Uncertain Times Call For Very Certain Measures

We’re facing one of the most critical economic times in our history, and a complacent business is one that could fail. Now is not the time to sit back and hope for the economic recovery to come to your rescue. As a business owner you should begin new marketing strategies to engage current and prospective customers. You need to muster up the courage to invest in your business.  How can this be done?

• Check your profit margin. Folks are looking for bargains and if your markup is generous, it’s better to sell merchandise at a good discount than not at all.
• Give the customer a reason to come into your place of business. For existing customers it might be as simple as a postcard with an appreciation discount. We all like to be appreciated.
• Put yourself in the customer’s shoes. Why should they shop with you? Are your prices competitive?
• Approach your vendors and ask them to work with you to offer special pricing, participate in co op advertising or renegotiate your contract.
• Update your marketing collateral – websites, print ads, brochures, business cards and other supporting materials should reflect your business’ identity. You only get one chance to make a good first impression.