Building Business Relationships to Survive the Economy
The Economy May Be Bad But Your Business Can Survive
Businesses, especially small businesses have been taking a serious hit during the hard times that have hit the global economy. That's not news to very many people but the reality is, if you don't do something, nothing good is likely to happen. At the very least, things will continue hobbling along until the money once again begins to flow in.
Most folks have heard the saying, "If you keep doing what you did, you'll keep getting what you got". In other words, continue using your marketing strategy from times when sales were easier to get and you stand a chance of declining forecasts.
It's time, past time really, for a different perspective.
Survive the Economy
Different Efforts = Different Results
Have you changed your approach when addressing your customers yet? Building relationships is a time honoured method of increasing client loyalty and it is even more important, critical perhaps, in a recessionary climate. If you do it correctly, it can go a long way to helping you to survive the economy.
The economic downturn has people nervous. They’ve got spending jitters, afraid of parting with their hard-earned cash in case they run out before more comes in. While it’s understandable that folks are being cautious, you can incorporate and address that fear in a way that draws in sales.
When you look at this situation, your natural inclination is probably to drop your prices. That seems to make sense but it is not the best idea. Price dropping is likely to put you in the price comparison category. People will shop around to see if one of your competitors has an even cheaper price.
The way to offset this type of comparison price shopping is to focus on the value of your product offering. Show your customers what they get for the price. Point out the features and play up the benefits. How will what you offer help your customers? Switch their attention from price to value. Help them to know how much they will get out of purchasing from you.
Face the Fear and Overcome Objections
As I mentioned before, people are scared. Address that fear, rather than pretend that it isn’t there. Align yourself with your potential customer to get their perspective. Perhaps they are one of the many out of work. Imagine it was you in their place. What would you need to hear before feeling safe and comfortable enough to spend precious dollars?
Something I want to emphasize here – do not lie. Be truthful about your product, guarantees, etc. Just approach the subject from your client’s perspective and plan your sales and marketing strategy using that angle.
Form a Bond
In today’s marketplace, companies need to offer comfort, hope and encouragement in order to increase their chances of still being around when the financial climate improves. If you can do that, you’ll not only be building relationships that last, you’ll also stand the best chance possible to survive the economy.
- Advertise Your Home Business
If you hope to expand your enterprise, you must spread the word and advertise your home business as much and as best as you can. Never mind the low or no budget argument. There are ways to advertise that dont cost you anything but your time.
Help Your Business Survive the Economy
© 2009 Herald Daily
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