How Can Your Small Business Grow in a Down Economy?

Here are three things that that can be done at this time starting today: 1. Sell more to your existing customers. It’s the fastest way to enhance your sales! They already know your identity, where […]

Here are three things that that can be done at this time starting today:

1. Sell more to your existing customers. It’s the fastest way to enhance your sales! They already know your identity, where you stand along with the quality of one’s goods and services. So, schedule an hour to produce 2-minute F.O.R.D. follow-up calls to your top 20 customers. Ask about their: Family? Organization? (company, church, school, etc) Recreation? (vacation plans, sports, etc.) and Dreams? Then ask: What can we all do that may help you? Listen to what your Customers are suggesting! Take notes, they’re going to inform you want you must improve. Finally ask them for a referral, recommendation, or testimonial. Statistics demonstrate that 40-50% of the people they refer is going to take action and phone you. Half (or 20-25% of referrals) will purchase from you. Also start spending 25-33% of one’s Advertising budget on promotions/coupons for existing Customers.

How Can Your Small Business Grow in a Down Economy?

2. Return for your Core Business. Cut your losses by reducing under-performing projects and re-focus on your own core business.

3. Look for new opportunities in counter-cyclical markets. What other “up” markets might you offer your core services in (e.g. Foreclosures, Healthcare, Green Industries)? Or are there any upscale or downscale markets making it possible to offer the services you receive?

What is a handful of types of what Small Businesses did to develop in down markets? I was recently interviewed through the Wall Street Journal to explain what three Businesses had done to “Re-tool their businesses to thrive inside a Recessionary Economy”:

1. Fitness Company/Personal Trainer-switched from Private to Group Training to reduce Customer cost.

2. Commercial Real Estate Property Manager- started offering their services to mortgage companies to book foreclosed homes.

3. Swimming pool business- moved up from the economy sell to the luxury pool, waterfall, and spa market. Here are three types of what my Small Business clients did:

1. New Home Cleaning business-set-up a whole new website and expanded the business enterprise into cleaning Used homes.

2. Automotive Repair shop- updated website, started Pay Per Click advertising, added Customer Appreciation events, and Frequent Shopper programs-Results: traffic up 400%, more customers, and sales.

3. Small Law firm- changed Internet Marketing strategy and website content increasing visitors by 300%.