What Recession?

With daily input of news items on TV, radio, and newspapers (not to mention your business associates) that the economy is really bad, it's hard to keep a level head about how it affects your business. The truth can be difficult to see.

Did you know that in the last recession during 1981-1982, those companies that maintained or increased their promotional expenditures averaged significantly higher sales growth both during and for the three years following the recession? This was from a study by McGraw-Hill Research who looked at 600 companies from 1980-1985.

Scott Latham, Assistant Professor of Strategy at Bentley College in Waltham, Massachusetts, says that now is not the time to cut marketing costs. He talked about using a recession to your advantage. Sure, if your business is affected by the alleged recession, cut back on certain things but continue your marketing.

If you don't at least maintain your marketing, you can bet your competition will.

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Stay in Touch in 2009

A great way to keep existing customers is to just stay in touch. Believe it or don't, your customers aren't thinking of you without a reason. Give them a reason to think of you. Here are five ways to stay in touch by Dave Free of seedsofgrowth.com:

1. Never forget a Birthday. This is a simple one, but it is amazing how few businesses make the effort. A phone call, a card or an email can be very effective. You might consider including a gift such as a coupon or discount. If you do, make sure it has real value. If your customers perceive you are just using it as an excuse to send them advertising you will lose any value you might have created.

2. Pick a holiday and make it yours. Becky delivers pumpkins on Halloween, but depending on your business you could pick any holiday and make it yours. Give pies on the 4th of July or chocolates on Valentines. A card on Christmas is an old standby that still works, but it is easy to get lost in the flood of cards that are sent that time of year. Try something different.

3. Be grateful. Send each of your clients or customers a thank you card or email after each purchase or just from time to time to thank them for being your customers. Gratitude is always appreciated.

4. Get involved in a community event. Sponsor a golf tournament or a local road race or a cultural event of some kind in your city or industry. Let your clients know about the event and encourage their participation. They will appreciate the fact that you are giving back to the community.

5. Publish a newsletter and/or a blog. Take a few minutes each week, month or quarter to tell your customers about your business and/or industry. Don’t be afraid to tell them about yourself. Remember, the goal is to build the relationship and just like any other relationship, building a relationship with your customer requires your willingness to share. Tell them your story. No one can compete with that.