7 Tips for Surviving the Downturn
Businesses that survive the current downturn, will come through stronger than ever. Following are some tips to turn the downturn into an opportunity:
1. Keep spending
But spend wisely. Now is NOT the time to slash your marketing budget. For your customers to remain confident in you, your name needs to be constantly in front of them. Besides, who is going to pick up the customers from your competitors when they cut back on their marketing or even go out of business? Make sure that it is you!
2. Get online
A website that is user friendly and up to date is vital. According to IBISWorld Australia’s general manager Robert Bryant, online information services and online shopping will be 2 of the best performing industries for 2009. Don’t miss out!
3. Market with Mail Outs
Use this proven marketing method. People still like to have something tangible in their hands. A mail out has more chance of being seen by all of the decision makers involved in a purchasing decision.
4. Sell online
Tough economic times are expected to boost demand for online shopping, as consumers spend more time searching for bargains or other money-saving opportunities. If you have a product that you can sell online…. do it!
5. Build loyalty
It is said that it is it costs 5 times more to gain a new customer, than to keep your current customers. Build loyalty with reward cards. Keep in regular contact using email or mail newsletters. Provide customers with fridge magnets and branded notepads so they can find you again easily.
6. Be professional
Develop a distinct corporate identity to differentiate you from your competitors. Make sure your logo and business colours create the right impression. Display these everywhere – stationery, marketing materials, buildings, vehicles.
7. Stay positive!
Yes some businesses are doing it tough. Your customers need to know that you are doing OK.
Things to do in May
- Review your marketing plan. How can you make sure your business is the business that your clients turn to when they need your services?
- Do some sort of marketing every day.