With unemployment rate going up, consumer spending down, and profits and stock prices depressed, business owners everywhere share the same sentiments. Everyone is fearful and quite unsure of how to run their business in these troubled economic times. But even if it is only normal for entrepreneurs to be scared of the unknown, change is inevitable and it is best manifested in a situation like a recession. Economic winds shift and only those who are able to react appropriately and expediently will be able to succeed in this new market.
But the question is this, how do businessmen get to create change when marketing budgets are slashed to almost nothing? Here are a number of things that entrepreneurs should look into.
As economic growth slows down and productivity tapers off, most businessmen will be tempted to cut their prices in order for them to continue to attract customers. However, doing that may do more harm than good. Even if your sales do increase and even get to cover the slimmer profit margins, what you’re doing is cheapening the image of your business. And reputation is something which you painstakingly build over time. A well-established dental practice did not carve itself as such overnight and without little effort. But by cutting the rates of its services, that very same dental practice might send a message to its patients that it offers substandard services.
Instead of making price cuts, focus on rewarding loyal customers since they are the likely ones who will stick with you during troubled times. Come up with a loyalty program or send out thank-you cards and baskets.
Some people may be just too optimistic to ever have one, but a recession plan is necessary, especially small businesses which have moderately limited financial resources. Think of marketing strategies which you can implement should you be in a recession. A recession does not last forever just like expansions. Inasmuch as you plan for your future expansion, plan for the bad times as well. With the right dental marketing plan you can not only survive but prosper during this recession.
When things are slow, you need to focus more on marketing and finding new prospects. This is a marketing concept which almost everyone knows about. But what they do not know exactly is how to prevent a slow down. You prevent things from lulling down by constantly marketing the entire year through. Small businesses can go for cost effective programs which produce measurable results. Of course, the bigger businesses can afford to go all out on their marketing campaigns.
photo credit: Pixabay Public Domain