During a recession it is very easy to lose focus and start reacting to situations rather than reminding ourselves of the various ways we need to stay on track. The fact is, some businesses benefit from a recession, business advisers, insolvency practitioners and discount businesses for example. There are some basic principles that we need to keep in our minds during a recession.
- Stay customer focussed. There may be less competitors as some businesses close, merge, relocate, but there is more competition. Every job will be fought over as customers realise how much power they have. A customer can ask for several quotations, haggle over terms and conditions, get additional benefits as they are feted for each piece of work.
- Stay visible in the market place. Many businesses cut back on advertising and reduce their profile in an attempt to cut their overheads. It can be a false economy as customers need to be reminded of a company’s presence in the market place. They will not necessarily remember you or search you out. If they do not see you they may forget you. So advertise, put articles in trade magazines, attend conferences and network meetings. Be seen to be in business and doing well. This reinforces your customers confidence and faith in you and your brand.
- Maintain existing customers. They already know your business and are happy to trade with you so maintain that trust. Keep them positive and involved in your business. Discover ways that you can support them more and take an interest in their business. Keep them up-dated of any developments or interesting facts by mail shots. Remember to inform them of any promotions that you are running. Encourage them to make repeat sales by using discount cards or encourage link purchases by advising them of items that may be of interest to them. Perhaps use questionnaires or feedback surveys to discover any areas that they feel could be improved to help them in their businesses.
- Provide good quality customer service. Understand your customers needs. Think of products or items that may be of use to them. Go the extra distance to ensure special delivery of something when they need it. Maybe provide training for their staff in new product awareness or link in and provide networking for them to improve their customer base. Keeping your customers supported and successful keeps your business successful too.
- Remember the importance of a price incentive. Money off, discounts, special offers are all incentives to buy in cash conscious times. Consider bulk purchase discounts or loyalty cards. These reward regular customers and encourage them to continue to trade with you. An incentive scheme for a regular customer can encourage them to buy all their requirements from you and can tip the balance in your favour when they have a choice of supplier. Cash discounts are more relevant than free gifts or prizes.
Remember that there is still business out there. You have to be the one who is visible, offering the right product at the right price, reliable and customer focussed. By being honest, dependable and prompt you will maintain your existing clients custom and trust and will also be in place to win new business whilst your competitors are falling by the wayside.
Susan Leigh, Counsellor and Hypnotherapist
www.lifestyletherapy.net