The Four Ways to Grow Your Business in a Recession
By Lolita DiIt isn’t easy to grow a business in a recession, which is why so many small businesses have gone to the wall in the last few years. Competition is fierce in the global marketplace, so anything you can do to attract and maintain new clients could make the difference between growth and financial jeopardy. Thankfully, modern technology makes things a lot easier for small businesses, but if you need some inspiration to help grow your business, here are a few ways to bring new clients on board and boost sales.
Reach into New Markets
Marketing to the same old sectors will only work for so long. Eventually, your marketing efforts will stop bearing fruit and the time will come to branch out of your comfort zone. Perhaps you have always marketed in your local area? If so, do a bit of brainstorming and come up with some new methods of marketing to reach new audiences.
The global marketplace is easily accessible and even businesses in the remotest of geographical locations now have the opportunity to reach new customers in far corners of the world. Modern technology makes this incredibly easy. Open an e-commerce store, talk to potential new clients via video conferencing. It’s so easy do business with customers on a different continent that you really have no excuses not to try and put yourself out there. And if you don’t know how video conferencing works, talk to an expert such as Videonations.
Make the Most of Social Media
Social media is a very powerful tool, so don’t ignore it. Thanks to social media platforms, modern businesses have an easy way to build their brand and increase their business presence online. Your customers are using social media every day, so you can’t afford to ignore websites such as Facebook and Twitter. If you work social media correctly, you should find that loyal customers will market your business for you by spreading the word online. And if you post the right content, it could even go viral and reach millions of people within a few hours.
Try a Joint Venture
If business is stagnating, it could be time to drum up some new business by expanding sideways into another niche. Joining up with another business that offers a slightly different service to you could be an excellent way of reaching new customers or taking on a bigger project than you alone can cope with. Obviously, in order to enjoy a successful joint venture you need to find a business you can build a mutually beneficial partnership with, but if it works it is a great way to reach a new audience and build your business.
Encourage Word of Mouth Advertising
There are lots of ways to encourage existing customers to spread the word and encourage new customers to give your business a try. You should always suggest that your satisfied customers tell their friends and family about your products and services, or leave positive reviews online, but you could try offering them an incentive such as a discount or free gift if they make an introduction.
Social media is an excellent place to start. You can use social media accounts to chat to existing customers and tell them about special offers in return for introducing new customers. Most people like the idea of something for nothing, and if all they need to do to score a free gift is share your page with ten of their contacts, they are bound to take you up on the offer.
These are just a few of the many things you can try to bring in new business when times are tough. Hopefully one or all of them work for you, but if something isn’t working, try a new plan of attack.