Fed up hearing about, worrying about, stressing about recession? Are you already seeing a drop in sales, repeat business and referrals?
Whether you are or not, recession is well on its way and those not prepared are going to feel the 'pinch'. The good news is there are some very simple things you can do make your business nigh on recession proof and if you spend some more time with me you'll see recession creates you a lot of opportunities too. OK, stuff to do starting today to keep your business running, your customers happy and your family in new clothes.
Recession Slayer #1: Account for Every Single lead, Prospect or Enquiry. I'm willing to bet that you lose anything between 5% and 50% of the business you could generate through 'slippage'. Telephone enquiries that don't get followed up, emails that get forgotten, proposals that aren't closed etc, etc. In tough times the cost of new client acquisition goes up. In many cases there are less new clients around (not all) and you need to do more to attract them. A world class lead generation system will help you keep costs down and free up resources. Secrets to making your client acquisition more efficient:
- Track response from all your advertising and marketing. Identify which get the responses and which don't. Do more of the ones that do and less of the ones that don't.
- Perfect your sales process. Whether that's face to face in a shop or office, online, offline or whatever. Spend MORE here.
Recession Slayer #2: Do the Opposite. I'll bet most of your competitors are cutting marketing, cutting advertising and lowering quality in an attempt to increase margins. Remember, 'when the cat's away, the mice will play'. Use the fact your competition WILL be on the retreat and increase your successful marketing, increase quality, increase your prices. Yep, I said increase your prices. Not the right place to discuss this in detail but there's more mileage in serving people affected least and last by recession (the affluent) that there is serving bargain hunters...
Recession Slayer #3: Get Some Friends: Recession hits all business and those in your area, industry and outside are looking for help too. Now is a very good time to develop mutually beneficial partnerships. In simple terms you offer your products/services to another companies' customers and they do the same in return. Many benefits arise - you both gain clients, you both gain easy profit, your customer win because they get added value from you both!
Recession Slayer #4: Keep Your Mouth Firmly Closed. Back in my deep dark days as a corporate 'superstar' there was nothing which would draw my inspiration, creativity and motivation to a stop faster than hearing from a boss or colleague that the company was in trouble. Wham! The shutters went down. You can and will have the same affect on the people in your business. The moment they get a sniff of despair it'll run riot. Remember - the market for what you sell still exists. People ARE still spending money (and more of it than either I or you could ever comfortably suck up). Be the opportunistic entrepreneur - don't 'throw in the towel'. Excite your own and your employee's imagination with opportunity and creativity.
Recession Slayer #5: Specialise and Raise Your Prices. Focusing on a defined, niche group of prospects and customers allows you to charge premium prices and beat generic competitors. The very best way to recession proof your business is to change WHO you are targeting. Remember, your best clients will be those affected least and last by recession. Who are they? You got it... The affluent...
Recession Slayer #6: Mine for Gold. Earl Nightingale and 'Acres of Diamonds' keeps ringing in my ears. It is way, way easier and cheaper to extract additional business from your existing clients that it is to go find new ones. It astonishes me that so many small business owners, coaches, consultants, speakers and authors don't have a rock solid system in place to sell additional stuff to their customers and clients. To get more from your base you must communicate with them more. Send a newsletter at least once a month and do not be shy to offer products and service that will be of value to them.
Above all, keep your chin up and keep thinking, keep creating, keep going. There's ample, abundant opportunity out there for you. Grab your share.
I'm here to help if you need me.
Copyright (c) 2008 Henry Baker
Henry Baker a serial entrepreneur, marketing expert and world renowned success coach http://www.RecessionSlayer.co.uk - He's directly helped over 800 small business owners, coaches, consultants, speakers and authors get more clients, get their clients spending more, returning more often and referring more people. To receive your F.R.E.E. Recession Beating Report by mail and get weekly how-to articles on attracting more customer and clients visit http://www.RecessionSlayer.co.uk
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