Sunday, April 27, 2008

My Take on Recession-Proofing Your Business

"Recession Proof Your Business" as seen in Relativity


"businesses that are bogged down in traditional ways of thinking about advertising and marketing are losing out on the next great gold rush present on the internet today"

"those not able to communicate to their marketplace in a rapid and concise manner ... will shrink and lose traction in their marketplace while those that efficiently use the internet to broaden and enrich their current market share will thrive and continue to influence a larger market"

"successful and recession proof businesses will be those that engage in growing their market share by providing high quality content and effectively leveraging “e-word of mouth” to spread their information quickly and with impact. Those that do not succesfuly communicate will go the way of the dodo. The real power lies in the hands of the people."

My Take:

How to maintain a steady supply of high quality referrals? Look at the organic word-of-mouth cycle ...
  • The most successful businesses offer the best value.
  • Value creates buzz.
  • Buzz drives word-of-mouth referrals.
Consequently successful businesses are the ones already receiving organic word-of-mouth referrals.

The question then becomes what new tools will allow businesses to more efficiently generate and capture these referrals to convert them to sales at a higher rate? This will determine which businesses can compete in a down market by conserving their ad budget while increasing their sales revenues.

The tools that will do this will be easy to use, be widely distributed, be cost-effective (in today's Internet age this means free - or "Better than free") and will provide rewards to consumers and to the community as a whole. Or at least that's "My Take" on it.