We have to be honest, not many of us have ever dealt with an economic crash. So most of us don’t know what steps to take should a recession take place.
As a normal consumer, we are all making changes when it comes to spending. We may go out to dinner less, or cut down on impulse buying. These are steps you should take as a small business owner, as well.
With the threat of a recession at hand, many may feel necessary to focus on cash flow rather than creating media buzz. Luckily there are certain public relations and marketing methods out there that are inexpensive and with a little knowledge can be taken advantage of during times of downturn.
PR and marketing skills are essential when running a business. Here are several free tips about what to do with your business during a recession.
- Do not stop marketing. Be smart, cut back, but remember the time you spent building up your company. If you drop your marketing efforts, you’ll have to ramp them up again!
- Continue developing your relationships with current customers. Yes, it is always nice to gain new customers, but by focusing on those who already know, like and trust you, you’re more apt to continue to profit. And remember, it costs less to target your current clients, than trying to get new ones.
- Pay close attention to consumers and their actions. By keeping an eye on new trends in your target markets, you can outsmart your competitors and make changes in products and prices.
- Locate and invest in market segments that are continuing to grow during a recession. You want to win these markets whether you are already selling to those markets or if they are new market segments.