According to marketing consultant Bob Bly, in order for a business to do well in a time of financial crisis, it must know well and apply Recession Marketing. If you are interested not only in surviving, but also in growing during an economic downturn you can do the following:
Help your existing customers help you to generate new sales. Contact them. Give them new ideas that they can take advantage of – ideas that encourage them to buy more of the products or services you offer
Add value to the product or services provided by your company. In a financial crisis, customers insist on getting the best they can for the money they pay. Some ways you can do this include:
- Offering faster delivery
- Offering more options (expand your customer demographics by creating different product packages)
- Giving your customers a better warranty
Offer better service. Try to keep your current customers by serving them better and more politely, so that they are always happy.
Re-engage old contacts. Most companies are in a hurry to “disappoint” (and call this weeding out the non-buyers) and leave untapped sales opportunities. A repeat follow-up can turn 10% of potential customers into your customers. Also, you can tap into inactive accounts or tap them for information.
Facilitate smaller customers and smaller budgets. Offer “economical” sizes, models without extras, better credit terms, special discounts, lower levels of minimum order, etc.
There are always options you can take when the market takes a downturn and by jumping on these first, you may be able to keep yourself afloat long enough to outlast the downturn.
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