Top Tip For Business Owners - Continue To Do Marketing!
History has shown us that companies who continue marketing in a recession, grow their market share. Those who do not, decline.
The important thing in the immediate term is to focus on no or low-cost marketing strategies that will generate fast cash for your business. And the place to start is with your existing customers.
Marketing to existing customers
Don’t forget that if they can, your current customers will continue to spend money on your type of products and services. Even in this current climate, it is still appropriate to make offers to them that will be of benefit and add value. Here are some suggestions of tried and tested strategies:
• Special offers:
This is not about reducing absolute prices, which will cut your profit margins long term and not set you up for a more profitable future! No, this is making special offers that will be appealing right now and will encourage your customers to buy now rather than a little later – bringing cash into your business at a time when you need it.
For example, you may wish to offer money off a product or service for a short period of time. You may have some stock that you wish to clear out. Offer a deal on this to save on storage costs and provide some fast cash into the business.
• Going large: This is a specific type of special offer where you offer the customer (who has already made the decision to buy) a larger quantity (for example a bigger size or multiple units) of the same product or service for a preferential price.
The most common place where you will have seen this is in McDonald's when you are asked, “would you like to go large?” It is very effective and easy to implement.
• Bundling: Bundling is when you offer a complementary product or service to the one initially being bought which adds value to your customer’s overall purchase. Again, there needs to be a price benefit for your customer to buying a bundle.
You may have noticed that Amazon are great at doing this. You select an item to buy and before you go to your basket, you will be offered a bundle of products - the one you have bought and one or two related products or services.