Never Stop Marketing Your Business - Or You Will Get Eaten Alive

A stark reminder of what happens when you don't market your business. From this news story of today... the key part is this:

When the economy is genuinely humming, the growth rates of retail chains and small retailers tend to be roughly in sync.

However, during downturns it is common for their performances to diverge, with the chains using their greater pricing flexibility and marketing muscle to keep the top line ticking along.

For example, in financial year 2008, even as interest rates rose because of Reserve Bank fears about an overheating economy, the growth rate differential between the chains and the independents - excluding businesses in food away from home - was just half a percentage point. Since then the difference has blown out to almost 9 percentage points.

My work is mainly within the B-to-B sector, but the comparison to how larger franchise and company-owned groups (the chains) maintain their position in tough times by using their 'pricing' and 'marketing muscle' is a strong reminder of why you always need to market your business - no matter what industry you are in.

1. Define your niche (or specialty).
2. Identify the value you provide (in the eyes of your client).
3. Develop an effective marketing program.
4. Keep doing it - all the time.