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Monday, April 21, 2008

Recession Proof Your Business

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Everyone reads or sees the same news every day. The United States and the rest of the world are reportedly headed into a recession. Is anyone really convinced that this so called recession has not been going on for over five years? If you have a business you know that acknowledgement by the media is just a foregone conclusion and too little information too late.

The 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. Even those businesses that understand using the internet to increase their market share are faced with the same recurring problems. The majority of those engaged in internet marketing fall prey to inadvertent spamming as well as the inability to get their information in front of people quickly and effectively.

Recession will definitely affect those not able to communicate to their marketplace in a rapid and concise manner. These businesses 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.

In order to successfully engage and grow market share using the internet, the business marketing professional must form deep and lasting relationships with other professionals of equal or higher caliber than themselves. These relationships can then be leveraged to increase market reach through digital word of mouth marketing and advertising. This “e-word of mouth” should be highly prized and protected by those skilled enough to develop and employ it.

Taking on the task of developing these long lasting and trust based relationships begins with high quality content production. This content can be any type of digital medium including but not limited to text, image, video and audio. The trick is quality. In everyday business communications, we focus on quality when we speak to would be clients or business to business partners. Using the internet to have this same type of conversation should be looked upon in the same manner.

The task of finding suitable colleagues and developing relationships should become a primary focus. This part of the process is time consuming and takes serious dedication. You can find colleagues and develop relationships by politely engaging in social networking sites like Digg, Facebook and YouTube. There are numerous professionals to get acquainted with in these networks. Remember to conduct yourself politely and graciously when entering and engaging these social networks. This will shorten the time it takes to develop serious long term relationships. Act the same way you would act in a professional setting like a chamber of commerce function or everyday business meeting.

The truly 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.

Finding and leveraging high level relationships takes dedication and time to accomplish. The Relativity Syndication CO-OP can give you the power of people and the ability to leverage “e-word of mouth” marketing techniques while saving you time and money.

2 comments:

Tim Tracey said...

How to maintain a steady supply of high quality referrals? Look at the organic word-of-mouth cycle ...

* The most succesful 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.

David Skul said...

Tim,

Great comment. Thank you for your post. I agree on all fronts with you.

To your success!

David C Skul
CEO
Relativity