Updated: Jul 15, 2022
A recession is a prolonged period of economic decline, beginning when the economy peaks and ending when it bottoms out. A recession can be a scary thing, think of rising unemployment, declining stock market, and shrinking wages. Usually, people slow down their spending during a recession.
During a recession, it is possible to grow your business. I am going to give you my top five tips that will help you keep your business alive and help you grow during a recession.
Focus on the Positive
During a recession, you do not want to focus on the negative. Think about what you can do as a business. Can you improve an item? Can you hire someone new? Can you implement a new service? Focus on the positives!
Identify Your Top Customers
Identify who is spending the most amount of money with you. Who comes into your shop the most often. Who is utilizing all of your services? Who do you love serving and providing the best customer service to? Identify who they are and what makes them tick, what are their likes and dislikes. Discover what projects they are working on, why are they coming to see you, and what are they buying.
Talk to Your Top Customers
Identify what they are looking for so that you are able to continue to meet their needs. If you are not meeting their needs, they will go to someone who will. Be sure you are filling the gap between what they want and what you offer.
Evaluate Your Resources
During a recession, you will want to evaluate your resources. Evaluate how much time you have, your employees, your products, and your services. See what is available. Are you offering what your customers need and want? Do you need to use your resources to pivot based on their feedback? Think about where you are today and where your customers want you to be and how can you implement change to get there?
Never Stop Marketing
During a recession, you still want to put yourself out there. Continue to market your goods and services. Now that you know who your top customers are and what they want, market to those particular customers. Be sure to keep up with your social media presence. Go where your customers are!
Focusing on these five steps will help you save money, find better customers, retain better customers & duplicate them, helping your business grow overall during a recession.