Now is the time to Gain Market Share or Lose Market Share.
If you’ve been holding off marketing your business in order to save money through the recession, you’d better change your strategy now, or face losing market share. It’s not a secret anymore. Any savvy business person knows that maintaining an aggressive marketing strategy through a recession strengthens sales and increases market share. And, they typically get that extra market share from their competitors who are not as aggressive.
A problem with this recession is that it was so bad even owners and managers who knew the right thing to do were hard pressed to execute it due to lack of cash flow. In some ways, that leveled the playing field a little. But, we are now entering an interesting time of great opportunity for any business owner who is able to step up ahead of his or her competition.
Consumer Confidence is most important to retailers.
Consumer confidence is a significant factor in the recovery, but is particularly significant to retailers. Consumer spending represents about 70% of the US economy, which has a direct effect on retailers.
The Consumer Confidence Conference Board has been surveying houseolds since 1967. A score of 90 represents a healthy economy. 100 equals strong growth. The recession low score was 25 in February, 2009. In August it measured 54.1, up from 47.4 in July. And, it is the highest it’s been since December of 2007.
Consumer confidence is increasing.
The latest survey strongly indicates that consumer pessimism is lifting. The job market, while still weak, is stabilizing. People aren’t as afraid about losing thjeir jobs. And, as a result, they are more confident about spending. The evidence lies not just in this report, but in what we’ve seen with our retail advertising accounts. Business is picking up. It’s slow, sometimes in fits and starts. But, it is picking up.
With consumer spending beginning to shake loose, now is the time to craft the most agressive marketing strategy your budget will allow. Lean into it with all your might. It’s not too late to push yourself further toward the front of the line while your competitors are still waiting to see what’s going to happen.




