If you want to become successful, see what the masses are doing and do the opposite. During tough economic times you can set yourself up for future success, if you take advantage of the opportunities. Here are 3 Ways To Thrive During A Recession.
1. Spend More Money On Advertising
In an economic downturn, most businesses pull back on spending money on advertising and as a result, their sales begin to plunge. However, this is usually the best time to advertise because the cost of advertising is cheaper than normal.
Think about it. Other businesses are doing the same thing and reducing their advertising expense. Since less businesses are spending money on advertising platforms, the cost of advertising on those platforms are going to decrease. This is due to supply and demand.
The advertisements you were running before the economic downturn may not have been profitable. Since the costs of advertising are cheaper overall, try running those same advertising campaigns again. You may be surprised by the results.
2. Sell Higher Priced Items
In any type of economic downturn there are still people who are thriving financially. You should always have products that cater to those people. You may be leaving money on the table if you don’t have any higher priced products. Also, you can bundle products together and create a higher price offering.
Think about ways you can create a complimentary product that you sell to your most loyal fans and customers. An example could be a $1997 mastermind program where you work with 10 people personally. Be creative, you’ll be surprised by how many of your customers want to support you more but you don’t have a way for them to do so. Always make sure that you are delivering more value than the product is worth. This will keep customers coming back to you every time you release a new product.
Related: I Made Money in The Recession
3. Maximize Your Existing Customer Base
Your current customers know the quality of your products and services. Since they have already purchased from you, it’s much easier to sell to them again. The trust factor is already built with them. One of the best investments you can make is nurturing your existing clientele.
Always think of new ways to provide more value to the customers you currently have. Think of upsells and cross-sells that go hand and hand with your current products and services.
Also, think of different ways you can improve your customer service. Having great customer service will bring a positive return on investment in the long run as people will recommend you to other people.
Thanks for reading 3 Ways To Thrive During A Recession.