Staying competitive in a turbulent economy.

By Yvette Craddock

Times of economic distress forge two paths in the road for business owners: doom or opportunity. Which road you take starts with your attitude. Feed into the fear, and you are doomed. Open your eyes and mind to new opportunities and innovations, and you will thrive. Here are 10 marketing tips for your business, regardless of its size, industry or budget.

#1 Have a Plan. If you’ve been flying by the seat of your pants, expect to get grounded. Operating without a written plan is never a sound business strategy. You can find a variety of simple to complex marketing plans online, or construct one with a marketing professional. The key is to create and execute a realistic and comprehensive plan.

#2 Remain Consistent. Avoid that reactionary instinct to cut all marketing expenditures. Research shows that doing so is a kiss of short – and especially long-term, death. Consistent communication creates trust, which works to your advantage during down times. Even in down markets, people usually keep doing business with brands they know or those that have built trust in the marketplace through a consistent presence.

#3 Adjust Marketing Outlets. Balance consistency with ROI generating outlets only. Cut out the fat and stretch your investments by decreasing ad sizes or by purchasing remnant TV, radio or print space. Try incorporating new media marketing and implementing client appreciation and referral programs. Like consistency, measuring your marketing return, such as using inexpensive 800 numbers or website links, should always be a part of your plan.

#4 Utilize New Media Resources. Use the power of new media resources such as blogs, YouTube, and social media sites. Identify industry blogs respective to your and your clients’ businesses and post relevant facts, tips, and other resources. The same also applies to YouTube videos. Create pages on social networks like MySpace, Facebook, and LinkedIn, to promote and share ideas and grow your network. Programs such as Google ads and affiliate marketing strategies are also potential business-boosting outlets. Remember to keep your company website optimized and updated with new information and links to these new outlets.

#5 Strengthen Client Relationships. Find out how your clients are possibly impacted and then identify innovative ways to help them to weather the storm. Together, you can actually find untapped avenues to grow your respective businesses. Client success stories are great for website white pages and public relations and advertising campaigns.

#6 Use Public Relations. Public relations initiatives such as hosting seminars, client success case studies (with their permission), and new products and services launches, will help to establish your credibility and visibility in your industry and beyond. Public relations can be time-consuming and some service deliverables pricey; however, the rewards can generate outstanding results.

#7 Co-Brand. Consider collaborating with clients or colleagues to share the costs of marketing campaigns or events.

Think American Express Card/Pinkberry ads. Apply the same logic on a scale that is relative to your business. Be sure to cross-link across all participants' online platforms.

#8 Diversify. Brainstorm with your staff to find new ways to deliver your core expertise to new industries or add on some adjunct services to make your client experience more turnkey. Looking at your business from new angles will generate new ideas.

#9 Evaluate Your Competition. Keep tabs on your competition; their moves could signal new options for you. In any business environment, understanding your competitors’ weaknesses and capitalizing on those by doing things better can be the few tweaks your business needs.

#10 Creative Communication. Now is the time to flex your creativity with new and relevant marketing messages and incentives. Solution-oriented and humorous angles generally stand out. Assign a sense of urgency to incentive-based offers. Avoid deep discounts which are prone to hurt your business over the long term. Set your prices and substantiate the value with the right message.

Marketing is a science and an art that requires dedication, innovation, and consistency. By exploring and employing these 10 tips, your business can flourish even during challenging times.

Yvette Craddock is the managing member of Click Marketing Solutions, a multi-award winning agency.