11 Marketing Tips for Reviving Your Business
By Eric Gilboord | September 30, 2002
1. Outside Help. Seek objective, outside professional help. If you do it yourself, you will likely take your eye off the day to day running of the business, cause unnecessary anxiety, and either keep your business where it is or hurt it further.
3. Assess Your Company's Current Status. Put everything on the table, both good and bad. Include aspects of the business you are proud of and issues you wish would just go away. Address issues relating to staff, products and services, location, profitability and new business development.
4. Keep Some Change Some. Determine what your customers like about you and what they would like to see changed. Be honest with yourself.
5. Maintain A Level Of Objectivity. Emotion has no place in this process. To achieve a successful marketing turnaround, you must do what is best for your company. This may mean letting long-term employees go or finding new suppliers.
6. Review The Past. Look carefully at your past marketing efforts. Examine past successes and failures. If you are still running a marketing program, but cannot justify the expense with an accurate accounting of incremental sales, consider canceling the program or placing it on hold. Successful marketing turnarounds stop the bleeding quickly.
7. Review Competitive Activity. Often, a new entry in a market will utilize new marketing techniques and new thinking to achieve sales that you didn't know were possible.
8. Look At The Staff. Take time to review existing staff in light of the plans you are preparing and the growth you seek. Many companies that have set out on a path for success have been thwarted by staff members who didn't agree with the new ways, or were actually afraid that the company would succeed. The last person you expect to come forward will be the first to say goodbye. People can be resistant to change. They like things to stay the way they are. If you need new people, clearly identify the skills required and begin the hiring process immediately.
9. Flexibility. Be flexible, and prepared to adjust your marketing plan as new opportunities and challenges arise.
10. Persevere. Perseverance is an absolute must. If you give up too early, you may fall short of the great success for which your business was destined.
11. Be Quick. Speed is essential in turning a company around. While you were planning and executing the marketing efforts your competitors may have been taking advantage of the opportunity and moving in on your customers.