Friday, March 06, 2009
1. Increase marketing activities.
During a recession this is more important to understand than ever. Examine all of your marketing activities for ways to improve the connection with your audience.
2. Focus on PR.
The media loves stories about how the recession is impacting people. They also love stories that provide solutions to the recession. Look at new ways to package what you’re doing to get the word out and attract more business your way.
3. Get back to bootstrapping.
A boot strapping mentality is needed during recessionary times. This is the attitude that “We have to make something out of nothing.” Do the things you did to start your business.
4. Seek partnerships.
A recession is a good time to find and develop complementary partnerships. Who has established customer relationships that you need? What can you provide in return? Find other businesses you can combine efforts with.
5. Eliminate frivolous spending.
Not only during a recession!! Be conservative. Look carefully at your budget and eliminate any unnecessary expenditures. An opportunity to get creative. Is bartering an option?
6. Evangelize.
A recession is made for positive people. This is the time to create energy and excitement about possibilities for your business. Spread the word about who you are and what you do. Become a real promoter, evangelize yourself and get others excited about you.
7. Use online strategies.
Make sure your business is adequately positioned on the internet. Sell online, develop viral campaigns, use email to stay in touch, or use video to sell your services and capabilities. This requires savvy and constant attention but during a recession it will prove to be beneficial.
8. Give greater attention to your best clients.
You know how to do that! They will appreciate the feeling of added value of having more contact with you.
9. Help clients respond to the impact of a recession.
Come up with your own recession special. Showing you understand market conditions with discount pricing or additional services appeals to clients. Is there something you can do that reflects the economic times we all face?
10. Raise productivity while lowering staff cost.
Many who need to gain experience will work for modest sums. Bring in college interns or others who need or want more experience. Get more people involved to raise productivity at lower costs.