Time To Thrive!
Why it’s essential to market your business now more than ever. It’s often periods of crisis or downturns in the economy that present you with the greatest opportunity to gain a leg up on your competition and to not only survive but thrive. In order to prepare for any economic uncertainties, here are 10 tips that could help you in the event of a recession.
Increase your marketing now
It isn’t safe to rely strictly on word-of-mouth marketing. Just ask those who relied on it in 2008.
We have been in the marketing game since 2008 and we’re successful because there are plenty of smart businesses looking to new forms of marketing to survive the times and thrive over their competition. Unfortunately, those dependent on the traditional word-of-mouth referrals did not make it. Don’t wait, invest in marketing your business while you have the money available.
Not sure where to start in developing your marketing plan? No worries! Call or email us so we can find the perfect solution for your needs.
Build up your online presence
Digital marketing has become an important factor in being successful over the last few years. In fact, having an online presence is a deciding factor for over 80% of new customers.
If you’ve dragged your feet to get caught up with the (digital) times, right now it’s particularly critical to make sure you have a good online presence. This includes an up-to-date responsive website, an SEO plan, online ads, social media presence, email marketing, and more.
Remember that your reputation is important to gain new customers
Perhaps Minc Law said it best in its article Why is a Positive Reputation Important in Business. It discusses how having a positive reputation will often lead to an increase in customers which means a greater profit margin. A positive reputation often results in customers spending money and returning customers to businesses that have a positive reputation.
Most potential customers check a business’ reviews before making a decision. These reviews also are a deciding factor on how Google ranks you. The more positive reviews you have on Google, Facebook, and other sites, the better prepared you will be.
Streamline your products and services
One way to increase efficiency and profit margins is to refine your list of core solutions.
Focus on products and services that have a higher margin while eliminating those that are complex and time-consuming. Become efficient with all your services so you can maintain your margins and beat your competition.
Simplify your sales process
Use a package approach to eliminate the tedious proposal process.
Are you spending hours putting custom proposals together? Consider developing packages that are quick and easy to sell enabling you to pursue more customers during the same time. And again, you will beat your competition by providing a price before they have even started.
Focus on recurring revenue services
There are many reasons as to why looking at recurring revenue services is beneficial to your business.
Client care plans, security monitoring, and other forms of recurring revenue are attractive to the client because they allow the client to set a manageable monthly budget. But they’re also an added layer of protection for you during a depressed economy and a foundation for long term growth of your business.
Look into other strategic partnerships
You might already have some partnerships, but try to think of some that you haven’t thought of.
There are builders, architects, designers, and so on. But there are many other strategic partners you could team up with to give you the advantage. Think of cross-promoting home theaters with a local furniture store or creating an outdoor living package with the go-to landscaping company in town.
Once you have put your strategic partnerships in place, you need to turn these partners into sales people for you. Co-Branded Brochures have worked well for many dealers.
Refresh your company’s professional image
First impressions are everything. Look like the pros you say you are.
Your clients are contracting your business because of your professional expertise. Make sure that you and your team look professional too. From what you are wearing to the presentation of your documentation, you need to be the professional they are expecting. Don’t forget wraps for the vehicles you drive or the signs you leave behind.
Get creative with guerilla marketing
Think outside the box, leverage your expertise, and look for new ideas
It’s times like these when you should think outside the box. Some ideas our dealers have pulled off include co-sponsoring a movie at the park, contributing to a local news outlet about crime/security, and advertising on a golf course.
Focus on essential services
Luxury “wants” can become upgrades later
There are systems and solutions your clients will need when times are good (or bad). Think home security, lighting control for energy savings, etc. Practical benefits will win the day and the fun stuff is the cherry on top.
Talk with your customers about their needs and see what concerns them the most right now and then tailor your services to meet these needs.