If you’ve watched the evening news or listened to the radio – you’ve heard that we’re in a recession. Everything is bleak – the sky is falling. It’s just a matter of time before these dire economic times put you out of business.
As a result, business owners have pulled back on advertising expenditures and tightened their belts in preparation for the dire ecoomic predictions to come true.
Last November, I wrote in the post smart small business marketing strategies
Perception is such a CRUCIAL part of the business decision making process. Unfortunately, even though you may not have PERSONALLY experienced the effects of a tightening economy, you may be tempted to reign in your advertising and marketing expenditures – “just in case”. Not only might you be tempted to adopt this attitude, your CUSTOMERS may have adopted this attitude as well.
I go on to tell the story of an advertising client of mine who had been listening to the bad new and internalized it to the point where she was CONVINCED that her business was suffering. Only when she went back and compared the previous year’s results with the current results did she see that in reality – her business had been growing rather than contracting as she had thought!
Perception is everything. Marketing is the art and science of creating realistic customer expectations… meanwhile, business owners must be aware that their own perceptions will color their own marketing decisions.
Over the past year, small business owners have been battered by media gloom and doom mixed with a healthy doze of unrealistic marketing expectations.
Now -as Paul Harvey would say, it’s time for the REST of the story.
Forbes magazine is reporting that even conservative estimates are putting 2009 GDP – adjusted for inflation – at least 4% growth!
Here’s the link to the article: Why We Expect 4% GDP Growth.
All those news reports about recession… there isn’t one. Sorry to disappoint you.
A recession is defined as a decline in GDP for two or more consecutive quarters. A recession is not defined as a decline in the rate of growth – which is what we’ve been experiencing.
Take away notes for small business owners:
- Don’t take your business advice from journalists. They’re not savvy business people. They’re in the business of grabbing attention and doom and gloom is the easiest way to do that during the down times when popular celebrities aren’t kicking the bucket.
- Don’t take the grumblings of your competitors seriously.
- Keep your eye on your own test… the test being does the market place support what you do. The “graders” of the test are your customers.
I’m not saying that some segments of the market that are in serious distress. But the reports of the dire economic times have been greatly over rated.
It’s important to note that not EVERYONE is seeing stormy skies. The economy is still GROWING – contrary to what you’ll hear or read in the news. If one of your competitors happens to close shop – well, that’s more of the pie for you.
Remember – the last ice man standing – stands to make a killing.