Grow your service-based business in a difficult economy
A difficult economy does not have to be translated into poor business conditions. In fact, if you adopt the right strategy, you can change this unfavorable state into something that is very profitable for your business. In terms of service-based business, key elements in your success (or failure) depend on how well you serve your customers and how well you can increase your visibility in your niche.
-Pompetition and new opportunities
Instead of taking a pessimistic attitude in a slowing economy, it becomes optimistic. During the recession, many businesses approach which means that many of your competitors come out of business. Weak performance is removed from the economy that leaves their potential market share and their existing customers which means that you can have access to a new collection of customers. All you have to do is make your service known by them.
-RE define your service
If you feel a bad economic impact, in many cases, so are your customers. This is the ideal time to redefine the type of service you offer. For example, you can offer packages that are smaller or more expensive to meet the business which now operates on a smaller scale because their demand is declining.
-Target niches specifically.
Instead of trying to serve the entire market, try targeting a specific niche where competition is less intense and where businesses tend to be least affected by adverse economic conditions. Or, target businesses that develop despite recession. History proves the fact that in all business cycles, some businesses have the roots of their success traced back to the days where the economy is slow. This in turn can imply that you might have to offer new services or recommend existing ones.
-Lelect to your existing customers
Cannot find new customers really not a big problem; But you are unable to lose already there. Send them promotional offers, this will not only be a way for you to keep your customers but this will also work for their own advantage because they will get the same quality service as a more cost-effective price. Business must also find a way to retract with previous customers. For example, contact your past customers to see why they turn to your competitors. If only the tariff is offered them a more competitive level; If it is a service based, you might want to change your offer. You can also adopt the loss leader strategy where you might take some monetary losses on some to build your customer base.
-Pingkas brand awareness
Send bulletins to your existing customers to tell them about changes, new services, etc. Other options for increasing brand awareness in a cost-effective way are to use social media. Small businesses can use social media networking sites such as Twitter and Facebook to increase brand awareness and increase their visibility in their target niche.
Feedback from previous customers can play a leading role in small business marketing strategies. Word Mouth can be an effective weapon in delivering news about your business, so don’t hesitate to ask your happy customers to spread the news about the services you provide. For example, you can ask for testimonials from your customers that you can send on your company’s website. Another more common choice is to use blogosphere – Ask the famous blogger in your niche to write reviews about the service you provide or try your hand in a guest blogging where you can write articles with a back link to your website.