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Growing Business During A Recession
Rhonda Abrams at the Hartford Business Journal suggests you remain optimistic about growing business during the downturn. Take this time to get your finances in order, repair your credit and keep a good relationship with your bank or credit union. Market your specialties as “the outsource source,” attracting big companies that are looking to pinch pennies in-house. If you haven’t already, add a loyalty program to your marketing campaigns to retain your repeat customers. Ramp-up your e-commerce marketing to allow consumers the option of purchasing directly from your website. Look for “new channels” and “new customers,” all the while remaining positive and you’ll weather the storm. That being said, let’s take a look at a few success stories.
It was the year 2000. Silicon Valley was launching a new high-tech startup everyday. Business parks sprung up and it didn’t take a rocket scientist to figure out that something transformative was taking place. Meanwhile, two buddies — Adam Lowry and Eric Ryan — were making market plans as well… only theirs had investors laughing, rather than shelling out cash. Even though no one was biting on the concept of neatly-packaged, environmentally-conscious soap and hygiene products, they knew they could appeal to a younger, hipper audience with their products and give giants like Proctor and Gamble a run for their money. For Lowry and Ryan, growing business is about doing it yourself to save precious cash (like mixing soaps in bathtubs and bottling it themselves); it’s about continuously selling your concept to your vendors and other venture capitalists; it’s about constantly fundraising. As Ryan says, “The hungriest wolves hunt best.”
Google is perhaps the most famous success story of growing business during a fragile economy. The company’s developers garnered a large following by researching and delivering what people wanted — a simple design, helpful search results and zero annoying banner ads. Once their first big angel investor was on board, many others looked to join — hence the saying, “It’s always easier to make money when you have money.” They aggressively pursued both online and offline marketing, selling radio, newspaper and TV ads. The company was also unafraid to make acquisitions — buying out competitors like Keyhole Inc, MeasureMap, Youtube, DoubleClick, GrandCentral, Postini and On2 Technologies. They’ve also partnered up with Nasa, Microsoft, Nokia, Ericsson, Myspace, Fox, Life Magazine, Sun Microsystems and AOL/Time Warner.
Of course there are many other stories about growing business during recessions. Consider that a 26-year-old Prussian immigrant Adolph Coors began his legendary brewery near Denver back in 1873, despite fierce competition. Beginning with just $32 and a dream, 29-year-old William Wrigley Jr. began manufacturing soap, baking soda and chewing gum until he finally got his market plans right. In 1907, James Casey borrowed $100 to start up the first United Postal Service in Seattle promising gold rushers that his mail would be on-time and delivered by tidily dressed employees who were courteous at all times. Hopefully, these stories will inspire you to pursue your own aspirations one day.
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