Marketing your business in a recession

During an economic downturn it is often marketing and PR that gets cut from the budget. However, what a lot of companies do not realise it that, in such times, it is more important than ever to promote your business and brand and protect your existi

Retaining clients and customers

Retaining your current client base is much less costly than generating new business. Below are a number of low-risk strategies.

Reacting to current trends

Investigating current market trends and analysing how your customers and competitors are responding to them will enable you to adjust your services accordingly and compile a precise and consistent marketing message, explaining how you can meet the changing needs of your customers.

Keeping in touch

It is important to keep in touch with your current and potential client base. A good way of doing this is to send out regular newsletters to your most consistent customers, which can offer useful information and advice whilst promoting your services at the same time. Liaising with customers by phone or arranging a face to face meeting to talk about how you can help them in other areas, is also extremely effective. Finally, creating and consistently updating the ‘News’ section of your website can help communicate key messages.

Rewarding loyalty

Offering a form of ‘loyalty scheme’ can demonstrate your gratitude to existing clients-base. Loyalty vouchers are a good way of encouraging your clients to try other products or services within your company. Rewarding loyalty in this way is a preferable alternative to lowering prices as it will not devalue the services or products on offer.

Boosting cross-sales and up-selling

Cross-selling and up-selling are cost-effective ways of increasing revenue. Ensure your clients are aware of all the services that your company can offer and provide them with incentives to increase their existing requirements.

Generating new leads

As well as retaining existing customers, businesses must also be on the look out for prospective clients. By initiating a number of low-cost marketing strategies, you can turn the situation to your advantage by gaining market share from your competitors.

Networking

The best way to network is face-to-face. Networking is all about meeting new people. Attending networking events, lunches or trade shows, or generally being more sociable can create significant new business openings. You can improve your chances of meeting potential clients and suppliers at such events by doing a small amount of research beforehand, for example, studying the attendee list and identifying target contacts can ensure you are speaking to the right people.

Your website

A well-designed and up-to-date company website offers both current and potential clients 24-hour information about your services. This can be an effective and low-cost way of generating sales. Make sure visitors to the site can find information easily and place orders or send queries, and include your website address on all correspondence.

Electronic marketing

Sending monthly ‘e-bulletins’ containing news and tips is another cost-effective way of keeping in touch with customers. Promoting referrals and recommendations Creating an effective cross-referral system with your suppliers and other businesses that complement your own, generates mutually beneficial leads. A useful way of ensuring your client recommends you is by offering incentives.