You have no control over the state of the economy or the potential loss of revenue and profits that may occur. You do, however, have total control over the way you respond to an economic slowdown.
Many companies pull back and reduce outreach spending in an attempt to preserve the bottom line. In my experience as a consultant and coach, I have found that in many cases the process of reaching out to customers stops dead in its tracks during tough times. Many business owners figure, "Consumers aren’t buying anyway, so why waste the money?"
But even in the toughest of economic times, business goes on. While retreating into a cave and waiting out the storm is one way to respond, consider instead cranking up your outreach and making sure that when the frugal customer does make a buying decision, you are the vendor he or she trusts.
Being the best and letting others know how good you are is always important. In tough times, your future depends on it. The question is then, when customers are in need, are you on their list? Here are some questions to keep in mind if you’re looking to stay top of mind with prospects and existing customers:
•How do you contact them and how often?
•Are potential customers aware of your range of products and services?
•Have you helped your existing customers connect the dots between all of your products and service offerings and their future needs, as well as the current needs of others on their relationship wheel?
•Do you produce a newsletter for your customers?
Charlie Fewell President Charlie Fewell & Associates Memphis, Tenn.