Lets face it; many of us have no idea what to do when the economy takes a downfall.
When a recession hits you subconsciously make changes in the way you spend your hard earned money whether it’s at the gas station or grocery store. And so do you as a business owner.
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 you’re 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 to during a recession. You want to win these markets whether you are already selling to these markets or if they are new market segments.