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If you have been reading newspapers, watching television or reading online news sites, you have probably seen articles noting that the US economy is not doing as well as before. Consumers are not spending as much money as before, and they are buying less. This means that many business owners are not able to generate the same level of revenues.
However, as a business owner you still have your regular business and personal expenses. Because of that, you still need to bring in customers and revenues just like you did before the downturn. So how should you as a business owner run your business so that you can still get clients and bring in revenues during the downturn? Here are the techniques to help you do that:
- Use more online marketing and less local marketing. Some geographical areas are going to be more affected by an economic downturn than others. If your area is severely affected, you will only be able to get a few clients from your local area.
When you market online, you market to people in the whole country, as well as other countries. Your target customers who live elsewhere are going to be affected less by the downturn and more likely to become your customers than your local target customers.
Use online marketing techniques such as search engines optimization, business blogging, article marketing and others to introduce your products and services to target customers in other geographical areas.
- Don't lower your hourly and one-on-one rates. The first thing that many business owners do during an economic downturn is lower their rates. They see that many of their potential customers can't afford their rates, so they start lowering them in hopes of gaining more customers.
Don't do that. If you lower your rates you will need to do more work and get even more clients to get to your revenue targets. Instead of lowering your rates offer lower priced options such as information products, teleseminars and workshops.
- During an economic downturn your target customers still need your help and expertise. However, they are looking to get them at a lower price point. As we have just discussed, instead of lowering your one-on-one rates, offer information products, such as books, e-books, workbooks, etc. Those are priced lower than your services, so more people will be able to take advantage of them.
Many times, though, your target customers are looking to hear you speak and are looking to ask you questions. You can still offer them your expertise at a lower rate by offering a teleseminar, class or workshop. Since you are going to be teaching your target customers in a group, they are going to pay a lower rate, while still having access to your expertise and being able to ask you questions.
It is still possible to run a successful business even during an economic downturn. Follow the above advice to bring in revenues no matter what the economic climate is.
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