5 Ways to Build Your Brand in a Down Economy

It’s obvious the media thinks we’re stuck in the middle of a bad economy, and maybe we are. It’s on the front of almost every newspaper and at the top of every news station on television. It seems as if it is all doom and gloom.

But I am here to tell you that many entrepreneurs may not agree. In fact several small business owners I know are taking advantage of this economic downturn to grow their businesses, expand into new markets, refine their skills, and systematize their processes. They are taking action now to ensure that when things do pick and up people starting spending money again, they are at the front of the pack leading the way for their industry.

Here are five simple things that you can do right now to build your brand and market your business in any economy:

1. Networking. This is not the time to pinch pennies and stay home to save money. Now is the time to be very selective and strategic about how you spend your marketing dollars and who you spend time networking with. Find out what networking events your target market frequents and attend those events. By networking strategically, you will expand your reach, connect with more prospects, and see a greater return on your networking dollars.

2. Allow for negotiation. You will find that there are many people that want to work with you and love your work but just feel like they can’t afford you. Make hiring you easy by providing options and allowing for some negotiation. You could offer payment by credit card or by payment plan, accept a barter arrangement when applicable, or set up the work to be done in phases. By being flexible, you are showing your client you understand that budgets may be tight and that you want to help.

3. Offer free events. By providing valuable and relevant information that your clients and prospects can use to make a difference in their lives or business you are positioning yourself as a go-to resource and expert. Host a free educational event at your office, in meeting space (often restaurants) will donate the space to gain the foot traffic), or even by telephone. Teleseminars are a popular way to host an event without the facility cost. My favorites are Free Conference Call and Instant Teleseminar. Combine a free networking opportunity with some great information and you are sure to grow your prospect list.

4. Use FREE tools. There are several tools available online to help you work faster and smarter. Utilize the power of social media to your advantage – Twitter, Facebook, and LinkedIn are the big three. By utilizing the tools and resources available on those sites you can promote your business and share valuable information with your networks. For example within three days of posting a page for my business on Facebook, I gained four new clients who saw my page and emailed me. You can also start a blog using WordPress, Blogger or Typepad among others for free. Blogging and commenting on blogs is a great way to get yourself out there and create better link-ability for your business. Several email marketing providers also offer free trials you can take advantage of.

5. Build strategic partners and joint-venture relationships. The best thing you can do to expand and build your brand is to have ambassadors out in the community promoting you. Look for other service providers that target the same market you do and offer and complimentary (not competitive) service and see how you refer business to each other to mutually benefit both businesses. You also want to look for individuals you can partner with on projects. By having both types of relationships in your pocket you can not only help your business continue to grow and expand, but you can feel good about helping another entrepreneurs business grow too.

The bottom line is that your customers and prospects will hire you or buy from you when they are ready, not when you are ready. The key is to stay consistent, keep networking and continue to market your business, because your efforts to build your brand today will provide you with the results you want tomorrow.