As a small business owner, navigating difficult situations like a recession can be a challenging and uncertain time. However, with the right strategies in place, it is possible to not only survive but also thrive during these difficult times.
In this blog post, I’ll share six sales and marketing tips to help small business owners weather the storm of a recession and come out on top.
- Re-Evaluate Your Target Market:
Recessions often result in changes in consumer behavior and spending patterns. As a result, it is important to re-evaluate your target market and ensure that your marketing and sales efforts are reaching the right people.
Conduct market research to better understand your customers and their needs during a recession. Market research can be as simple as adding an additional question to your next client meeting, or sending DM’s to your active followers. Adjust your service to meet changing demands.
- Offer Value-Added Services or Packages:
During a recession, consumers are often more price-sensitive and looking for ways to stretch their dollars. To appeal to these budget-conscious customers, consider offering value-added services or packages. For example, offering bundle deals or discounts for multiple products or services can make it more attractive for customers to do business with you.
You could also offer a scaled-down version of your current program at a lower rate if it’s still a profitable service for your business. We recently launched LIFT Runway [link to new landing page], a coaching community for new business owners. It’s only $15/month for members, and for us, it seamlessly fits into our larger LIFT Take Wing community and doesn’t take more time for Cory and me to support all of our members.
- Leverage Technology to Increase Efficiency and Save Costs:
Technology has made it easier than ever to reach customers and increase efficiency in sales and marketing. By leveraging technology such as social media, email marketing, and customer relationship management (CRM) software, you can reach a wider audience with less effort and cost. In addition, technology can help automate repetitive tasks, freeing up time and resources for other important tasks.
Zapier is my favorite app for creating automations between different programs to free up my time. As a software consultant for small business owners, Cory is a great resource to help our clients design systems that fit their needs. You can schedule a complimentary consultation with Cory here.
- Network and collaborate with other small businesses:
Networking and collaborating with other small businesses can help you reach new customers and markets, as well as save costs on shared resources and marketing efforts. Consider joining local business organizations or forming partnerships with other small businesses to pool resources and reach a wider audience.
Our favorite networking organizations include the Chamber of Commerce, BNI, and NAWBO. You can also create your own groups, which we call Strategy Circles. Invite your trusted colleagues to a Zoom meeting or a coffee meeting. Create a simple agenda that can include introductions, asking for wants and needs, and masterminding.
- Focus on Client Retention
Retaining existing clients is crucial during a recession, as it is often more cost-effective than acquiring new clients. Focus on delivering excellent customer service and providing value to your existing clients. Consider offering loyalty programs or special promotions to reward and retain your best clients.
Similar to re-evaluating your target market, ask your best clients for feedback on how to continually improve your service to meet their needs.
- Be Flexible and Adaptable
Finally, it is important to be flexible and adaptable during a recession. The market and consumer behavior can change quickly, so be prepared to adjust your sales and marketing strategies as needed.
By being proactive and taking advantage of new opportunities, you can position your small business for success, even during challenging economic times. In fact, being small and lean is a benefit to surviving a recession. Keep your team informed on the “why” when you do want to make changes, and get their input and buy-in.
A recession can be a challenging time for small businesses, but by re-evaluating your target market, offering value-added services, leveraging technology, networking and collaborating with other small businesses, focusing on customer retention, and being flexible and adaptable, you can weather the storm and come out on top. Stay focused on your goals and stay positive, and you’ll be able to navigate this difficult time with confidence and success.
If you would like to discuss your business plan with an experienced business consultant and coach, schedule a complimentary discovery call with Gail or Cory Nott. In this session