Tough Times?
By Ed Keller, professor of marketing, City University of New York

I remember when I was finishing my MBA and I thought I would like to work at a television network. At that time the FCC had ended tobacco advertising on TV and, as a result, the business was experiencing a bit of a recession. Without this revenue source, the ability to find an entry-level job at the networks was simply impossible. Clearly market conditions made me re-assess, just as the economic meltdown today may be having that effect on your thinking about your business.

There is nothing wrong with re-assessing your situation on an on-going basis. After all, when operating in an economic environment, the need to re-assess is driven by on-going changes in the external marketplace. And the more extreme the fluctuations, the more pressing the need to re-assess one’s situation results. So with this in mind, how should you proceed when evaluating how to better market and develop your business?

1. First and foremost, it’s about your passion and commitment to your dream. Ask yourself, would you be doing what you are doing if times were great and there was a myriad of opportunities at your fingertips? If the answer is yes, then you can truly say that you should continue on the path you’re on. You truly believe in your dream, and that is often more than 90% of the battle. Remember: No one said it would be easy or hard. It’s about your intention.

2. Difficult times simply mean you have to be even more thoughtful as to how to go to market.  In, Paul Hawken’s book, “Growing a Business,”  he pointed out that the success or failure of one’s business is not a function of having a lot of money to invest in its development. In fact he states that having too much money at your disposal often discourages you from using your imagination. Yes, it’s more than money that makes a business a success or not. When thinking about the viability of your business, you need to get to whether or not you can fill a void in the marketplace for your potential buyer.

3. Transforming your dream into reality is the role of marketing. This is where the “rubber meets the road.” Think about why marketing is so important.  It’s about your ability to apply an understanding of current market conditions and how the consumer may react to them. While some may say that marketing is a science, I would say that it is an art. And those who are most successful at it recognize that they need to create a curious mixture of instinct and knowledge of consumer behavior in order to succeed.

Don’t be Afraid of Change

Irrespective of what you may feel politically, the election of Barack Obama does signal that we need to make changes in order to turn things around. And like generations before us, for the adept marketer there are numerous opportunities. There will be so many different needs that a consumer will have, and that’s what makes capitalism so enduring. So don’t despair, look at the New Year as an opportunity to re-dedicate yourself to your business and, by doing so, make your dreams come true.