Everyone is talking about the big “R” word and what a recession means for business. There’s no question that budgets are shrinking and more pressure is looming on the horizon. But it’s not all doom and gloom. Fact is, many companies thrive and actually experience surprising growth during troubled times. How you approach it makes all the difference and a positive mindset is key. It can be done and many companies ARE doing it. The glass is half full, folks.
John Arnold, author of Email Marketing for Dummies and Director of Constant Contact University, joined us on this episode of Small Business Trends radio to provide tips for small businesses looking to grow in today’s risky business economy.
John suggests starting with some of the tips listed below:
- Small businesses should be — thinking first about finances and second, about psychological impact. Surveys indicate that 86% of small business owners feel the economy will impact their Holiday sales. Buying behavior is changing and uncertainty prevails. Reevaluating is necessary during times of uncertainty.
- Take a hard look — at the facts. Less impulsive spending, more caution by consumers. Trustworthy businesses that look stable and strong will eleviate uncertainty for customers and understanding the value and benefit they will receive from your product or service further eleviates this uncertainty. A company they trust, a product or service they need and receive value from, equals positive consumer spending.
- Lean heavily on — the things that have the highest return. Use direct response marketing that gets immediate sales, traffic on the web site and incoming calls. It’s an affordable approach that gets an immediate response and yields a high return for little investment. Statistics show that every dollar spent on email marketing, yields a $51.45 return on average.
- Frequency of email marketing — depends on the information received. Is it valuable and relevant? If the answer is yes, send it. Take the buying cycle of the customer into consideration as well. If they get place an order every week, weekly communication is fine. If they place an order once a year, weekly communication would not be acceptable for that particular customer.
If your customers are cautious right now, don’t look for new prospects to do business with. Go back to your loyal customer base and repeat buyers for business. The challenge is to survive and grow. Communication and repeat and referral business is the way to go. Coming out of these troubled times with deeper customer relationships and greater loyalty will ensure your business not only survives – but thrives.
Explore all of John’s tips to experience business growth during troubled economic times by listening to his full interview by clicking the red and yellow player below.
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