To stay ahead or in tough times it pays to be prudent, focused and active. Here are some tips that will help you strengthen your business and have a better more valuable business:
Keep the communication going; when times get tough we tend to retreat to our caves (no customers there). Every customer counts and we need to get out there, connect and understand how we may best service their needs in a different market place. Work to ensure your customers are happy.
Focus on the best performers, those that communicate value, reliability, durability and performance, and re-forecast your demands and cashflow on these.
People are looking for value. Define how your customers perceive 'value' during difficult times. Look to add and emphasise such value in your overall offering instead of just lowering prices.
Businesses that increase their advertising during recessions, while competitors cut back, can improve their market share. Determine which mediums and activities provide you with your greatest returns. Err towards the more proven channels and those that target your customers (select on quality).
Stay vocal and active - your advertising and communications should stress value and performance, not focus so much on creating brand or company awareness. Look to connect with your more serious customers with messages about your product or service and its capabilities with strong calls to action. Your website can be a powerful and cost effective tool offering an easy way to reinforce your message.
Want a better business? Build the value in your business for the day you sell
Richard O'Brien - nzbizbuysell
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