Authentic Entrepreneurs are always looking for ways to grow their businesses. They trust their company, trust their customers to come through for them, and realize that a financial crunch offers advantages that aren’t available during better economic times.
1. Get More for Your Advertising Buck
When the economy makes a turn for the worse, it just makes sense that your advertising will give less of a return than during an economic boom. Sure, there’s a lot less money being spent, but you don’t have to have to watch your profit margin plummet.
Advertisers are feeling the recession just as much as you are and are more desperate for clients. It’s the perfect atmosphere to negotiate your way to lower costs – even if you are already getting a good price. Every advertising penny you can save, is that much more profit you’ll earn on the products.
Have you thought about getting free publicity? Local newspapers are always looking for something of local interest. Publicity can be free, but a wonderful way to get your business in front of potential clients.
Do your advertisements really need to be as big as they are? We tend to think the big is better, but the facts are that short ads with 11 words or less often generate higher response than large ads. Give it a try and trim some costs right off your advertising bill.
2. Take Advantage of Big Ticket Sales
Not all of your customers suffer during a recession. Remember that there are always people who are thriving financially, so don’t be afraid to make big ticket sales offers. Additionally, when money is tight, people who place a lot of stock in your product will value it even more.
Think about ways to create products similar to yours, but with bigger profit margins. Internet marketers often create members-only sites and sell their products at much higher prices. Hey, they’ll obviously make fewer sales, but the people who really value the product, will buy. Each sale will net an immensely higher profit. Think about it like this… even though the sales are fewer, the actual profit may be even greater than if it was sold at a lower price.
3. Maximize the Customers You Have
Your customers already know that you have great products and provide satisfactory service. They trust you to come through for them. Think about it… it’s much easier to make sales to someone you already have a relationship with.
Use every opportunity to increase your sales volume within the customer audience you already have. Do you have a product that goes well with the one they are purchasing? Offer it to them at check-out. It’s a proven and effective method for increasing sales. You may be surprised at the additional sales you can generate from those who are already buying from you.