The Birmingham business landscape still appears to be difficult to operate within as the rising costs of raw materials, fuel and general utilities combine to force businesses to think carefully about their expenditure.
So how are Birmingham businesses responding to this problem?
Whilst these are tough times, many companies in Birmingham still seem reluctant to put money aside for marketing and sales. It would appear that they are ‘battening down the hatches’ and hoping to simply survive this difficult period. But can this approach really be used as a way out of the recession?
Don’t waste the opportunity!
Whilst I fully understand the reluctance of spending unnecessarily, when the market is so suppressed, surely this is the time to invest in your brand, your products and your company? By being more aggressive in the marketplace, you can afford yourself a great opportunity to promote your business.
Of course, choosing the right partners to help deliver your message (through various marketing campaigns) is key to achieving success. It is also important that you understand what it is you wish to achieve and how you are going to measure success.
Sharing risk and rewards
If your business is not in the position to invest in sales and marketing at this time, you might wish to consider establishing a strategic alliance with third parties through an outsourced approach. By agreeing to share the potential rewards, whilst also sharing the risks, you may be able to motivate other organisations into being partners with a vested interest in your company’s success, as apposed to being regular suppliers.
Establishing a shared brief
When engaging in such an approach/methodology, it is important for you to make sure that you have a clear brief, which everyone involved has had an opportunity to contribute towards. Everyone should also understand exactly what success looks like and that they are all (from the shop floor employee to the CEO) committed to delivering the plan.
Doing nothing is not an option
Now is not the time to back up into a corner and simply hope that this recession blows over. One thing that we can be sure of is that by the end of this process, the companies that survive will be fitter, leaner and more focused on building out, growing and becoming more successful!