Sunday, September 29, 2002
Working instead of whining
When business is slow Take action
By Rhonda Abrams
Gannett News Service
Times are tough. I hear from business people all over the country that as a result of this economy, they've got fewer clients, smaller orders and no new customers. Something must be done.
When business slows down, don't just take it lying down. Take action. Remember Rhonda's Rule: Try working instead of whining.
It's time to step up your marketing efforts. Yes, I know that's easier said than done, especially when money is tight. But what's the alternative? Cutting expenses will only get you so far. And you can't just sit there waiting until the economy improves. By that time, you may not have a business left to save.
Some tips to step up your marketing efforts that will be effective yet won't cost a lot of money:
Call former customers. Of course, you should already have an ongoing marketing program that keeps you in front of past customers. But, truthfully, most of us don't. Start now. An inexpensive way to begin is just by picking up the phone or extending an invitation to get together.
Make a list of your best referral sources and start calling them. Once again, you should be in front of these key sources of business continually. Start now with just a call or a note.
Broaden your horizon. With a shrinking economy, you might find that business in your own geographic area no longer can sustain you no matter how hard you work. So expand your reach by widening your geographic service area and increase your pool of potential customers.
Participate in industry or entrepreneur organizations. Industry-specific groups are a particularly good source of referrals. Don't just go once; get involved, serve on a committee, plan a program.
Make cold calls. Yes, I know you haven't done that since your first year in business. But tough times call for tough responses.
Differentiate yourself. In a strong economy, companies that provide a broad range of services compete effectively. But in a weaker economy, customers become more cautious with their spending; wanting to reduce risk, they often look for specialists. In your marketing efforts, emphasize the services or products in which you've developed expertise and have experience.
Advertise in niche publications. Once you focus in on your specialty your niche look for ways to reach that market niche. Often, there are publications serving that market. Advertise in those repeatedly.
Get publicity. Is there any way to drum up free publicity for your business? Are there any stories related to your line of work that you can pitch to a newspaper or television reporter
Advertise. When times are tough, businesses cut back on their advertising budgets. After a while, customers forget you exist. Remember, out of sight is out of mind, and pretty soon you're out of business. Stay in front of your customers.
Rhonda Abrams is the author of The Successful Business Plan and The Successful Business Organizer. To receive Ms. Abrams' free business tips newsletter, visit www.RhondaOnline.com.
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