When customers stop beating a path to your door and the din of the phones die down, it’s time to increase your marketing and lower your costs. That’s probably the easiest defense in fighting back a down economy.
I say it’s easy, and relatively inexpensive, because you can use what you already have. First off, you have the people, who probably aren’t as busy as they were just a few months back. We always say our people are our most valuable asset. It’s time to start using them more aggressively by having them hit the phones, the streets and marketing campaigns harder than ever before.
Sure, a lot of businesses will go under this year. But remember you do not drown by going under water. You drown by staying under water.
If you are starting to sink, lower your costs of operations. Also lower marketing costs, but make sure to increase the number of times you touch your current and potential customers. Do it now, instead of waiting for the raging waters of recession to settle.
If you haven’t done so (you’d be surprised how many general and custom CE retailers don’t), start calling all of your customers and prospects. You can contact them as often as you want, as long as you’re giving them value. That value translates into several things: information about new products, discounts or marketing specials. It can also be a friendly call to see how past products are performing, if upgrades or services are needed, or to wish them happy birthday or congratulations for a special event.
Use those calls to find out if customers have moved or to find out if any of their family or friends requires your products or services. You should have all their pertinent information (special dates, addresses, email, names of family members and friends, employment, etc…) in your database. Don’t waste the call. Use it to update that invaluable info.
Now that you’ve hit the phone, take the time to hit the street.The undisputed best way to build a relationship and increase sales is to put yourself face-to-face with consumers. Obviously, you don’t have the time to personally meet everyone, so target your desired prospects. That target audience should be made up mostly of people you can make the most amount of money from with the least amount of money and time.
To determine your perfect prospects make a list of desired demographics, such as income level, location, education and full solutions that fit their lifestyles. Scour your database for similar targets and create a reason for them to visit your store.
Well-composed letters and marketing materials – ones that get you noticed and remembered – usually work well. Don’t forget you want people to open and respond to what you send. Your customers and prospects are receiving more mail than ever. Be creative. If your competition is sending letters in # 10 white envelopes or large brown envelopes, send yours in a zippered bank bag, tube or overnight package. People will go for those first and remember who sent them.
