During a recession or economic downturn it can be a testing time for many businesses and entrepreneurs. However, by changing your mindset and applying a few simple strategies your business can grow significantly during difficult economic times:
1. It is imperative that you implement a 'multi step' follow up communication strand of between 7-30 contacts (email, mail, telephone etc) with everybody who comes into contact with your business as a potential customer. The majority of business owners will give up after just one or two contacts with a potential customer. If only they knew how much income they were missing out on!
2. Powerful guarantees are essential during an economic downturn. If the customer trusts you, they will buy from you.
3. Learn how to test the market - especially the internet, and become very good at Pay Per Click Advertising (PPC). PPC is very easy to test, yet most Search Engine advertising can't be bothered to test it, and will lose a fortune through wasted adverts.
4. The media are generally very good at scaring people - They only have to print the Headline 'RECESSION LOOMS' in their newspaper and the readers attitude to everything will change dramatically. Limit the amount of media coverage you intake. It is important that you keep away from all negative media publishing as you need to be at your best during an economic downturn. If you are feeling negative, then this will come through in your business.
5. Implement an immediate upsell and cross sell programme into your business. It's one of the easiest ways to give yourself an immediate profit boost - at no cost.
6. Double the amount of communications you send to your existing customers. They are 16 times easier to sell to than new customers.
Don't forget, it is those entrepreneurs who develop a 'must win' attitude who will not only survive during an economic downturn, but will see their business grow significantly. You must try to see a recession as an opportunity for growth. Your products or service must be something that the customer really wants, or better still, needs. Try to think outside of the box and go out of your way to communicate effectively with each and every customer or potential customer. Testing the market is also key as this will allow you to reduce costs that are not helping your business grow. If you are going to advertise then remember that now is a great time to get heavily discounted advertising rates - up to 90% in some cases.
Richard McMunn, Firefighter for 17 years and a HSBC Award winning Entrepreneur develops a free online course that will show you how to succeed in any business. Want to learn more about how to start a highly successful and sustainable business? Get Richard's popular free course now, available at: => http://www.how-to-start-a-business.co.uk
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