Economic downturns challenge existing businesses to come up with innovative ways to stay in business. Remaining operational during recessions is tougher than ever before due to the extent of existing market competitors.
Finding ways to meet these challenges demands levels of innovation and creativity that aren’t required during the good times. Luckily, there are ways to survive economic slowdowns for the businesses that are prepared to alter their perceptions.
Instead of relying on the methods used during the good times, alternative methods are needed to leverage business strengths.
Enhance customer relationships
If customer relationship building wasn’t a strong focus during the good times, it should have been. Not all is lost. Businesses can adopt a new strategy to focus on relationship building with customers during the recession.
Concentrate on providing exceptional services to customers in an economic downturn as part of a business rescue plan. Grow personal relationships rather than relying on impersonal methods.
Take the time to have conversations with customers by creating a dedicated team that is accessible. Respond to customer needs through ongoing communications that add value. Use monthly newsletters to update them about product uses, care, and advice to get the most out of their purchases.
Be available
Small businesses typically struggle the most during a recession. One way to always be available to customers is to use a virtual phone system by Talkroute that enables optimum call management inside and outside the office. Turn any device into a call management system with this product. Existing equipment is used to operate this system, ensuring employees are always accessible to customers.
Call forwarding and routing features are available to ease customer demand and resolve issues. Texting customers to keep them updated with queries and promotions is present. Desktop and mobile apps ensure all employees can respond to calls.
Caller ID, call menus and submenus all keep the business operations at a peak to provide premium customer services, whether at the office, at home or on the road.
Personal story sharing
Sharing personal employee and customer stories on social media helps to personalize the business. When customers learn that business employee challenges are similar to their own, employees become relatable.
Trust builds along with personal relationships, which is good for business credibility. Honest, human stories remain endearing and are important tools to share as a business strategy when recession strikes.
Interaction becomes possible on social media, building customer loyalty. Loyalty typically generates greater support on individual customer levels, together with referrals. This is a powerful business strategy to engage in when everyone is struggling because of poor economic conditions.
Increase business value for customers
Customers will especially stick to tight budgets during economic downturns. Now is the time for businesses to dig deeper to find ways to retain or even build their customer base.
Add free bonus points, products or services to every customer service. Offer discounts for loyal and new customers. Increase discounts on high quantity purchases or purchases over a certain level.
Take a dip in profits by offering products at reduced prices. Defer account payments or offer additional discounts for early payment where account systems are in place. Offering both options will balance out recovery and generate positive attitudes toward the business.
If the business offers services, provide a free training course for customers to add value. Each saving that a customer can make during tough times creates a positive impression. Businesses aren’t decreasing their profits by offering discounts and freebies during a recession---they are building long-term relationships that will survive long past this period due to the value added now.