Generate More Business in a Tough Economy
Let’s face it; these are some tough economic times. As as small business owners, these may be some of the toughest times many of us have faced. However, that does not mean you cannot prosper. In fact throughout history, economic times tougher than this have always presented business owners with plenty of opportunities to grow and prosper. It is all a matter of having the right mindset, putting your fears aside, and taking the necessary steps to promote your small business even more. Incorporating some of these small business advertising tips can certainly enhance your profitability and help carry you through these tougher times.
One of the mistakes that I see so many small business owners make is when the economy gets tight, they decrease their advertising or stop altogether. That is the worst thing you can do for your business. One of the reasons is because your customers or prospects may be a little more conservative with their money, so the extra effort of calling additional attention to yourself and your business will pay off. People are still willing to spend money for the things that they want or need but sometimes they require a bit more convincing so they feel the product or service they are about to purchase is really worth it. Now more than ever, it’s not a matter of price so much as it is value.
Your customer or prospect can justify a very expensive service if it provides real value to them. This value can be in the form of something that saves them time or money, both of which are valuable commodities. Even more importantly, the value they perceive can be something that makes them look or feel really good about themselves. Anything you can do to enhance your company’s image or increase the perceived value of the product or service you are offering will greatly benefit your marketing efforts.
Another advantage of increasing your advertising and marketing efforts during lean economic times is simply because less people are doing it. So what that means is there are less advertisers competing for your prospects’ attention and wallets. Because there are fewer advertisers in the market that means publishers and other media outlets will be hurting for business. This means you can often get discounts and bargain rates that you might not otherwise be entitled to. These publishers need to stay in business just like you do and selling advertising space is how they generate their revenues. You will find they are often quite willing to strike a deal with you to earn your business.
Since your customers and prospects are more conservative with their buying habits, the use of coupons during tougher economic times has traditionally increased. People are looking for bargains and good deals, but there are a few things to keep in mind. First of all, don’t cheapen your business or the product or service you offer. If you are concerned about giving up too much of your profits, you can still present a very enticing offer without cutting into your bottom line too much. This is accomplished by adding value to the offer rather than chopping the price. Think in terms of what you can offer that will increase the perceived value of your product or service without adding a lot of real costs. Often times adding some type of personalized service that will only cost you some additional time will add a great deal of value in your customer’s mind.
Depending on your market or customers’ buying habits, the most effective type of coupons for your business might be ones that do indeed offer a price reduction. If that is the case for your business, by all means don’t offer wimpy coupons. For me personally, that just says I’m really not worth that much to your business. A 5% discount really does nothing to attract my attention unless it is on a very expensive item. Do not think in terms of a one-time sale but rather the lifetime value of that customer. In other words, if you establish a good relationship and serve that customer really well, the amount of direct income they could bring to your business could be significant over the course of years. Of course you also have to factor in the amount of income that could be derived from other customers that they refer to you. So giving a little more discount upfront can certainly pay off in the long run.