Article Written by Katina Jaye Beveridge, ASBAS Advisor, Western Sydney Business Centre
Running a business in a tough economy is very difficult, so you need a different approach to survive. As businesses in Australia and around the world are seeing a massive downturn in revenue, it is critical that you retain your customers during this recession. If you are able to hold on to your customer base, you will be able to weather these difficult times while keeping your business afloat.
Here are some marketing strategies to help your business, not only retain your customers, but grow despite the situation:
1. Proper mindset is the key. It is easy to run scared when things get difficult, but the best way to get over this challenge is to tough it out. Do not concentrate on retaining your current customers. You need to set your goal as if there is no crisis going on.
2. Add value to your business. Think about what your customer needs and how you can deliver it to them. Don’t focus on what you want to provide, but consider what your customers need right now. You also have to think about how they can easily access your products and services. Streamline your ordering, payment, and delivery process to make it more convenient for your customers. This way, not only will you be able to keep your customers, you’ll also gain new ones.
3. Create an experience for your customers to foster loyalty. Customers will stay with you because they love what you offer them. Remember, retaining existing customers is five times a lot cheaper than getting new ones.
4. Become more visible. You might think that it will be better to lie low until the economy recovers. Unfortunately, your customers would have forgotten about you by then. Take this opportunity to stay in front of your customer by joining events, being active on social media, and writing articles.
5. Don’t cut back on marketing. Cutting marketing budget is the common knee-jerk reaction to this situation. However, this is the time for you to spend more on advertising and ramp up your marketing.
Final Thoughts
Recessions can be tough, but you can take advantage of this opportunity to become much stronger and more profitable if you position yourself to benefit from it.