Welcome again to deadly tuesday tips, AbangAbu thought of writing something that will help us to grow our business during this recession. Business is slow to a drag during recession, they say. It doesn’t have to be that way if you know how to explore existing business potential and be flexible in your deals and offerings.
Sure, tough economic times have major impact on buying habits. Pay attention to the shopping mall during prime shopping period. People are saving their way out of it. They focus more on value and results. Or, the time they spend to research on a product before buying increases.
The good news is, even if the recession is here to stay a bit longer, you can survive and prosper by following some of the tips below. Does recession always mean struggling to get the business going? No, don’t buy into the idea. Change your strategy and you’ll see that it isn’t a law like gravity.
Think of how to G R O W your business at this time by using GROW method.. so this week……
G = Get Organized
Get organized by looking back of your sales pattern and your customer based.
Remember the Pareto principle. 20 percent of your customers bring in 80 percent of your revenue. This number varies, it could be 20 percent that brings in 95 percent, but you get the point.
In a downturn, customers are more likely to go with a more trusted source. If you constantly build relationship with your existing customers, more power to you. Otherwise, it’s now the time to reactivate dormant accounts. Stay in touch and let them know if you are interested in working with them. Don’t hard sell and put any pressure on the first contact.
R= Reduce Budgets
By all means, don’t cut on marketing and advertising, but it’s fine to reduce budgets if appropriate. Creative marketers could use some of the low cost to free methods to keep their business out there. Think guerilla marketing.
If existing marketing efforts work fine, keep doing them but if cost is the problem consider them at smaller scales. Complement with other marketing strategies. It may work wonder with diversification
O = Offer Repackaged Product
Repackaging your products to make them available to small budget customers, you still want to emphasize on value and provide measurable results.
Your customers or clients are also looking for ways to cut cost. When business is good and you’re busy, you may have overlook some of the smaller customers who can’t afford what you have to offer at the price point.
Consider repackage your products or services so they become more affordable to another market segment. When business is slow, you need to search alternatives that put extra revenue in your pocket. This is what
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W = Win Win Synergy
It may be the right time to team up with business partners to cross promote each other. It may be in the form of direct promotion or co-registration to save on name capturing efforts.
If you haven’t considered it yet, information products are low cost way to promote your business and gain passive income at the same time. Consider leveraging what you already have to increase revenue.
With this tips AbangAbu sure you can grow your business during recession. When recession looms, it becomes more important to pay attention to what’s happening in your target market and how they react during the time. Low cost and effective marketing technologies are now available, making it possible to reach your target market through the new channel and medium.
Use them to your advantage, and see your business grows while your competitors are stuck in the same old paradigm. See you next week with more deadly tuesday tips
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