Recession Marketing Strategies – Find Your 3 Hidden Business Assets

Posted by on May 4, 2009 7:54 pm
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Categories: C1A - Marketing Marketing During A Recession

You need money now.  Things are tight and you don’t know where you’re going to get the extra cash.

You’ve got a hidden asset staring you square in the face…

Your customers.

That’s right!  Ask them to do business with you again.

You’ve got a list of people who’ve bought from you. Contact them and ask them to do more business with you.

For retail shops that could mean running an event sale.  There are tons of holidays and reasons why you can run a sale.  In fact, here is a great site you can check out to give you some ideas for an everyday holiday.

I’m sure you could think of something that could give your customers a reason why to come out and do business with you.  Just make sure you tie it into what you’re selling and make it appropriate. 

If you sell services, you could find a reason to offer a your services at a discount, or a bundle.  Just come up with something and put a story around it.

Be creative and your customers will love it.

One of your other hidden assets is a referral program.  Do you have one in place now?  If you don’t you should get on it.  The best people to solicit your product or services are the people who have done business with you before.

Make them an offer they can’t refuse.  Run a contest.  Give them real reasons why they should tell everyone they can about your store, your services, or your event.

All it takes is a little thought, some planning, and you could have yourself a truck load of business after setting up a good referral program.

Another area you can focus on that is often overlooked (Hidden Business Asset) are your past customers.  Yes, the people who haven’t done much business with you recently.  Often times they’ve just forgotten about you. 

Make contact with them again, make them an offer to come back, apologize for anything you’ve done wrong and get them back through your door.  These are people that have done business with you that left for one reason or another.  The point is you may have not asked them to buy anything.  This is one great quick way to increase your cash flow.

That sums up the recession marketing strategies for today.  If you look at your customers and evaluate what you could be doing to increase the frequency of sales or the amount of each sale you could be looking at a huge windfall in profits within the month.

Go ahead and find a reason for your customers to come back and do business with you.  It doesn’t matter if you’re selling products online or offline, or if you’re selling a service… these are great ways to increase your cash flow.

Till next time…

Jay Simcic
Profit Convergence, Inc.

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