Market Your Business in a Sluggish Economy

Whether you believe that the economy is beginning to recover depends on to whom you listen and how the current economy directly affects your business. If economic sluggishness is making you nervous as a small business owner, plan a more aggressive approach to sales and marketing.

While you always want your products or services to meet the needs of the customers, this designation becomes more significant in a sluggish economy as the purchase of “luxury” items declines. Therefore, if your product is not considered a necessity, you need to market it as important to your customer as possible. You need to solve a problem, satisfy a need, or make life easier in a cost-effective manner.

You should also build a marketing plan of customer support. “Going the extra mile” is a cliché, but it’s necessary to extend yourself and your business to meet thoroughly your customers’ needs. This means stepping up customer service and communicating regularly with customers through newsletters, emails, and mailings. Don’t oversaturate your marketing campaign with product features, but stick closely to how your products or services are helpful and cost-effective. More than ever you want to maintain your relationship with existing customers who will be there when the economy takes an upturn.

In addition, find solutions to problems in your community. You can market yourself effectively and show your concern by getting involved in community activities, particularly those where spending has been cut. For example, sponsor activities or donate supplies to an after-school program in your neighborhood.

During a slow economy people are also seeking reasons to feel good. Provide them with attractive offerings, both in appearance and in value. Use creativity to meet their needs while making them smile and relieving stress. A marketing campaign that uplifts its potential customers can differentiate itself from products that are otherwise the same. Remember, not only do you want the customers to buy what they need, but you want them to have a reason to buy it from you.