During unprecedented times, many businesses often operate from a fear-based mindset which leads to contraction rather than business growth. Some businesses, on the other hand, not only survive economic downturns, they actually grow and thrive. The difference lies in seeing crisis as a time of opportunity.
Here are a few strategies to implement to help your small business to grow.
1. Focus on Current Customers
Focus your sales energy and resources towards delivering the best customer service to your existing customer base. When you create the best results and experience for your existing customer base, they will want to do more business with you and become an important source of new customers as well. Loyal customers give you more sales opportunities. Being pro-active is key here. Be sure to communicate business changes, including hours of operations, virtual offerings, and managerial decisions to keep customers in the loop during uncertain times.
Ensure that your customers or clients love what you do or sell, and keep them happy. Identify their needs, then meet them. Reach out to loyal customers, ask them how they’re coping, and offer to do what you can to help them out. Helping out before you’re asked to will win long-term customer loyalty.
2. Increase your Marketing and Advertising Efforts
When done right, business leaders know that marketing and advertising is what delivers more business. They also understand that during an economic downturn, the majority of other businesses, including many of their competitors, will be reducing their marketing and advertising spend.
Wise, proactive business owners and/or management teams therefore increase their marketing and advertising campaigns. That’s right. Marketing during a recession should actually be expanded, rather than contracted. Implementing a strategy of marketing more aggressively while competitors pull back, yields a compound positive effect and tangible results. Businesses that cut their marketing and advertising expenditures during an economic downturn, run the risk of suffering an even greater loss of business in the long run.
When asking which business do well during a downturn — in short, it’s the ones that market themselves strongly and engage in advertising and all forms of digital marketing.
3. Adapt to your Customer’s Needs and Give Back
It is very likely that your customers and followers are spending more time online right now. Actively engage with them via your social media platforms to find out what their needs and wants are from your business. Then use this information to make it easier for them to get those products and services — while simultaneously supporting your business. Also, consider using your skills or materials you can source through your company for the greater good. Beyond showing your customers that you care about a specific cause, you’ll expand your network–essential for getting back up and running again at full capacity.
