For people in business in the past few years, it’s been a tough road due to the economy. Of course, you can stand around arguing about what did it government entitlements, unbridled capitalism, bad luck, etc. However, knowing the cause of global collapse won’t help you personally. What’s important to focus on here is your own business’s long-term growth.
A lot of people wonder if long-term growth is even possible in a recessive economy. After all, a recession means that people aren’t out spending money. So how could you ever expect to experience growth, much less sustain it?
The real not-so-secret secret here is that people don’t stop spending money altogether. They just pinch their pennies tighter and refuse to waste money on the proverbial chance, while also separating what they want from what they need. This could hurt your business, but it could actually be a good thing for your business an explosive opportunity.
If you’re looking to achieve long-term sustainable growth during recession, then there’s a three-step process you need to think about. The steps are flexible and always evolving, but they must be taken if you’re hoping to keep your business afloat during these trying times.
First up on the table: look at what you’re selling. Luxury items and/or services aren’t going to do well. Big-screen televisions and driveway paving services aren’t in high demand. If you’re a business offering something considered a luxury, then there’s unfortunately no other way to strive except to adapt. You need to evolve or die here.
For everyone else, gear your product/service toward a need. Brainstorm on it a little bit. You’ll certainly think of hot-selling items during recessive periods. Once you find one – if you don’t have one already – the rest is all about how you market it.
You can’t gear your product toward making people actually need it through the product itself. You’re not a miracle worker. However, you can pitch it like you are.
Instead of cutting your advertising budget, increase it and spread your message. Change up the advertising and the text and let people know that they need this product because it’s helpful and reliable. Marketing is the second step here, and it’s imperative that your product/service is seen. You definitely want to advance instead of retreat.
The third step to focus on here is customer service. You have to step up in this department. As the economy slows down, each customer you have is that much more valuable to your business. Even if they don’t become a repeat customer, there’s still the chance that they turn someone else on to your business.
Change up your approach and become more customer-oriented. Gear your site toward welcoming visitors and making them feel as comfortable as possible. Rearrange your text, remove the obvious keywords and phrases, and create a friendly environment that comes across as helpful instead of authoritative.
Your business needs to adapt during times of economic downturn. If you can stay the course and hone in on giving customers what they need in a non-intrusive way, then you can achieve long-term sustainable growth in any economy.