I recently came across an article published by Crains Chicago Business called, “Ride it out or Get out,” that discusses whether entrepreneurs should stay in business or sell due to the economy. In order to make the right decision, one must evaluate their wants and needs in life. Only you can determine when it is time to quit. However, I want to reach out to those just starting their business or on the verge of “selling out” because times are tough. The business cycle is full of up and down periods.
Sure we all want to experience the “upside” more than the downside but it is during times like these that enable you to see if you have what it takes to be a successful entrepreneur. Many find the notion of being an entrepreneur alluring because it allows one to experience a sense of freedom that is often lacking in a corporate position. As an entrepreneur, you are able to perform responsibilities that you enjoy on your schedule. However, you must keep in mind that in order to reap the benefits of being a successful entrepreneur you must be willing to work through the tough times. You must be willing to do whatever it takes (i.e. working long hours) to promote your business.
Successful entrepreneurs are driven by the challenge to thrive—regardless of the economic climate. They refuse to allow their circumstances to bring them down. They are resourceful and get creative with their marketing! These folks do not allow cost to prevent them from promoting their business because they realize that there is more than one way to get your name out there. Some cost effective tools that can help you save money and spread the gospel about your product are as follows:
Market research-It enables you to target only the people who are likely to buy your product while simultaneously helping you identify areas of opportunity.
Direct mail campaigns- The more people see your name will increase your chances of being apart of their evoked set.
Surveys- This is one of the best ways to find out more information about your target market.
Grassroots marketing (i.e. word of mouth)—Subtly goes along way and what better way to lure customers to your company than by having others do it for you!
Article marketing-This is a great way to create the need for people to seek out your expertise by sharing information to peak their curiosity.
Social Media Websites-Networking is a very cost efficient way to entice people to conduct business with your company. People are more apt to do business with those who they know and using sites such as Twitter, Facecbook, etc. enable you to have more exposure to regions that that you might otherwise might not have been able to reach.
These are just some of the ways one can affordable promote their company. If one implements all or even some of these marketing tools into their marketing arsenal, they should be able to “ride it out.”
