When the economy weakens, people often tighten their pocket books and limit their excess spending. As a business owner, this presents a difficult challenge because you need to keep the foot traffic coming into your store. That may require some changes to your overall strategy in order to entice customers to spend their valuable money on your products or services.
- Make Wise Advertising Choices
During tough times, your first reaction might be to cut back on your advertising budget. While sometimes that may work out, it’s not always the case. Consider the statement “You have to spend money to make money.” If you limit your overall advertising then you are limiting the amount that potential customers are seeing your name. Instead, consider diversifying your advertising budget where you actually advertise, like spending more on online advertising through Search Engine Optimization, social media, or even through online reviews. Just remember that advertising is important to stay “top-of-mind” for customers, and always consider where you can make the most of your advertising money.
- Take Advantage of Specials and Offers
Everybody loves a good deal, especially when you are forced to pinch pennies during financial hardship. One easy way to benefit from this financial environment is to create special prices and offers for your business. You don’t want to diminish the value of your business, but setting discounted prices, and leveraging promotion dates, can create value. The important thing to remember is that customers make purchases based on if they feel like they are getting a good deal. It can be valuable to determine if a discounted or special price can benefit you and your customers.
- Illustrate Why You’re the Best
This is something you should aim to do, no matter the current financial market. Customers want quality products and service, so take a few steps to tell them why you’re the best option. A great way to do this is through past customer experiences. Try reaching out to some of your best customers and ask why they picked you. Use that good experience to promote yourself, or create an online review presence through Google search, or even social media. The key is to make it easy for customers to research and determine why they should pick you. Make sure important information is readily available for your customers when they shop, either by referrals, online, advertising, or even in-store.
- Showcase a Product Customers Can’t Refuse
What’s a product or service you offer that draws customers in? For some businesses that answer is easy to determine, but for others it is not. A quick review of your inventory and sales can provide the answer, but also consider high-dollar items that may have a bigger profit margin. Once you identify the product or service, then take time to properly showcase it. This is a good opportunity to combine more than one of your tactics. Think about changing up your advertising messaging to showcase your best products. No matter how you decide to execute promoting your best product, you have to make sure that enough potential customers see it and it entices them enough to come into your store to make that purchase.