Partner Article

Do You Practice Insanity?

Insanity: doing the same thing over and over again and expecting different results.
Albert Einstein

With Britain in the grip of the ‘double-dip’ . it’s interesting to see how companies react, especially when it comes to marketing their goods and services.

They fall into three different camps:

Head in the sand ‘It will go away soon’ companies simply chop everything, sit tight and wait for things to improve. While cost cutting is a great way to improve profits - each pound saved goes straight to the bottom line - it can stunt a companies growth potential and lead to stagnation and downturn in the company’s fortunes.

Throw more money at it and we’ll get more return companies. They believe that if they spend more on advertising and promotion that clearly hasn’t worked in the past, the volume of spend will somehow ‘break the dam’ and customers will come flooding in. This is the perfect model of the Einstein scenario in the headline. If you could spend a pound on promotion and make a pound profit how much would you spend?

As much as you could lay your hands on I would imagine; but if your numbers indicate that spending a pound on your marketing and advertising doesn’t generate any profit, why would spending more suddenly work?

Smart companies are turning to new media to generate profits. Burgeoning platforms such as Pinterest, the new Facebook Timeline, YouTube, adopting good location-based marketing and tapping into the mobile web are just a few examples of how businesses can reposition themselves and thrive in a tough economy.

The 21st Century has just shuddered into gear bring a host of new opportunities and challenges. Being remarkable in an ordinary world and being outstanding in a crowded marketplace is the only way to go.

Examine where you are and compare it with where you need to be then determine the most effective and speedy vehicles to get you there.

These tools exist - you just have to find them and creatively apply them to your business to accelerate your growth. If you don’t know where to look, ask a specialist to work with you. The amount of free systems out there beggars belief, you just need a reliable scout with a good roadmap to show you the way.

This was posted in Bdaily's Members' News section by James McRoy .