How to Keep Sales Up In A Down Economy
It’s a frightening thing when sales start dropping off and it gets even more serious when businesses react by cutting back on their sales and marketing efforts. Don’t fall into that trap.
How can your prospects buy from you if they don’t know you’re out there? Don’t let this economy overwhelm you. Practice prudent management but market decisively and Act, Don’t React.
Here’s What Not To Do
Don’t stop promoting and don’t start discounting or couponing. Doing so may cause gross sales to initially decrease at a slower rate but your profits will drop. Discounting reduces your selling price in your customer’s perception but it doesn’t reduce your costs—it just erodes your profit margin. If you are already discounting or couponing develop a program to work your way out of it profitably.
Look at your customer base. What do you know about them? Why do they buy from you? What do they really think about your business? Do the same with your prospects. Next, determine what opportunities exist to increase top-of-mind awareness of your firm, and its products, in your public’s minds? How? Ask them. Conduct some simple straightforward research.
Convert Customers into “Your Fan Club”
Take a few minutes out of everyday and put yourself in their shoes. Offer service beyond the expected--it will payoff big. Capitalize by delivering unexpected quality.
Benefit from Commitment
Create an environment for your Customers to promote you. If you don’t have a website...get one. But make sure it meets your customer’s needs and provides them with feedback directly to you. Include a Blog and if you’ve followed the advice this article offers before you know it, your customers will be promoting you.
Have a question for Terry? Ask or leave a comment below!