When times are tight and the economy slows, many small businesses feel the crunch. No matter what business you are in, there is one thing that you can focus on to turn the tide from slow economy to continuously profitable business.
That one point of focus is marketing and sales. Oddly enough this is generally the last place business owners look for answers to the slowing economy.
It’s easy to get into the mindset that “no one is buying” or that “people are only buying necessities.” This type of thinking leads to sales and marketing apathy.
People still buy the things they want. Notice the key word want. In a slowing economy you will probably have to work harder to make your product or service desirable to the people who want what you offer.
The steps to your strategy should include:
A well articulated value statement. What do your best clients say is the greatest value you provide for them.
A permission based component like articles or free consultations that brings prospects one step closer to you.
A sales system that converts new prospect attraction into a sale at least 1 in 3 times and definitely no less than 1 in 5 times.
The most powerful step that is often put on a back burner is client relationship management or CRM. Stay in touch with people who have done business with you in the past. Allow them to continue to receive benefits from the value you offer.
When the economy tightens, the only way to ensure continued success is to focus on strategies that increase revenues. While your competitors may be cutting back, you are tightening your focus and taking action that leads to a healthy bottom line.
When the economy rebounds again, you’ll be positioned as a leader in your industry if you follow these ideas today.
