Growing During Recession – Delight Your Existing Customers
In the first of our articles on growing during recession, we talked about how the business owner who thrives in an economic downturn sees every recession as an opportunity. Theirs is an expansionary mindset rather than a fatalistic and negative one.
On the assumption that you’ve made a conscious decision to look at the current economic situation as an opportunity, here is our first tip on growing during recession.
DELIGHT YOUR EXISTING CUSTOMERS
There’s an old saying that a bird in the hand is worth two in the bush. The birds in the bush are going to be difficult to catch! Better to hang on to the one you’re already holding.
It’s the same with your customers / clients.
It’s much harder and much more expensive to find new customers / clients than it is to hang on to those you already have – and never more so than during a downturn.
But more importantly, research shows it is easier to sell more to your existing customers / clients than it is to get new customers / clients.
If growing during recession is what you want to do, then you cannot afford to overlook these two points.
Basically, this is about making sure your foundations are solid.
An economic downturn, then, is the time for you to look at your operations from the perspective of quality control.
Use your team and brainstorm to work out what you can do better for customers. You could even go so far as asking your customers themselves!
To retain your customers / clients, you need to be head and shoulders above your competitors. If your service is merely mediocre, prospective clients may go elsewhere in a downturn and replace you with another provider.
They key to delighting your customers and increasing your sales to them is excellent customer service. Make sure they love what you do and how you do it. Keep them super-happy. Work out what they need and give it to them in a way they love.
Until the next time . . . .
Written 04.05.2020 by
Antony Holdsworth BSc (Hons) FCMA CGMA