YES IF YOU:
Protect Your Assets
Preserve Cash Flow
Focus on Core Customer Base
Adjust Pricing
Monitor Your Competitors
Adjust Media Strategy
Measure Results
PROTECT YOUR ASSETS
Separate business and personal finance Incorporate
Create Subchapter S or LLC
Do not co-mingle personal and business accounts
Use company credit, (with personal guarantee, if required)
Use OPM (other people’s money)
Leverage purchasing power to obtain supplier credit
Take advantage of government and community resources
PRESERVE YOUR CASH FLOW
Manage Receivables
Watch for changes in payment patterns
Manage Payables
Hold on to cash, but don’t lose credit privileges
Contain Costs
Convert fixed costs to variable costs
Conserve capital by outsourcing rather than investing
Adjust product portfolios to eliminate less profitable lines
Negotiate supply channel discounts, credit and other savings
FOCUS ON CORE CUSTOMER BASE
Up sell
Incentivize
Incremental spending
Reward referrals
ADJUST YOUR PRICING
Don’t cut prices, increase perceived value
Feature price promotions
Use to support new, up sold or incremental
business
Reduce thresholds for discounts
$ MONITOR YOUR COMPETITORS
Track their business
Stay up-to-date on their pricing and promotions
Know where and when they cut back on marketing
$ ADJUST MEDIA STRATEGY
Align brand (s) to market sentiment
Refine message to resonate with consumer concerns
Focus on benefits, value and ROI
Create a sense of urgency
Use direct response techniques – have a call to action
Increase your share of voice
Target narrowly
Select fewer media and go for domination
Hold or grow frequency
Stretch your dollar
Rethink ad size/length
Negotiate
$ MEASURE RESULTS
Gross sales and profitability are secondary
Goal is increased share of market
“When Times Are Good, You Should Advertise.
When Times Are Bad, You Must Advertise.”
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