I-ology Shares Lessons Learned with Small Businesses on How to Capitalize on Slow Economic Times
(Phoenix, Ariz. - Dec. 10, 2008) - "This is not the first downturn I-ology has lived through, and it won't be the last." Trish Bear, CEO and founder of I-ology, a leading Scottsdale-based Internet strategy firm, has seen her small business through some rocky economic times over the last decade. She launched the business right before the dot com bust, and managed not only keep her head above water, but also actually thrive. As we approach 2009 and business owners across Arizona revise their strategies, Bear offers her top lessons learned from her experiences of surviving downturns.
1. Be the tortoise, not the hare
"We've seen a lot of companies launch and grow very quickly, and then die out just as fast as they took off." Despite the urge to push a faster growth, Bear advises taking a more methodical, slow path. "This approach has helped sustain us through hard times. It's proven to be a solid strategy." In other words, now is not the time to panic and push growth for the sake of survival.
2. Go with what you know works but don't be afraid to leverage new strategies
"Being consistently visible demonstrates to both existing and potential customers that you are stable and in for the long haul." A lot of entrepreneurs and small business owners tend to pull back on marketing during harder times. Bear advises, however, to market consistently and take this opportunity to increase your company's visibility while looking for methods and strategies that yield the safest ROI.
3. Make your Web site and interactive marketing part of your sales team
If you're light on a sales and marketing team, now is a great time to turn your existing marketing tools into your best sales force. A little time and money to update your online marketing strategy, presentations and other marketing collateral can go a long way and can cost a lot less than an additional employee.
4. Take advantage of the trickle-down effect in hiring great talent
Unfortunately, there are many people out of work right now. But the larger talent pool means opportunities for small businesses that do have the means to bring on new employees. "We're taking this opportunity with all of the fantastic candidates in the job market to add great new talent to our team." Small businesses are also in a position to get creative in how they recruit. You may not be able to offer the highest salary, but you can offer perks like profit sharing, working from home, and extra vacation time.
5. Get involved in the community and with charities
Giving back is a great way to keep employee morale strong during hard times, stay busy when business is slow, and get your name out by donating time. Aside from all that, it's the right thing to do. "Getting your entire company active in philanthropic work is just a great thing all round. It feels good, it strengthens the community, it brings recognition to your business, and it aligns your brand with something positive."
For more information on I-ology please contact Aaron Detzer at 480.850.2800, extension 3017, or at
About I-ology
Founded in 1998, I-ology, Inc. creates Web Strategies that drive Growth and Profit®. I-ology provides high-end, high-quality Web services to growing businesses. These Web Services include Strategic Web Planning, Award-winning Web design and Interactive development, Measurable Online Marketing Services and Robust Web Site Hosting. I-ology's strategies have facilitated growth for such clients as the 2008 Arizona Super Bowl, Hospice of the Valley, Ensemble Real Estate Services, Arizona State University, Pebbletec, Tartesso, iGo and many more. I-ology was a 2007 Impact Award Finalist, has won numerous industry awards and is active in giving back to the community through organizations such as Special Olympics of Arizona, Southwest Autism Research & Resource Center, WasteNot, and Habitat for Humanity. You can learn more about I-ology by visiting their Web site: www.I-ology.com or by calling (480) 850-2800. I-ology®, The Science of the Internet®
