Reacting to the Economy or Becoming Proactive?
An interesting article appeared on my desk last week discussing “growth in a down economy”…a topic I assume we are all pretty familiar with at this point in time. A group of 117 small businesses were interviewed on the current state of the recessionary economy and their plans to combat it. The study revealed some very insightful points that I wanted to share, as these techniques can be applied to a number of different areas – whether it’s a medical practice or a bikini shop:
1) Grow Market Image and Presence
2) Increase Marketing Activities
3) Build Customer Loyalty
4) Improve Sales Skills
5) Increase Effectiveness by Streamlining Existing Business Processes
6) Create a More Interactive/Useful/Impactful Website
7) Better Understand Your Competitive Landscape
8) Create Incentive Programs for Repeat Business
9) Search Engine Optimization
In these times, our instinctive reaction is to cut “extraneous” expenses and hold onto every penny of profit. What if we stopped being reactionary and started being proactive? Pay attention to the needs of your consumers, connect with their interests and strategically promote your business. Consumers have not stopped purchasing – they are just becoming more selective.