Given below are 5 effective and affordable marketing ideas that will help you win sales during a recession.
Bring out every old business card, brochure or any other lead that you may have and start calling your contacts.
You will need perseverance, because you might not strike gold in your first or even your second try. But keep on following those leads, since you don't have anything to lose - and lots to gain if you can pull it off.
Take out any old inquiries that had not been converted into orders and follow up on every single one of them.
Your existing clients are what keep your business running during lean times. You will need to take special care of them, since your competitors will no doubt have their eyes on your clients. Remember, they are also facing rough economic weather as well.
Keep in regular touch with all of your customers, even those that have only purchased from your business once. Tell them how you appreciate their support over such a trying period without mentioning the word 'recession'.
You can also reward them by offering them special discounts or gifts as a token of your appreciation. Let them know that you appreciate their business and their loyalty.
If you have rigid views on taking in odd or small clients, then you should become more flexible. If you have not previously entertained clients with different needs, such as smaller orders or staggered deliveries, now is the time to do so.
Keep an open mind and bend your rules a little to accommodate them, since they could not only pull you out of the recession, but over time could bring in new clients.
The best part is that if their business grows quickly, then their order values could quickly come into your regular scope of business.
There is no financial harm in servicing smaller clients or those with special needs, as long as it doesn't eat into your profits. You can start by taking a few trial orders before deciding if this route suits you or not.
In times when competitors are trying to undercut each other on price, let your service level be a notch higher than the others. Satisfied clients are sure to bring in new clients for your business.
Your clients should be convinced that they are getting much more than they were expecting. You might have to bend over backwards to achieve this level of client satisfaction, but as long as you do not sprain your back, this move is sure to pay off.
Your staff should also be made to realize that the customer is truly King in these trying times - and it will also ensure their job security if they perform well in their jobs.
If possible, provide additional services to your clients by providing them with additional warranty on your products and services. Offer on site service or telephone support. This will not drain your pocket to a large extent, but will go a long way in pleasing potential and existing clients.
It is during tough times that you need to alter your marketing strategy to survive to sell another day. The above marketing strategies are not very costly to implement, but can pay you rich dividends - both during and after the recession.