A recession is the time where many small businesses either thrive or merely survive while, often the case, a lot of them will die out. If you don’t want to just survive and definitely don’t want your business to die, than you’re the type to thrive – this article will share several different ways you can increase your sales even during a recession.
♦ Preliminary Tip #1: Cut back on your worst performing products
The first thing you should do at your business during a recession is to begin cutting back on your worst performing products. Keeping the worst products in stock take up too much time for your employees who can be used elsewhere (explained in the next few tips).
♦ Preliminary Tip #2: Fire your worst customers
Some customers merely take up time and energy. As a business, you have the right to “fire” your customers; get rid of them so they no longer take up time and cause a hassle; they usually have a relatively low return on investment.
♦ Tip #3: Promote your best products the best you can
With your extra time your business gained from cutting out bad products, employees can begin working diligently on your best to increase their value which ends up going more toward additional sales through word-of-mouth marketing from happy customers.
♦ Tip #4: Keep a strong connection with your best customers
Your long-term customers are the ones with the highest overall value because they’ve paid back their acquisition costs many times over. Keep in contact with your business’s best customers and make them extremely happy so they stay on board and keep buying throughout the recession – don’t give them up!
♦ Tip #5: Start a marketing list
Every person that comes to your business should be placed on some kind of list (with their permission). With a person’s phone number or email, you will be able to call upon these people and market toward them without having to pay for advertising. Not only will you gain additional sales but you cut back on marketing costs.
♦ Tip #6: Expand your reach through online content
Get your business online (if it’s not yet) and begin creating content for the web. Be active in social communities – all you have to do is invest time and the content you create could bring additional customers through the door.
♦ Tip #7: Work on your sites search engine optimization
One final tip your small business should be putting into effect is working on your search engine optimization for your website (if you have one). SEO will give you higher organic search results that will not only give you additional traffic which can convert to sales but you’ll be able to cut back on your online advertising to reinvest it into other areas of the business.
Just because a recession sets in doesn’t mean your small business has to fold like the competition. In fact, a recession is the best time to lead the charge because less competition will be in the way which results in a larger, open market, lower marketing costs and the ease of going above-and-beyond with customers.