Recession Buster Marketing Strategies

Be Willing To Do Things Differently. Today more than ever, the people that are successful are
the ones that are willing to do things differently. The psychology of the consumer has changed.
Business owners need to rethink how they view their customers.

Hone In On Your Best Customers. The common response is that “I need to get more new
customers”. The truth is that they also need to re-shift their focus on extracting the value from
the customers they already have. Focus on shifting your energy to creating and marketing
more/different products and services to the top 20% of your existing client base. These
customers want more from you. You simply need to let them know that you value them and are
there to service them. If you miss this opportunity they will go somewhere else. Furthermore,
there is no cost to do this. The cost of acquiring a new customer is significant as compared to
selling to an existing customer that you already have a relationship with. Never underestimate
the value of your existing customers! Business owners make this mistake all the time.

Inspect What You Expect. Make sure both existing and new customers are handled properly in
the entire sales funnel. It is very costly to get a new customer to call you. The very best ideas are
often not executed properly. Very few business owners are obsessing about being great with
their sales and marketing.

Leverage Key Relationships. During the recession you want to think about offering MORE
products and services to ALL of your customers. The customer’s ability to consume typically
outweighs your ability to develop new products and services. You want to approach other people
that you know that have products and services that people in your client base would like to have.
This can work wonders for you… it positions you as an “expert/consultant” type of friend to your
customers. If properly done, you can also strike joint venture/revenue sharing types of
arrangements with these people. This is a key Recession Buster Strategy.

Increase Customer Value. Essentially there are 3 ways to grow a business. 1) Acquire new
customers. 2) Get existing customers to frequent you more often. 3) Increase the transaction
size each and every time they buy from you. Again, this is a NO COST STRATEGY. You already
have them!

Increase Prices. Business owners often do the reverse in an attempt to get more business. By
operating out of fear, business owners will often think that by lowering prices they will get more
customers. First, they need more transactions just to get to where they may have been initially
and second, they end up building an unstable, disloyal client base. People that are bargain
hunters will move from business to business. When people pay more they will value your service
more. One must examine their target market closely and market to it with laser beam like focus.

Summary. Don’t operate out of fear. Don’t wait for the “recession” to end before taking the
necessary steps that will spark your business. Be bold and willing to ‘think out of the box” when
it comes to your sales and marketing.

We at New Day Consulting, would be honored to speak to you about the ways in which we can
come alongside you and help to give you a different way to see both yourself and your business.