almost always leads to smarter marketing. That, in turn, leads to more business. Gaining market share is not like flipping on a light switch — it does not happen with a flick of a finger. Rather, it begins with a proven process and that’s where marketing testing, increased testing, can prove what’s working and what is not in a tough economy. Look at your testing as a “real world focus group” where results can be evaluated in the here and now.

Gaining market share takes time, and yes, some times are better than others to do so. Factors like timing, competitive landscape, wants/needs of prospects and customers, heck, the product or service you sell, all need to be taken into account based on what’s happening in our worlds.

Smaller businesses are the glue that helps hold economies together. They can react more quickly and adapt faster than larger firms. It’s easier to maneuver a smart car than it is a semi-trailer or RV, right?

Starting now, increase your marketing testing. And please, have a few failures. If you don’t you are not pushing hard enough. Failure is a great thing in marketing, as long as you learn from it and it occurs on a smaller test scale.