Here are 5 things to do if you want your business to fail during a recession
- Don't do anything
- Don't do enough
- Don't encourage referrals from other clients
- Don't create a "wow" experience
- Don't take massive action now
You don't have to sit back and become a victim of the times. Right now there are businesses and market segments that are making record profits.
Here are 10 quick and easy strategies to increase sales and profits during a recession:
- Implement systems that measure and track the results of all of your marketing, advertising and publicity efforts.
- Look for new ways to re-position products or services you provide
to attract a new market segment. Example: Re-position Yoga as "Fall
prevention strategies for seniors.
- Find new distribution channels for your products - whether it's
through the Internet or other retailers who are selling complimentary
products or services.
- Create Joint Venture Arrangements with other complimentary, not
competing businesses. For example, an accounting firm could go to their
legal firm and offer to hold a seminar on "Tax Reduction Strategies" for
the their (legal firm's) clients as a special bonus.
The accounting company may get new clients and the only cost is their time. One stipulation, the accounting firm must offer a special seminar to their clients on "How to structure tax shelters for estate management". Both companies benefit.
- Have a rewards referral program for your existing customers and let them experience how it will work.
- Know the numbers in your business. Find out what products and
services make the most profits and which ones make the least. Start
promoting or up-selling those first. Do you know the average transaction
value, the average amount each consumer pays you at the point of
purchase? Go find that out now and then ask yourself the question "How
can I increase that amount by 10% by adding or bundling in extra
- Position yourself as the knowledgeable expert in your field and
write articles for the newspaper or trade journals and conduct radio
interviews. The print and online media is always hungry for information
to provide their readership.
They are always on the lookout for new information that solves people's problems or helps them save them time or money.
- Differentiate yourself from the competition and give the consumer
the reason why they should do business with you versus your competitors.
- Join a mastermind group or coaching program to improve your skills
as a marketer. Even Tiger Woods has a golf coach to help him. You should
have a business and marketing coach to stop the downhill slide before
it becomes uncontrollable.
- Build a stronger relationship with your customer base through frequent contact, special offers, and newsletters. Survey your existing customers to see what they want and then sell it to them.