Keeping Customers During Tough Economic Times
1. Preserve relationships with your current customers-even those who are not buying from you. The problem is you may have loyal customers, but those loyal customers may not have the ability or the luxury to make certain purchases. Those who reach out now, without the expectation of a purchase, will find an even more loyal following down the road. If your customer goes out of business or the contact goes to another business, they will potentially bring you new business. Let customers know they are valued. This is the best time to make friendly contact without necessarily pushing for sales.
2. Sell to the right customers. This is not the time to go after anything that moves. You have two choices: Either focus on those interested in your current products/services or create new products/services to bring to a new target market. This is the time to be creative. Many businesses are thinking of innovative ways to reach new markets. Bringing the right product/service to the right market is better than trying to sell to those who won’t fully appreciate nor utilize what you have to offer.
3. Cut expenses; but not at the expense of good customer service. When making decisions on where to cut; think through the eyes of your customers. Customers will forgive you for cutting corners, so long as they are not left to fend for themselves and the value of their purchase isn't reduced. Choose wisely and make the cuts seamless to your customers.
4. Use your web site and emails to keep customers and prospects up-to-date. By staying in touch with your customers, they won’t be wondering if your business has survived. Many people may assume, if they don’t hear from you, you’re not in business. Make sure you are providing useful information, not just pushing sales. Keep the “Open For Business” sign out through communications.
5. Partner with strategic allies, customers, vendors, and employees. You should know who your closest allies are in business. These are the people you should include in your recovery. Chances are they may need your help as well. It requires being creative. Find out how you can further strategic alliances with other businesses. Perhaps you can market one another’s services to an existing client base. Vendors can be surprisingly supportive. Ask them for their recommendations on cutting expenses. If they want your business long-term, they should look for ways to keep your business, even if it is scaled back. You should be doing the same for your customers.
6. Keep your employee’s morale high. You’ve got to make sure you have your best employees well placed in the organization. Recognize employees who go above and beyond. If you are looking to make cuts, you may find a more productive position within the organization. Employees may also consider reducing time or take on additional responsibilities to stay on-board. Set customer service as the highest priority within your organization and share with your staff the steps the organization is taking to continue customer loyal initiatives.
7. Don’t rush to cut consulting or professional development. Depending on your needs, you may need it now more than ever. What you need to weigh is which expense is going to get you where you need to be. Before signing any vendor contract, make sure the service is scalable; make sure you have the ability to turn the service up or down based on your economic reality.
My favorite cliché is “what doesn’t kill you, will make you stronger”. This applies to your business as well. If you can get through this crisis, your business will emerge stronger than ever before. Those you work with will appreciate your resolve. Once you have the business stable, you can begin to rebuild your business. The value of knowledge obtained through such an ordeal is priceless. While it’s not a situation any business would want to experience, those who have experienced hardship in their business and survive, come back with such vibrancy.
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