7 Tips to Build Your Business During a Recession

Now is a great time to plant seed and be rewarded with a harvest. After all you reap what you sow. Here’s 7 tips to get you started.

1. GET CLEAR ON WHAT YOU WANT

This is no time to panic!! Get clarity on what you want to achieve and FOCUS. Focus allows you to find the shortest route between 2 points.

2. IDENTIFY A NICHE

Most small businesses have limited resources, which means that there is generally not adequate time and money to be all things to all people effectively. This does not mean “give up”. It simply means identify your ideal client who you can serve the best that will be profitable and actively work with them. The most efficient way to build your business is to aim for a target, not go swimming in an ocean!

3. CREATE A MARKETING PLAN

Once you have identified your niche, creating a marketing plan should be easy. Determine where to connect with your niche, what methods will be most effective. Do they congregate in groups, read newspapers or magazines, search online, or seek information though referrals? What message do you want them to hear, and how is the best way to send that message?

4. WORK WITH WHAT YOU’VE GOT IN YOUR HAND

68% of your customers go elsewhere because of indifference! Does that shock you? Put your energy into your existing clients and you will increase their average spend. This means more profits for you. Build loyalty by staying in touch. Educate your clients about what other services you provide that they may not be aware of. Ask for referrals from satisfied clients, or start a referral or rewards program.

5. ACTIVELY PROMOTE YOUR BUSINESS

Apathy. A six letter word that will suck the life out of your business if you let it. Now is not the time to sit back and let external circumstances dictate the outcomes of what is important to you. Difficult times can be used favourably to steadily build your market share, but you need to take ACTION. Once you have your marketing plan outlined begin to implement promotions that specifically reach your target market. Some suggestions include:

-Speak at networks that reach your identified niche
-Advertise on or offline in places that your target group access
-Use the unlimited free options available to you such as articles online and off, social media and free directories
-Activate your existing database by sending your latest catalogues and offers
-Run a competition or event that generates interest in you by your target group, and invite the media to be a part of it

Remember if your business is folds because you choose to do nothing, you only have yourself to blame, not the ‘recession’ which is a symptom that is temporary.

6. ALWAYS TALK IN ‘WHAT’S IN IT FOR ME’ TERMS

Your customer is not interested in ‘your business’ or even what it does. So don’t bore them with a long list of your attributes. They are interested in what perceived problem you can solve, so DO provide them with lots benefits you provide that can help them with their needs.

7. EVALUATE WHAT DOES AND DOESN’T WORK

You would have heard the claim that “half of my advertising works, I just don’t know which half”. Well, this is only partly true. You need to know where your customers are coming from and why, so remember to ask. List what types of promotion has worked in the past and do more of that. Ditch what hasn’t worked, or tweak where necessary.

"The fishermen know that the sea is dangerous and the storm terrible, but they have never found these dangers sufficient reason for remaining ashore." Vincent Van Gogh