Starting Business During Difficult Time
The Great Depression of 2009
Summer 2009 is a diifficult time to be if you want to start business . You can’t avoid reading a newspaper or watching tv without becoming depressed about the state of the economy. At times like this, is there really no good news to share or is it just overshadowed by a dark cloud of recession?
Looking back at history, today economy is actually the best time to start a business. Take note that many great companies were born from difficult time, including well-known massively large companies, such as P&G, GE, Disney, and a small startup in Seattle,WA called Microsoft. What these companies have in common is that they marketed their products well, standing out with positive messaging and value-added products especially during difficult times.
The start-up company Proctor & Gamble pushed its Ivory soap during the Great Depression and emerged a powerhouse in consumer brands. The philosophy that carried P&G then still carries the company today. Their products such as Tide laundry detergent, Dawn dish liquid and Bounty paper towels get more done than cheaper rivals. During the great depression, the company is sticking to its message of strength and the high value its products bring to the consumer. There may be a lesson to be learned here.
The best opportunities today lie with bootstrap startups. No more “eye-ball” valuation. No more virtual market share. Make your money from day one. Bootstrap your business and the rest will be history.
Tell Your Story
We all know the recession has hit any industry hard, causing numerous plant closings, job losses and other cutbacks. But there are a few startups among us who are taking full advantage of the opportunity to stand out with positive marketing and positive PR.
With the cost of doing business has gone down dramatically during this time, startup companies are using the downtime to invest in their products, processes, employees and communities so they are positioned to excel when the market turns upward.
Getting messages out to newspapers and other media can be done in a variety of ways. This article, focusing on tax credits, was submitted to North American Press Syndicate by Edgetech. The NAPS service allows companies to submit articles that are unbiased and generic but hit on key topics such as home and garden, energy efficiency, home improvement, window replacement, etc. NAPS then places these articles in national newspapers, home and garden sections, realty papers, penny savers, etc. This article was placed in some 500 newspapers.
Get Your Message Out
Relaying positive messages can be accomplished in a number of traditional ways including advertising, Web sites and tradeshow involvement. But for those with limited budgets there are other cost-effective ways to tell a story:
1. Public Relations
PR is a great vehicle for companies looking to get the maximum value within a budget. You can’t put a price on the value of a press release or article that reflects a company’s positive attributes. A theory exists that solid editorial is three-times more credible among readers than advertising– and it costs much less.
Sharing a company’s knowledge and expertise through editorial helps position it as a “thought leader” among peers and customers. So when a potential customer is looking for expertise, they will first think of the company that is out there sharing knowledge and elevating the industry. PR works best when messages are reiterated through advertising and marketing materials, but on a budget, can do a fine job on its own.
2. Blogging and Social Media
If you have a story to tell or experiences to share, start a blog – but do so cautiously in a controlled environment. Blogging is free and an excellent way to reach customers and elevate a company as a thought leader. But blogs have a few drawbacks. A positive blog can quickly become nasty, when a competitor or naysayer logs in anonymously and leaves a negative post. So, please be sure to put a practice in place where messages are reviewed before they are posted.
Additionally, remember to write about something compelling and treat it with the same standards as other communication materials to protect your brand. Spelling and grammar errors are not forgiven, even in blogs. These are items that separate a thought leader from just another person with yet another blog. Also examine whether popular–and free–social media sites, such as Twitter and Facebook, are appropriate for your business.
3. Newsletter
If it’s not in the budget to design, write and print a newsletter – try e-communication. E-newsletters are fairly inexpensive to produce and printing costs are eliminated. Not to mention the paper-free version is substantially better for the environment. Always a plus.
Seize The Opportunities
Regardless of how a company chooses to relay its stories, there is one thing to always remember: for positive messages to have meaning, the entire company must be on board and believe. Internal naysayers will only bring the company down. While the positive vision may start from the top, it has a trickle down effect. Keeping everyone working together is essential to keep the company moving forward.
Great companies will prevail. Learn lessons from good companies that became great during tough times and shine through the clouds of recession. No matter how you choose to share your story, always remember to stick to your company’s core competencies and improve upon them. These are the things that you know you do well and you are known for in the industry. Now is not the time to reduce marketing budget. Instead, become part of the solution by being positive and progressive. This will help your company and the entire industry shine. You’ll be surprised by the opportunities you may find.