Enough with the doom and gloom. So the economy is not as strong as we would like it to be. If you decide to curl up into a ball and just accept the worst, then you’ve already lost. You might as well just close up shop now.
But a downturn in the economy isn’t the end of the world. What perpetuates economic dips is the reaction business owners and consumers have to it. People clam up and act like this might be the big one; the end of capitalism as we know it. That attitude is what spawns recession.
As the old saying goes, when the going gets tough, the tough get going. Those who react to economic downturns with aggression instead of passivity come through with strong, successful businesses and healthy bottom lines.
So don’t sit around wringing your hands and worrying about things you have no control over. Do something about the things you do have control over. Launch a new offensive within your business and beat the recession:
1. In a B2B environment, everyone is looking to increase sales. Can your business, product or service help another business generate more revenue? If so, play up that aspect of your business and any prospective customer will clear their schedule to hear what you have to say.
2. Keep a strong marketing campaign going during tough economic times. The fatal mistake most businesses make during a recession is decreasing their marketing and advertising efforts. Statistics have proven time and time again that marketers who increase their spending during a recession experience sustainable long-term gains in market share and profitability.
3. Don’t forget the people who made you what you are today. Pay special attention to past customers. They already know what you have to offer and that they are not taking a risk in retaining your services or purchasing from you.
4. Try something new. Are there marketing strategies you always thought you should try, but never got around to it? Are there alternative revenue streams that you would be willing to experiment with? Remember, if what you are currently doing isn’t working, you should always try something new rather than throw in the towel.
5. Do whatever it takes to retain every client. During a recession, client retention is key. Provide the best service. Throw in a few extras to make your client’s experience memorable. Don’t forget to follow up and make sure that your client’s experience was more than satisfactory.
6. Network like crazy! Networking is often overlooked as one of the most beneficial forms of promotion. Best of all, it’s free, so you don’t have to worry about your marketing budget. Anytime you have an opportunity to talk about your business, product or service, do so. Don’t be obnoxious, but don’t risk missing opportunities to promote yourself either.
Alvin Apple helps everyday people start businesses they will enjoy. Then he teaches them how to succeed. Read all his helpful strategies at http://AlvinApple.com Reach Alvin at 801-253-4535 or alvin@drnunley.com.
