Small-to-medium-sized businesses can survive a recession if they act early – that is before their customers have committed to other vendors. Securing revenue during a recession is no different from any other time; the company simply needs to increase its marketing effort and scope to reach more customers. Here are some tips to increase your market share:
Create a strategy
If the company hasn't already, develop a marketing plan. If there is a plan, increase its activity by at least 25% to reach more prospects. Clarify the company's target markets and customer profile. Confirm that the company's value proposition solves a critical problem for that market, and that it is competitive in the market.
Publicise
Put the company's name in front of prospects. Ensure press releases are published regularly, letting prospects know about the company's recent successes, events, and activities. Use a separate release to target specific locations.Create a unique angle for the release that captures attention.
Publish articles
This is an easy and inexpensive way to capture attention for the company. We're in the information age and there are literally thousands of media outlets in search of interesting articles. The key is to write what prospects want to hear about, provide value, and include a clear call to action.
Ask for referrals
There is no faster way to find a new prospect than to ask an existing customer. They know you and your company and can easily predict whether any of their business partners would be a viable prospect.
Distribute electronic newsletters
Newsletters are a reliable way to maintain contact with customers and prospects because when prospects opt into the company's mailing list, the sales team can be sure that person is interested. Winning business is often a matter of timing. By keeping the company's name in front of prospects throughout the newsletter, chances improve significantly that the client will seek the company's services when he/she is ready to buy.
Public speaking
Speaking to groups is a proven method for generating new business. Offer expertise to industry trade shows, civic groups, or business organisations. If the company does not have a competent public speaker, send someone for training or join a local toastmasters group.
In short, the way to beat a recession is to creatively grow your market presence, not pull back. While many others diminish, this is your opportunity to move to the front.
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News article supplied by Patrick Greenaway of ActionCOACH Business Coaching.