Does the current economic outlook mean that new businesses should cut down on their marketing strategies? Not necessarily, especially if you have a coherent business model and identify early a strategy that will maximise exposure within the relevant markets.
According to Toju Ogbe, associate programme director at PR firm BatesPanGulf (BPG), now is the ideal time for small businesses to make their mark on the marketplace.
With such uncertainty over the market, bigger, more established firms are choosing the safer option of stepping back until the economy improves. The subsequent void presents an ideal opportunity for smaller businesses.
'Big firms are withdrawing into their shell, if I was a small business, now is the opportunity for guerrilla tactics,' says Ogbe. 'Everything is being pulled back because of the economy and the opportunity is there for small firms to make themselves known. This is the time to do it.'For business-to-business companies, Ogbe recommends that budgets are spent on remaining proactive and attending conferences and exhibitions, while for business-to-consumer firms, attending social or networking events would be the most effective approach.
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