It can be next to impossible to grab new market share in an economic down turn. You constantly struggle with customer churn while you look for ways to entice new customers to your products or services. However, a recession is where the strong thrive!
It can seem like the world is against you! You work hard, sometimes 15 hours a day to make your small business survive to only feel like your customer’s hate you, banks don’t trust you and the economy is out to get you. If you’re one of the countless small business owners you need to refocus your energy on a few key factors that make owning a business during a recession as successful venture.
There are several key factors that must be looked at when positioning your self to gain market share. Keep in mind that many of the customer’s that you are looking to gain will not be loyal to the company that currently services them and in most cases they will be willing to go to anyone who can provide them with a few key things like, better price and customer service. However, one of the most overlook keys to success in a recession is advertising. It’s usually the firs thing in a budget that goes but it should be the last! The Internet is the biggest advertising boom of this century and SEO companies can help your company be found on the Internet. However, don’t be afraid to attend trade shows where the CCPPC (cash cost per possible client) is minimal. Even springing for a custom exhibit builder can do wonders for product placement and design. If your potential customer’s don’t know you’re out there the game is already over!
Second only to letting people know you are actually in business is the customer service you offer. If you are in business to sell a service or a product you are absolutely not the only company selling the same service or product. In reality, you are likely charging within a 10% margin of your closest competitor and neither of you are willing or can afford to change that so the most important and the most key factor is your customer service. Depending on your employee base it may be best for you to go outside your doors for quality control and find a reputable third party for your quality. However, personal hands on (straight from your leadership) approach will always be successful.
Most people think this next item should be first but it’s really the least important. The product or service that you offer. Quality is important. If you competitor can offer a better product at a lesser cost you are done so likely you’ve caught onto that concept and have already ensured you are offering the best product you can. Honestly, the type of product is unimportant. A man once called a rock a pet and made a million dollars that spanned several recessions. It’s possible to sell anything that remotely has a market. Although large-scale success in the market you are in is dependent on the size of the market you’ll be successful if you keep focused on being found, customer service and making sure you are competitive with your product.
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