The SBTDC is a business advisory service of The University of North Carolina System operated in partnership with the U.S. Small Business Administration. Beth Wilkerson UNC Pembroke sbtdc.org |

2 SBTDC Mission Support the growth and development of North Carolina’s economy by: –encouraging entrepreneurship –assisting in the creation and expansion of small to medium-sized enterprises –facilitating technology development and commercialization –supporting economic development organizations

3 Marketing in Tough Times “Now is the time to spend MORE attention on Marketing than ever before” Jeff Debellis Director of Marketing & Research Services Small Business & Technology Development Center (SBTDC) ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

4 Marketing in its Entirety Companies need to analyze their performance in each area of marketing: Promotion Products Pricing Distribution channels/location (including the web), Customer service.

5 Marketing in its Entirety What is the ROI for promotions? Which products produce the best margins? How competitive is your pricing? What is your website doing for your business? Customer Service?

6 Marketing in Tough Times Do you have a Marketing Plan? –Be Strategic, Not Impulsive –Long & short term goals –How is your company different from the competition? –Who is your target market? –How are your reaching them? –Is it effective? –Opportunities/Obstacles? (See Marketing Plan Worksheet)

7 Marketing in Tough Times Reassessing your current marketing strategy 1. Keep in touch with current & past customers 2. Re-examine unique selling abilities for customers 3. Ask for referrals 4. Repackage services to accommodate smaller clients and cut budgets

8 Marketing in Tough Times Reassessing your current marketing strategy cont’d 5. Re-evaluate pricing strategies/are you making a profit or attracting clients that will spend on other items 6. Look for inexpensive ways to reach customers 7. Watch the new trends/see how they work for you (social networking)

9 Customer Purchasing Excuses Before Recession – Consumers were looking for excuses to buy “Be in-fashion” “Upgrade everything” “Save time” “Discount credit” “On Sale!”

10 Customer Purchasing Excuses Now – Consumers are looking for excuses NOT to buy “Do I need that now?” “I can wait until it’s cheaper” “The store’s too inconvenient” “It’s not worth the hassle” “There’s something I don’t like about that product/service/store”

11 Marketing in Tough Times Is it easy for customers to do business with you? Can They find you? Do they know what your products or services are? How is your customer service? What is important for customers to know about you?

12 Image/Message Clear & Consistent –Physical appearance of your office/store/website/sales people –Products –Customer Service –Promotions and advertising –Prices

13 Bottom Line A Marketing Plan is Essential Know Your Customers Know Your Competition Know Your Market Know Your Companies Strengths & Weaknesses Use Your Resources

14 Marketing in Tough Times Use Available Resources:

15 Questions/Discussion

The SBTDC is a business advisory service of The University of North Carolina System operated in partnership with the U.S. Small Business Administration. sbtdc.org |