Entrepreneurs are always looking for ways to grow their businesses. This is because they trust their company, trust their customers to come through for them, and realize that a financial crunch offers advantages that aren’t available during better economic times.
1. Optimize Your Advertising Budget
When the economy makes a turn for the worse, it just makes sense that your advertising will give less of a return than during an economic boom. Sure there’s a lot less money being spent, but you don’t have to have to watch your profit margin plummet!
Advertisers are feeling the recession just as much as you are and are more desperate for clients. So it’s the perfect atmosphere to negotiate your way to lower costs – even if you are already getting a reasonable price. Every advertising penny you can save is that much more profit you’ll earn on the products.
Have you thought about getting free publicity? Local newspapers are always looking for something of local interest.
Make the news! Publicity can be free but an excellent way to get your business ahead of potential clients.
Do your advertisements need to be as big as they are? We tend to think the big is better, but the facts are that short ads with 11 words or less often generate a higher response than large ads.
Give it a try, and trim some costs right off your advertising bill.
2. Leverage on Big Ticket Sales
Not all of your customers suffer during a recession. Remember that there are always people who are thriving financially, so don’t be afraid to make big-ticket sales offers. Additionally, when money is tight, people who place a lot of stock in your product will value it even more.
Think about ways to create products similar to yours, but with much higher prices.
Internet marketers often create members-only sites and sell their products at higher prices. Hey, they’ll obviously make fewer sales, but the people who value the product will buy. So each sale will net an immensely higher profit. So think about it like this… even though the sales are fewer, the actual profit may be even greater than when it was sold at a lower price.
3. Increase customer acquisition
Your customers already know that you have great products and provide satisfactory service. As a result, they trust you to come through for them. Think about it… it’s much easier to make sales to someone you already have a relationship with.
Use every opportunity to increase your sales volume within the customer audience you already have. Do you have a product that goes with the one they are purchasing? Offer it to them at the register. It’s a proven and effective method for increasing sales.
You may be shocked at the additional sales you can generate from those already buying from you.