Marketing Your Business In A Recession :

Expand your customer base

It may seem obvious, but one way to make more sales is to get more customers. Businesses will often look at ways of expanding their customer base during periods of growth, but it can also be considered when existing customers are not generating enough sales.

The main growth areas are:

Target audience/sector: Consider targeting a completely different group of potential customers from your existing customer base. For example, if you currently sell to consumers you may wish to target businesses as well, or if your clients are in one business segment then consider selling into others. Finding a niche in a crowded market could result in sustained growth.

Geographical coverage: Review your existing geographical coverage to find out if there is potential to increase your market reach. For example, if your customer base is quite local you may wish to target new customers at a regional level, or if you currently trade nationally you may find there are opportunities overseas.

Business referrals: Consider approaching other businesses that provide supplementary products or services to what you offer. You could make an agreement to cross-sell to each others' businesses, getting access to a completely new customer database. For example, if a printing company knows that a client wants a website they could recommend a new media company, and vice versa.

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Revisit your marketing plan... :

The first step in creating a recession-proof marketing plan is to reassess your defined goals and budgets.

Ask yourself this question: will your current marketing activities drive enough customers to your business to meet sales targets? If not, you may need to update your marketing plan based on realistic goals within the current climate.

There are five key strategies to consider when reviewing your plan:

• Expand your customer base
• Expand your products and services
• Nurture your existing customer base
• Raise your profile
• Keep marketing!

Good luck recession-proofing your business!

 

Tags: recession, marketing plan