In today’s economy you can’t just sit and wait for things to improve. “However optimistic you may be about your internet marketing company, you need to let the overall economy temper your expectations,” says Scott Shane, an economics professor at Case Western Reserve University. You need to plan accordingly and change your internet marketing company for today’s economy. Here are 9 strategies to help you get started
1. Overhaul your business plan: Time to dust off the old business plan and revamp it for the turbulent economy. Come up with a strategy to grab market share and gain new business. After that, set deadlines and measure your results often. Changing the business plan can help create new opportunities and get your company going in the right direction.
2. Double down on what works: “If it ain’t broke, don’t fix it” If it worked last year, invest more time, money, and resources into it next year. Find out what your top-selling product or service was. How can you get your customers to buy more? Explore the money-saving strategies that went straight to your bottom line. What were the promotions your customers responded to?
3. Experiment: Every business has their comfort zone sticking with the same old product or service. But doing this could actually be a risk. Try something new when the old ways aren’t working as well as they used to. Listen to your customers, they could provide ideas for products or services that you hadn’t thought of before.
4. Fire your D-grade customers: Make a list of your customers and give them each a grade based on their maintenance and the profit margin they provide. Get rid of everyone below a C, or even a B if you can afford to. Make a plan to turn who’s left into A-list clients. Use that plan to size up new business.
5. Become an ‘A’ customer: As prices are low right now, it’s a perfect time to lock in long-term contracts with your regular vendors, contractors and suppliers. Use that relationship to negotiate a lower price for the promise of your internet marketing company. Keep contracts exclusive and you’ll probably receive better service and reduced pricing.
6. Expand your network: Social networking has been in increase but it will never replace face-to-face meetings to get new business and get referrals. A single meeting with new clients could bring in new customers through out the year. Search Meetup.com for a group that matches your interests and attend local chamber of commerce events if you’re not ready for one-on-one meetings yet.
7. Leverage your brand: In today’s business world, you don’t want your brand to be considered a copycat. Low prices and quality service are great, but they aren’t enough. Do something to make customers take notice, whether it be a Youtube video, a mobile app, or a booth at a conference. The key is to separate your internet marketing company from the rest of the marketing world and to let your customers know how unique you are.
8. Fire up your employees: A bonus plan can motivate your employees to match those 2013 goals. Bonuses can help focus your staff’s attention on important things such as sales, profits, productivity and customer satisfaction. The great thing is that a bonus plan can work in all types of businesses, including manufacturing, sales, and restaurants. Goals can be as easy as making a certain amount of revenue, increase new business volume or increased gross margin.
9. Team up: Companies that target the same market as you, but with different products and services, should be considered your marketing friend. They’ve attracted the customers that your company wants and you can piggyback off those efforts. But of course, you’ll have to share benefits.
Consider these strategies for your internet marketing company through out the year. Stasis in an ever changing economy is dangerous so try to make the necessary changes to stay competitive.