7 ways to deal with the economic downturn

1. Launch Social Media. Social media is a shift in how people discover, read, and share news and information and content. It’s a fusion of sociology and technology, transforming monologue into dialog. Expose your company in different types of cost-effective media such as Facebook, Twitter and blogging. Use these tools to your advantage and put yourself in position to constantly communicate with those around you. Be visible. Don’t go dark. Take every on-line opportunity to expose your company and its expertise. Use technology to nurture your brand, especially when the traditional media faucet is turned off.

2. Invest In Search Engine Marketing. SEM generally costs less money than a traditional advertising campaign and can often generate the same, if not more, return. Challenge your company to embrace this approach. Capitalize on web design, e-commerce, SEO and banner advertising. This will generate easy-to-track buzz for your company.

3. Build Morale. A good attitude is key. Assess your employees’ morale, then take steps to improve their focus and boost motivation. Right now it’s easy for one to lose enthusiasm and sense of purpose. Don’t let current economic headlines drive your corporate spirit. You have to keep people directed towards the future, otherwise your team will smell your fear. Leadership is about keeping your team focused on opportunity and goals.

4. Use a Competitive Advantage. Turn to your advertising agency and their creative brainpower to produce breakthrough campaigns and ads. If your ads are unique and memorable, you won’t have to waste time and money on repeat advertisements or struggle for media placement. Think fresh, relatable, and intelligent. Invest up front for creative messaging, as creativity is the pre-eminent way to leverage a small ad budget.

5. Listen To Clients. Just like your company, your customers may be bombarded with economic stress. A downturn in the economy very clearly gives you an opportunity to expand your relationships. Allow your clients/customers to understand you’re in their court. Be creative with marketing tactics to save money.

6. Rev Up The PR Engine. Public relations strategies can cost-efficiently boost your awareness when competitors are retreating. Focus your dollars in other areas such as customer events, national media tours or focused pitching. Also, think Guerilla Marketing. This “in-the-trenches” approach was made for low budgets. Let viral marketing be your new best friend for reaching a global audience at a lower distribution cost.

7. Network, network, network! Join professional organizations in your area, especially ones that pertain to your type of business. If actively engaged within the organization, the personal contacts and relationships you develop with other members will bring you leads and referrals. Set a goal to meet and get to know all of the members of the organization you are involved in. Sit next to someone new at each meeting, volunteer to serve on committees, and participate in special events.