Business Coaching, Customer Service, Economy, Sales

How to Act in a Slow Economy


While it is true that the economy is going to fluctuate and that things are not where they were several years ago, that does not mean that you should slow down or even freeze all your marketing efforts as a business person.

There are businesses thriving at the moment, so what are they doing that others aren’t? It could be that good luck is with them, but how is it that certain businesses have all the good luck? Maybe that their good luck is down to the actions they take – planning, education, training, effective marketing, customer service and so on.

It is at times like this that the proactive businesses are going to stand out from the norm. The question is: do you want to be part of the norm or do you want to be at the top of your league? Where do your competitors want to be placed? If they decide to take on this challenge presented by a slow economy, what impact could that have on you if you want to ‘dig in’?

If you decide to become proactive, you will see that there is a plethora of tools available around you to make your marketing give the returns you want. So, ask yourself a very honest question: “Could I be doing more to market my business?” If the answer is yes, then ignorance, not economy is your greatest threat.

A few tips to help you on your way:

1.Define your uniqueness (USP): Find out what makes you different. Once you know, brag about it and let the world know.

2.Test and measure your marketing: Test and measure your marketing to see what works and what doesn’t. Save money where it isn’t working and spend more where it is.

3.Clearly identify your target market: The best marketing piece in the world is wasted if not targeted correctly (e.g. advertising stair lifts in Loaded would not be terribly effective!)

4.Increase your knowledge & position yourself far ahead of your competition: Hire a coach, read books, go to seminars, join some good courses or do whatever it takes to invest in yourself because you are your business’ most important asset.

 

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