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Marketing Insights12 Archive: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 closing businesses closing Wednesday, July 23, 2008 Another business bites the dust here in Central Oregon. Was the economy really the main reason? Or was it simply the tipping point? What do you think? From:Comment:Janel MarchiMonday, July 28, 2008Having seen a few of these "non-recessions", there's no single answer for determining which businesses survive and which end up closing their doors. There is the issue of having (or not having) a business plan and following it with the flexibility to adjust the plan with market conditions (this applies in a growing economy as much as a slowing economy); there are issues of new businesses that are under capitalized (also an issue in other market conditions). Then there are those businesses who don't do enough to differentiate themselves from their competition. When every widget store looks alike and their only selling point is price, they are going to have a difficult time making margins and covering operating costs --in the good times and especially in the bad. The businesses that can differentiate themselves and communicate that effectively will stand out from the crowd. And those that remain consistent in their approach will weather the hard times and prosper in the good. A hot economy allows some businesses to be sloppy (i.e. wasteful or inefficient). In times like we have now, every business has to be looking at cost efficiencies throughout the business. One of my clients figured out how to create less trash and reduce disposal expenses as an example. They are also measuring their advertising results rather than presuming that it's working just because their sales are good. Is economy the reason for a business failure? No business owner, manager or employee wants to fail. Sometimes they don't have the tools or the resources to succeed. Gee, guess this is another plug for using the marketing expertise of folks like Zerbin Mills Marketing. In times like these, businesses can not afford to experiment with their marketing dollars. Every promotion needs to be well conceived and executed. Media selections must be targeted. And the differentiating message must be clear and concise. Have a meeting to run to.... characters left Comment: Name: Weblink:
closing businesses closing Wednesday, July 23, 2008
Another business bites the dust here in Central Oregon. Was the economy really the main reason? Or was it simply the tipping point? What do you think? From:Comment:Janel MarchiMonday, July 28, 2008Having seen a few of these "non-recessions", there's no single answer for determining which businesses survive and which end up closing their doors. There is the issue of having (or not having) a business plan and following it with the flexibility to adjust the plan with market conditions (this applies in a growing economy as much as a slowing economy); there are issues of new businesses that are under capitalized (also an issue in other market conditions). Then there are those businesses who don't do enough to differentiate themselves from their competition. When every widget store looks alike and their only selling point is price, they are going to have a difficult time making margins and covering operating costs --in the good times and especially in the bad. The businesses that can differentiate themselves and communicate that effectively will stand out from the crowd. And those that remain consistent in their approach will weather the hard times and prosper in the good. A hot economy allows some businesses to be sloppy (i.e. wasteful or inefficient). In times like we have now, every business has to be looking at cost efficiencies throughout the business. One of my clients figured out how to create less trash and reduce disposal expenses as an example. They are also measuring their advertising results rather than presuming that it's working just because their sales are good. Is economy the reason for a business failure? No business owner, manager or employee wants to fail. Sometimes they don't have the tools or the resources to succeed. Gee, guess this is another plug for using the marketing expertise of folks like Zerbin Mills Marketing. In times like these, businesses can not afford to experiment with their marketing dollars. Every promotion needs to be well conceived and executed. Media selections must be targeted. And the differentiating message must be clear and concise. Have a meeting to run to....