Beat Recession by Staying Sharp

Everyone is talking about recession these days, how businesses are failing, and big, big businesses mind you – and how the economy is getting worse by the day. 

Run And Hide?

As a small business owner, what do you do with that information? Do you run and hide, close up shop, hide under a box and hope it all blows over? 

That’s not really an option for business owners, because for most of us, if we stop working in our business even for a day or two, the whole thing grinds to a halt, and guess what? No paycheck. 

Stay And Fight?

So we don’t have the option of running away, so why not stick around and fight? In this mini-series, you’re going to see how sticking around and fighting in the midst of a recession can be an incredible opportunity for your business. I’m going to show you how you can use recession to your advantage, and come out of it far stronger than before, and far stronger than your competition. 

Don’t Let Leads Fall Through The Cracks

Today’s strategy for dealing with recession might seem straightforward, but the reality of the matter is that most small business owners are oblivious to what they’re letting slide through their fingers. 

So don’t let leads fall through the cracks!

This means that you need to identify where you’re losing leads, and plug the holes. You need to be capturing their contact information at the point of first contact, whether that is in the store, on the phone, or on the internet. 

Once you’ve got their contact information, you need to have a plan to follow up, follow up, and follow up until they purchase something. I’m not talking about incessant nagging, I’m talking about providing value, and building a relationship. There’s a big difference. 

Automated Relationship Building

The good news is that most of the follow up work can be automated so that it won’t require any more of your time. Statistically, it takes six or seven contacts before a customer purchases. How often do you normally interact with your customer? 

By setting up automated follow up strategies, you can dramatically increase conversion ratios. I guarantee that 99% of your competitors will not be taking out the microscope during this recession to see how they can optimize their lead capture process. This will give you a big advantage. 

One example of an automated follow up strategy is an email campaign setup with an auto responder. This can be adapted to pretty much any business out there. 

Track Response For All Marketing

It is imperative to track the response of your marketing in order to find out what’s working and what isn’t. If you’re not tracking, measuring and analyzing, you don’t really have a clue where you stand. This will allow you to focus on the forms of marketing that produce a direct, measurable response, which will lead to more profits, which can be re-invested in proven forms of marketing. 

Optimize Your Sales Funnel

It sounds technical, but all this means is paying attention to that first point of contact. How do you answer the phone? How do you greet people when they walk in the door? The very words you speak can either slam the door in their face, or invite them in further. Experiment, make notes, and optimize this process. Develop a script and stick to it. 99% of your competition will never do this, thereby giving you another advantage. 

This post is the first in a series of six dealing with strategies your business can implement immediately that will cause it to prosper during this recession and positively dominate during the good times to come!

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