How Can Your Small Business Grow in a Down Economy?
Here are three things that you can do right now starting today: 1.
Sell more to your existing customers.
It's the fastest way to increase your sales! They already know who you are, where you are and the quality of your goods and services.
So, set aside an hour to make 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 do to help you? Listen to what your Customers are telling you! Take notes, they will tell you want you need to improve.
Finally ask them for a referral, recommendation or testimonial.
Statistics show that 40-50% of the people they refer will take action and contact you.
Half (or 20-25% of referrals) will buy from you.
Also start spending 25-33% of your Advertising budget on promotions/coupons for existing Customers.
2.
Return to your Core Business.
Cut your losses by eliminating under-performing projects and re-focus on your core business.
3.
Look for new opportunities in counter-cyclical markets.
What other "up" markets could you offer your core services in (e.
g.
Foreclosures, Healthcare, Green Industries)? Or are there any upscale or down scale markets where you could offer your services? What are some examples of what Small Businesses have done to grow in down markets? I was recently interviewed by the Wall Street Journal to explain what three Businesses had done to "Re-tool their businesses to thrive in a Recessionary Economy": 1.
Fitness Company/Personal Trainer-switched from Private to Group Training to lower Customer cost.
2.
Commercial Real Estate Property Manager- started offering their services to mortgage companies to rent out foreclosed homes.
3.
Swimming pool business- moved up from economy market to luxury pool, waterfall and spa market.
Here are three examples of what my Small Business clients have done: 1.
New Home Cleaning business-set-up a new website and expanded the business 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%.
Copyright© 2009 DewPointe Ventures, LLC.
All rights reserved.
Sell more to your existing customers.
It's the fastest way to increase your sales! They already know who you are, where you are and the quality of your goods and services.
So, set aside an hour to make 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 do to help you? Listen to what your Customers are telling you! Take notes, they will tell you want you need to improve.
Finally ask them for a referral, recommendation or testimonial.
Statistics show that 40-50% of the people they refer will take action and contact you.
Half (or 20-25% of referrals) will buy from you.
Also start spending 25-33% of your Advertising budget on promotions/coupons for existing Customers.
2.
Return to your Core Business.
Cut your losses by eliminating under-performing projects and re-focus on your core business.
3.
Look for new opportunities in counter-cyclical markets.
What other "up" markets could you offer your core services in (e.
g.
Foreclosures, Healthcare, Green Industries)? Or are there any upscale or down scale markets where you could offer your services? What are some examples of what Small Businesses have done to grow in down markets? I was recently interviewed by the Wall Street Journal to explain what three Businesses had done to "Re-tool their businesses to thrive in a Recessionary Economy": 1.
Fitness Company/Personal Trainer-switched from Private to Group Training to lower Customer cost.
2.
Commercial Real Estate Property Manager- started offering their services to mortgage companies to rent out foreclosed homes.
3.
Swimming pool business- moved up from economy market to luxury pool, waterfall and spa market.
Here are three examples of what my Small Business clients have done: 1.
New Home Cleaning business-set-up a new website and expanded the business 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%.
Copyright© 2009 DewPointe Ventures, LLC.
All rights reserved.
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