Marketing in a Sluggish Economy
Ten Strategies for Boosting Sales and Profits
In a sluggish economy when your customers or clients have tightened their hold on their wallets or purses, you’ll need to develop special strategies not only to survive, but to move ahead in your business. Here are ten that have worked for me in recessionary times. They may work for you, too.
- REMAIN CONSISTENT in the quality of your products and services.
- FURTHER DEVELOP your own special style of doing business. In the end, people do business with people, not “companies” or “businesses.”
- SIZE UP YOUR COMPETITION. Find their weak points and capitalize on them. Fight back with appropriate marketing strategies and sales pitches.
- MORE SHARPLY IDENTIFY your special industry niche and your special customer prospects; then intensify your sales/marketing activities in this direction.
- ENLIST THE AID of those who believe in you and what you are doing. Figure out ways to work with others on a commission basis. Let them help you grow.
- GET SERIOUS about managing your business. Make things happen by first making plans, then implementing them.
- INCREASE PROFITS by adding new products or services.
- KEEP LOOKING for new ways to sell everything. The possibilities are enormous and often overlooked.
- STUDY the financial figures of your business to pinpoint your strongest, most profitable products and services. At the same time, look for ways to cut costs and increase profits.
If you do not always meet your financial goals, remember that you’re doing fine when you can simply hold your position in the face of increasing competition. Longevity in one’s business is an important success factor.
One more thing you should NOT do: Do not lower your prices thinking that this will help you make more sales. All it will do is tell buyers that you are desperate to sell (like so many major retailers today). Yes, some people may buy at lower prices, but then when the economy gets better again, you’ll have trouble getting your prices back to where they were.
See also: Selling to Resistant Buyers
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