Recession Marketing
While many network marketing home based business owners are struggling with an overly saturated market and tough financial times, learning how to survive in recession or depression economies can seem overwhelming. But now is not the time to back down. Sharpen up your business’ branding with these five important brand attributes.
Branding Your Business
One of the most often overlooked features of a business is its brand. Business owners seem to make the mistaken assumption that they don’t need to build a brand, that their leads or customers will have some intuitive sense of what the business is and why it’s special. Obviously this is a critical error in judgment. If you have been ignoring your business’ branding, now is the time to kick it up a notch. Once you do, you’ll see how to survive in recession and recovery times.
5 Brand Attributes
1. Inspiration is the first and most important attribute. Ask yourself how (or if) your brand will inspire your leads and customers. Not having a brand that reaches out and grabs the attention of your leads is akin to throwing your marketing dollars out the window. Find something that will spark the imagination of your leads and make them immediately see how your business will address their needs.
2. Uniqueness. A business brand should offer a clear explanation as to why that business is better than the others. What makes your business unique? Maybe it’s you, maybe it’s a special service you offer that others do not, maybe it’s something you’ve completely made up but catches on like a virus. Experiment and track your branding ideas’ success.
3. Appealing. Is your business brand something that others will find appealing? This is one of the most basic aspects of brand attributes. If it’s not appealing, no one will want to know more about it. Simple enough. Clairol learned this in 1979 with their huge branding flop “Touch of Yogurt” shampoo. Yogurt on my hair? Ew.
4. Trustworthy. Today’s consumers are much more savvy than they used to be. In order for you to gain any attention your leads will have to have a sense of trust in you. Tough economic times makes this brand attribute even more important as people are much more cautious about how they spend their money…however they do still spend their money. Show them why they should trust you if you want in on that action.
5. Relevance. How is your business’ brand relevant to the needs and desires of your leads’ lives? Focus on who your customers are, what cultural or economic influences they are dealing with and tailor your brand to that information.
Financial Education
Learning how to survive in recession times involves stepping up your business’ marketing and branding strategies but it also involves you becoming more educated in the areas of finance and the economy. Now more than ever, business owners need to understand the mechanisms behind our monetary system and be able to anticipate the future of our economy.
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