During times of economic difficulty, the marketing budget is often one of the first casualties. It is more important than ever to promote awareness of your business, protect your existing customer base to be well-positioned when the economy picks up.
Retain existing business
Maintaining your existing customer base is less costly than generating new business. Consider the following low-risk ideas.
Respond to current trends
Researching current trends in the market and observing how your customers and competitors are responding will allow you to adjust your products or services accordingly. Compile a clear and consistent marketing message which demonstrates how you can meet the changing needs of customers.
Increase cross-selling and up-selling
Cross-selling, and up-selling, to existing customers are cost-effective ways of increasing revenue. Make sure your customers are aware of other products and services you provide – offer them incentives to increase the volume and range of their existing orders.
Reward loyalty
Offering a loyalty scheme for long-standing and valued costomers can show your appreciation and help to secure future business. Consider introducing loyalty vouchers to encourage your customers to try your other products or services; these can be a preferable alternative to cutting prices and will not devalue your business.
Keep in regular contact
It is important to keep the lines of communication open. You might send a regular newsletter to your top customers, offering useful information and advice while promoting your services. Contact customers by telephone to discuss how you can help them further, offer to arrange a meeting.
Generate new leads
As well as working to maintain existing customers, you must also continue to target prospects. By instigating some low-cost marketing strategies, you will gain market share from your competitors.
Encourage referrals and recommendations
Setting up a cross-referral system with your suppliers, and other businesses that complement yours, is an effective way of generating mutually beneficial leads. Use incentives to encourage existing customers to recommend your business.
Network
Attending conferences, networking events, trade shows or lunches can generate significant new business opportunities. Improve your success rate by researching the details of the events beforehand and select those most likely to generate useful contacts.
Use your business website
A well-designed and up-to-date company website provides prospects and customers with 24-hour access to you products and services, and can be an effective and low-cost way of generating sales. Make it easy for visitors to find information and place orders, and include your website address on all correspondence.
Try electronic marketing
Sending a monthly email update containing news, information and useful tips is another cost-effective way of keeping in regular contact with both customers and prospects, and reminding them of how you can be of assistance.
