Posts Tagged “economy”

In the current economic climate, there’s a lot of speculation about how our economy might affect marketing. Fair enough. Marketing exists to try and turn prospects into customers, or more specifically, trying to get people to part with their money. Therein, as they say, lies the rub. When the economy goes South, people naturally pull in their horns financially, eliminating all but essential purchases. Sales are down all over – so what’s a marketer to do? Read the rest of this entry »

I’m curious…Are you seeing any of your customers cancelling or delaying plans for marketing efforts, in light of the current economic reality?

So far (cross my fingers) I’ve not seen any cancellations, but today I was told that one of my clients was delaying plans to start a new marketing push, at least until the new year.

That’s not unexpected, but it is a little scary.

So…rather than expound on the economy, and how I believe we’d all be better off to just take our medicines, let the companies fail that are unsound, pick ourselves up, dust ourselves off, and get the economy moving again…I’d rather hear what YOU have to say. If you’d rather not have your remarks exposed on the blog, write me (bkozak@grokmedia.com) and I’ll keep your comments anonymous. I’m particularly interested in personal stories regarding how the economic downturn is affecting your company – and your marketing.

More details soon.

[Editor's Note: this blog post first appeared in our sister blog, Captain Digital Speaks! on November 11.

One of my favorite stories involves a blind street vendor of hot dogs. One day, one his customers suggested that if business was good, he should consider expanding. The customer offered to help the blind vendor with introductions to a banker, and so the vendor ended up buying a second cart, and hiring someone to work for him. That worked out so well, that he was able to buy more carts, and hire more people. This gave him enough discretionary income that he was able to send his son to college. The son majored in business administration. When the kid graduated, he returned home to see that his dad had purchased a corner lot and an old diner trailer that he rennovated and opened as a freestanding restaurant. The son was horrified. “Dad…don’t you know the economy is lousy! You shouldn’t be expanding right now…you need to pull in your horns and hunker down for a long recessionary period. This has got “Depression” written all over it! You’d better be careful, or you’ll lose everything!”

The father thought, “Well…my son did go to college, which I’ve never done, and he did major in business, and he did get a degree. Maybe he’s right.” So he sold the restaurant, sold off the other carts, and went back to working a single street corner, selling hot dogs. He thought, “Boy, my son was right. The economy is lousy.” Read the rest of this entry »

There is something that everyone has that is precious, from Bill Gates and Warren Buffet to the homeless person living under a bridge. Everyone has the same amount – no more, no less. Most people would kill to get more of it. Most people waste a great deal of what they have of it. And it is the most precious commodity to every marketer. What is it? Read the rest of this entry »

So, campers – make it through Monday without jumping out of a skyscraper? Good for you. The worst is yet to come, but don’t let me be a wet blanket. Plenty of blame to go around, too. No matter who wins in December, we’re really only electing somebody new to shoulder the blame. 

Now that we have a grip on reality, how’s your marketing looking? If you’re like me, you’re in the process of rethinking everything. I count among my clients a restaurateur. He thinks nothing will change, the old “people gotta eat” theory. That may as well be true, but the truth is, when people don’t have money they do still eat – but they don’t eat out, at least not as much. I have another client, a sporting goods shop. Will a recession threaten his business? You bet, if we’re talking about the price of ammo. I used to shoot 50 rounds a week, minimum, just to keep my skills up. Not now. I’m looking at buying a 22 pistol, just because the ammo is so much cheaper. I’ll bet his charter vacation business, ammo sales, and big-ticket items will be down. 

So what’s a marketeer to do? Read the rest of this entry »