What is the most common topic of discussion in the boardrooms as well as the streets? I bet it is ‘Recession’. Are you suffering from the recession blues too? Losing business, getting paid less and all those things related to recession and global meltdown? Have a look at these all-time great ideas and apply some of them to your business. I can guarantee you will see the turn-around much before the economy does so.
- Do not stop marketing? You said, you need more business and still you are thinking of curtailing the marketing budget? Just remember that your competitors have chopped off their budget and now your messages will be much more visible.
- Focus more on result-driven marketing. Every business should invest in branding but branding-driving-advertising is out for the time being, at least for the SME segment. You must divert all your marketing funds to result-driven marketing promotions. Check the ROI for each promotion and push the better ones harder while killing the lazy ones. However when calculating the ROI, do not forget to take the lifetime value of the customer in account.
- Maximize business from the current customers. They are much easier to sell to than new prospects. Think of all the other benefits you can provide them. What additional services you can offer to them? Since they have already bought from you and are satisfied with your services, they will be much more apt to order these additional services.
- Excel in customer service. Don’t give your customers any reason to even think about dumping you.
- Become an expert. Develop a huge expertise in your area of operation. We don’t bargain with the surgeons who are “heart bypass surgeons” – do we?
- Proper pricing can help you maintain a healthy bottomline. I know nobody wants to buy at the old price anymore, but try to add value rather than reduce the price. In the worst case, don’t reduce the price – offer a recession discount. That way, you can withdraw the discount when the recession is over.
- Use technology for improving your efficiency. Customer facing portals can provide regular status updates to increase satisfaction levels. Internal portals can improve staff efficiency and communication.
Even applying a few of these tips can start changing things for the better. Remember, don’t feed the monster. Talking about the recession all the time can push you to go into a limbo and you can sit there, waiting for goverment help, which itself needs help. Get up and do something to help yourself and you will be proud of yourself. And your employees will thank you for that.
You can also check out more recession busting tips from Abhishek Rungta, a good friend. Please post comments below with your tips and strategies that you are applying at your workplace. We need tips and then, some more tips.