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By Patrick Greenaway
Small-to-medium sized businesses can survive a recession, if they act early while customers have still not committed to other vendors. Securing revenue during a recession is no different than any other time; the company simply needs to increase its marketing effort and scope to reach more customers. Here are some tips to increase your market share:
Create a Strategy
If the company hasn't already, develop a marketing plan. If there is a plan, increase its activity by at least 25% to reach more prospects. Clarify the company's target markets and customer profile. Confirm that the company's value proposition solves a critical problem for that market, and that it is competitive in the market.
Publicize
Put the company's name in front of prospects. Publish press releases regularly to let prospects know of the company's recent successes, events, and activities. Use a separate release to target specific locations. Create a unique angle for the release that captures attention.
Publish Articles
This is an easy and inexpensive way to capture attention for the company. We're in the information age and there are literally thousands of media outlets in search of interesting articles. The key is to write what prospects want to hear about, provide value, and include a clear call-to-action.
Ask for Referrals
There is no faster way to find a new prospect than to ask an existing customer. They know you and your company and can easily predict whether any of their business partners would be a viable prospect.
Distribute Electronic Newsletters
Newsletters are a great way to maintain contact with customers and prospects. Because prospects opt-in to the company's mailing list, the sales team can be sure that they are interested. Winning business is often a matter of timing. By keeping the company's name in front of prospects through the newsletter, chances improve significantly that the client will seek the company's services when they are ready to buy.
Public speaking
Speaking to groups is a proven method for generating new business. Offer expertise to industry trade shows, civic groups, or business organizations. If the company does not have a competent public speaker, send someone for training or join a local toastmasters group.
In short, the way to beat a recession is to creatively grow your market presence, not pull back. While many others diminish, this is your opportunity to move to the front.
Patrick Greenaway, Certified Master Business Coach and Firm Owner – ActionCOACH KZN. Contact ActionCOACH KZN, 08611COACH, www.actioncoach.com/patrickgreenaway, patrickgreenaway@actioncoach.com
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