Adventures in Business and CRM

Over the past few weeks, we’ve experienced more economic hardship than I could have ever imagined. Millions of jobs have been cut, large companies have shut their doors and even our own government is cutting spending by decreasing government employee hours. With all of this penny pinching going on, it can definitely start to feel discouraging to a business or an entrepreneur looking to ramp up their marketing efforts.

Many of of my colleagues have been asking me for advice on how to earn extra money to keep their marketing stable, or even to grow their overall marketing efforts, since others in their industry are seemingly decreasing their marketing spending.  We know sales and overall conversions are down, but these same sales would be stagnant without any marketing at all, which is why we shouldn’t roll-over and play dead because things are getting tough. It just takes a bit of thinking outside of the box.

While many of my suggestions may seem like they’re “below” some people, I argue that in this economy, nobody is below much of anything, short of working the streets (which I don’t recommend). I know a man who was just laid off of his $200,000 per year job and is now working as a bank teller for less than $12 an hour.  It is because of this, business owners may need to broaden their horizons when it comes to bringing in some extra working revenue into their business. I also see many of my entrepreneur friends dipping into their savings to market their businesses. This is very risky, and I always recommend having some cushion money to fall back on if you’re a business owner, and especially if you have a family.

While brainstorming with a friend, we came up with our list of:

Ways to Raise Money to Market Your Business in a Bad Economy

• Let go of Things that Don’t Matter: This is the first thing I ask clients and colleagues when they say they don’t have money… “Do you have “stuff”? Everyone loves stuff. You will likely sell it for less than you purchased it for, which is fine if it was something you didn’t use often anyways. If you’ve got a $5,000 pool table in your home that you never use, sell it! If you drive a newer luxury car that is paid for, why not trade it in for something a bit more practical? Unused office equipment? Sell it! These downgrades aren’t permanent. We all know that things will eventually get better. For now, every penny really does count.

• Make the Most of Your Client List: All of your old invoices are worth their weight in gold. Even if you aren’t the best record keeper, you should have some record of whose been purchasing from you over the years. If you have employees, put them to work calling or emailing old customers and simply asking how they are doing. Special “loyalty discounts” and other specials could do the trick.  Remember not to be pushy, and to keep the customer’s best interest in mind. You should be calling/emailing with “How can I help them?” in mind.

• Barter or Trade: Now more than ever, I’ve noticed that more and more people are willing to barter or trade services, expertise and even merchandise. Ask yourself what will help you raise money, and brainstorm it onto a list called “Things I Need To Barter or Trade For“. Post your barter request on local and regional classified sites, social networks, and of course on Twitter.  This will likely get you some good results. Do remember that your trades need to be relatively equal in value, and they should equip you with something to better your business by.

• Put Your Other Skills to Use: Outside of your business activities, what other skills do you posses that could earn you extra money? Are you a good writer? Many people make a good amount of extra cash doing freelance writing work, and with the internet, it’s very easy to find. Perhaps you are good at math? Tutoring local students could also earn you some extra cash. I know a local woman who works from her home office, and also watches a handful of kids (all over 9 years old) during the weekdays to supplement her income since business was down a bit.  She ended up making a bit more than she had thought she would, and used the excess to put towards more marketing that helped her immensely.

Besides smarter budgeting, what are some other ways you have found to raise money to keep your business going? Chances are, it required you to be resourceful, and to truly think outside of the box.

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