The Sure Cure for a Slowing Economy

When times are tight and the economy slows, many small businesses feel the crunch. No matter what business you are in, there is one thing that you can focus on to turn the tide from slow economy to continuously profitable business.

That one point of focus is marketing and sales. Oddly enough this is generally the last place business owners look for answers to the slowing economy.

Most of your competitors will cut back. Keeping your sales and marketing effort strong will help your business rise to the top.

When business slows down, your outreach efforts must expand

It’s easy to get into the mindset that “no one is buying” or that “people are only buying necessities.” This type of thinking leads to sales and marketing apathy.

People still buy the things they want. Notice the key word want. In a slowing economy you will probably have to work harder to make your product or service desirable to the people who want what you offer.

You will have to offer your product or services to tighter niche groups. What does your niche group want most? How does the value you’ve created with your business provide it?

Pick one niche client group.

Create a message that is important to them.

Deliver it consistently with permission.

Then go on to the next group you serve and repeat this process.

When marketing money is limited, tightening your efforts to focus on your most profitable niches is one way to build sales efficiently.

The next step to consider is the sales effort itself. A daily sales effort is essential when the economy slows down. Many business owners relate to sales in a “when I get to it” sort of way. This can be the kiss of death for a small business.

Think of sales as the first thing that get done each day. Schedule sales and marketing related tasks on your calendar and accomplish them. Be sure you are following a consistent strategy so you stay focused and on track.

Your strategy should include:

• A well articulated value statement.

What do your best clients say is the greatest value you provide for them. Use those exact words to communicate what you do to people who have never heard of you before.

• A permission based component that brings prospects one step closer to you.

Articles, white papers, Webinars and free consultations are a few of the ways you can use to attract buyers to your sales system.

• A sales system that converts new prospect attraction into a sale at least 1 in 3 times and definitely no less than 1 in 5 times.

If you’re not reaching these numbers, get sales training help. There are a number of options available to fit any budget including simply buying a book on sales and following the steps.

• The most powerful step that is often put on a back burner is client relationship management or CRM.

Stay in touch with people who have done business with you in the past. Allow them to continue to receive benefits from the value you offer. All you have to do is continue to help them overcome the challenges they face.

When the economy tightens, the only way to ensure continued success is to focus on strategies that increase revenues. While your competitors may be cutting back, you are tightening your focus and taking action that leads to a healthy bottom line.

When the economy rebounds again, you’ll be positioned as a leader in your industry if you follow these ideas today.