General BusinEss
women business owners:
ReSilient in Recession
America’s current economy hasn’t impeded the growing success of its women-owned businesses.
And the secrets behind their successes may come as a surprise. These women are sticking with
what works — the basics.
More than 75 percent of Americans But that would be a huge mistake. is positioning itself advantageously by
believe the country is already in a “It is important to remember in uncer- adding flights in fast-growing markets.
recession or will be sometime in 2008, tain times like these that smart compa-
according to a poll by Fortune magazine. nies can actually take advantage of No. 2
Tighten your target.
Rediscover the most
Planned layoffs swelled to nearly 75,000 others’ overreaction and gain valuable basic marketing concept — targeting.
in January from 44,416 in December. ground,” she says. To help businesses Avoid a broad, blanket approach to your
And rising unemployment, coupled understand how to filter dire predictions marketing, and focus narrowly on your
with home devaluations, is causing and ease concerns over sales, she offers best prospects. Don’t forget that current
lenders to pull back limits on home these five marketing rules as guidance: clients need to continue to receive your
equity lines of credit. from the marketing message as well.
Headline-making news like this No. 1
Break away
herd. Companies that
can sometimes lead companies to halt continue to implement targeted commu- No. 3
Be adaptable. Count
on consumers’ basic
recruitment, trim travel budgets, tighten nication plans while their competition needs to continue, like the need for
inventory, and slash marketing budgets, cuts back can build strong brands. Then, food and medicine. Ask yourself how
says Carolyn Rhinebarger, chief when the market inevitably rebounds, you can adapt what you sell to become
brainstormer with Strategic Guru Inc., they can capitalize on their stronger essential. Successful companies adapt
a full-service marketing agency. presence. Southwest Airlines, for example, well and enhance their agility, which
enables them to respond more quickly
to market challenges.
No. 4
Manage your message.
Shift your marketing
message to reflect the new customer
mind-set. Stress quality, efficiency, and
value over luxury and status messages.
Manage return on investment by
building specific tactics into your
marketing plan that measure phone
volume, Web visitors, coupon redemp-
tion, and use of incentives. You’ll gain
quantifiable results that track back to
your marketing.
No. 5
Optimize your Web
site. Promote your
Web site to ensure it delivers a return.
Gain higher visibility by blogging,
launching e-mail campaigns, joining
forums, and networking on discussion
threads and social sites.
If you follow these five rules,
CaRolyn RhinEbaRgER
Rhinebarger says, you will stand
in her article “how to gain
market advantage in an
apart from your competition; you’ll
economic downturn,”
prepare your company for growth
rhinebarger (seated) provides now and in the future.
tips for winning in a recession.
54 I July 08 I Growing Wealth I growingwealthmag.com
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