An economic slowdown can be a problem for your business. Or, it can be an opportunity to gain new clients and boost your sales-if you know and have mastered the marketing and sales methods that work best in recessionary times.
Writer's Digest correspondent Robert W. Bly is the author of hundreds of articles and more than 40 books. His newest title is Getting Your Book Published: Inside Secrets of a Successful Author (Roblin Press).
the recession is here to stay a bit longer? If so, you're not alone. Many
economists are predicting doom and gloom. And, even if the economy hasn't
hit rock bottom in your part of the country, it has slowed
down-significantly-in many states.
Worse, it doesn't take a recession or even a soft economy to create problems for your business. Every business has ups and downs. Even if things are going great guns right now, you need to develop business-generating strategies that succeed when times are tough.
Many businesspeople fear a recession or soft economy, reasoning that if the economy is poor, clients and customers will cut back on projects, stop spending, and-worse-sacrifice quality and buy only from low-priced vendors.
All of this is true-but only to a degree. An economic slowdown can be a problem for your business. Or, it can be an opportunity to gain new clients and boost your sales-if you know and have mastered the marketing and sales methods that work best in recessionary times.
What follows are 14 strategies that companies use to maintain-and even increase-their sales, while their competitors struggle to stay afloat. Apply these techniques to your own marketing and selling efforts during a recession, and you will survive-even prosper-while others struggle to get by.
Recession fighting strategy #1
First, the client or customer feels pressure, feels he has to come up with an
"excuse" why they haven't given you an order lately. This is
uncomfortable-and awkward-for both of you.
Recession fighting strategy #2
Recession fighting strategy #3
Recession fighting strategy #4
|Recession fighting strategy #5
Quote reasonable, affordable
fees and prices in bid situations.
If times are tough for you, they may be tough for others in your industry.
Clients know this and may seek to take advantage by sending jobs out for multiple bids, where previously they might have come to you only.
And if there's a recession, the cost of services or products will become more of a factor than it normally is; customers and prospects will be unusually price-sensitive.
The solution is to bid competitively, but reasonably. If you are high-priced to begin with, and you insist on getting top dollar, be prepared to lose out in some bidding situations.
How should you price your products or services during a slow period or a down economy?
Don't instantly lower your prices to rock-bottom. You may never be able to raise them again.
Also, you don't necessarily have to reduce your prices ...especially if your rate card or fee schedule presents a range of fees.
You should, however, bid toward the middle or lower end of your published fee range, rather than at the maximum.
For example, if you list $5,000 to $8,000 to write an annual report, quote a price of $5,000 or $6,000, not $8,000, to make sure you are not charging way more than other firms bidding on the job.
As a rule, during a recession you probably want to adjust your bids so they are 15 to 20 percent lower than what you would normally charge in a healthy economy.
This gives your prospects the break they are looking for, shows fairness on your part, but does not cost you much in the long run.
Note: Do not tell clients or customers that the fee is a special reduced fee. Simply present it as your bid on the project. If customers and prospects sense you are cutting fees because you are losing assignments, they will take advantage and try to force your prices even lower. So keep your pricing tactics secret, and simply present the price as you normally would.
Recession fighting strategy #6
Recession fighting strategy #8
Recession fighting strategy #9
Recession fighting strategy #10
Sales Trainer to America's Service Industries™
22 East Quackenbush Ave., 3rd floor
Dumont, NJ 07628
phone (201) 385-1220 - fax (201) 385-1138
Copywriter, Consultant and Seminar Leader
22 East Quackenbush Avenue, 3rd Floor, Dumont, NJ 07628
Phone (201) 385-1220, Fax (201) 385-1138
Reproduction of any portion of this booklet is permitted for individual use if credit is given to Bob Bly. Systematic or multiple reproduction or distribution of any part of this booklet or inclusion in publications for sale is permitted only with prior written permission.
Special Bonus from the editor:
Recession fighting strategy #15
Get your name
Worried about starting a business during these slow times? Use fun and memorable logo items to advertise your company. Hand out personalized pens that people will use daily and remember your business when they do! You can put your logo on anything, from car magnets to clothing to custom coolers you can use for lunch or bring to the beach! The success of many businesses is based upon promotion, so get your name out there today!
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