Growing Business During A Recession
Rhonda Abrams at the Hartford Business Journal suggests you remain optimistic about growing business during the downturn. Take this time to get your finances in order, repair your credit and keep a good relationship with your bank or credit union. Market your specialties as “the outsource source,” attracting big companies that are looking to pinch pennies in-house. If you haven’t already, add a loyalty program to your marketing campaigns to retain your repeat customers. Ramp-up your e-commerce marketing to allow consumers the option of purchasing directly from your website. Look for “new channels” and “new customers,” all the while remaining positive and you’ll weather the storm. That being said, let’s take a look at a few success stories.
It was the year 2000. Silicon Valley was launching a new high-tech startup everyday. Business parks sprung up and it didn’t take a rocket scientist to figure out that something transformative was taking place. Meanwhile, two buddies — Adam Lowry and Eric Ryan — were making market plans as well… only theirs had investors laughing, rather than shelling out cash. Even though no one was biting on the concept of neatly-packaged, environmentally-conscious soap and hygiene products, they knew they could appeal to a younger, hipper audience with their products and give giants like Proctor and Gamble a run for their money. For Lowry and Ryan, growing business is about doing it yourself to save precious cash (like mixing soaps in bathtubs and bottling it themselves); it’s about continuously selling your concept to your vendors and other venture capitalists; it’s about constantly fundraising. As Ryan says, “The hungriest wolves hunt best.”
Google is the epitome of a company that thinks outside the box. With 19,786 full-time employees working in the “Googleplex” and more than $21 billion in revenue, it’s hard to imagine that this internet startup was growing business during the post-dot-com years — acquiring other small businesses, securing venture capital and working partnerships. Despite the temptation to put up irritating (but money-generating) banner ads on their site, the Google visionaries stuck to their original vision. While other companies were slashing their employee perks, those working in the Googleplex were enjoying limitless snacks, ping pong tournaments, casual dress code, a company recreation area and corporate flex time. By creating innovative marketing campaigns and quickly becoming a respected leader in an under-developed niche, Google became the trusted authority for online searches.
We can compare growing business to the most successful commercial real estate ventures. While many overpriced condos, shopping malls and plazas fall to foreclosure or a state of disuse and disrepair, there is still one type of building that’s doing quite well. “Mixed use” buildings are the way of the future, architects tell us. People crave having all the amenities just steps from where they live, so why not combine living space, hotel space, shopping outlets, service centers (like banks, post offices, hair salons, etc), music clubs, restaurants, movie theaters and fitness centers all into one attractive epicenter? To make this space feel more “homey,” developers throw in walking and biking trails, greenery, dog parks, playgrounds, park benches, water features and community meeting centers. Similarly, the best marketing strategies during a recession are ones that make use of all different avenues of advertising (both online and offline marketing) and offer a diverse line of products or services.
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