6 Tips to help you fly out of recession
Posted on 09 February 2010
The good news is that the UK economy grew by 0.1 per cent in the last quarter of 2009 - officially ending the recession. It's early days yet and we need to work hard to position ourselves to take advantage of, what Azad Zangana, European economist at investment bank Schroders, calls "...the start of an extremely fragile recovery".
So where should we be focusing in the coming months? Here are 6 areas that we would all be wise to look carefully at.
1. Look after your customers like never before...
Tomorrow's sales will come from today's customers. If you want to beat the recession, you need to get closer to them than ever and find ways to make yourself more needed, even indispensable. As well as delivering exceptional service on your current business, think about what you can offer your customers that is extra special... it could be regular servicing or checking... training during the recession... taking over their stock control... a priority booking option... what else could you do that would form a natural extension to your present product or service offering?
2. "People buy from people they like"
We've all heard the maxim - but we all know it's true! There has never been a more important time to step up your networking and profile amongst your customers, their customers and suppliers as well as the other businesses in your local area. Get yourself out and about - pre-empt the recovery in your fellow business owners' businesses and see how you can help - stand out from the crowd by being different and looking out for others. It's a sure fire way to be remembered.
3. Never reduce your prices...
There are lots of ways of making your goods or services more attractive in a recession than by reducing the price, which is always an act of desperation. If you want to boost sales, think of something that the customer will value more highly than the cost to you. How much do you think a room upgrade actually costs a hotel? A couple of pounds maybe? A fiver tops. But the customers will be delighted, especially if they know that the rack rate for the room is an extra £40. Everyone loves bargains in a recession! So what is there in your business or service offering that could be offered that would have a high perceived value... but little additional cost?
4. Look at your marketing messages...
Have they changed with the times? As an example, Aga's marketing message used to be that it was the wealthy person's cooker of choice, with a discreet suggestion that the Duchess of Cornwall wouldn't cook on anything else. To beat the recession, it changed its message to say that Agas are really environmentally friendly: they even have a model that runs on bio-fuel. Statistics from the "Aganomics" section of their website show that it needn't cost more to run an Aga than a conventional cooker. To accelerate away from the recession, make sure your marketing material is attuned to the feelings of the times.
5. Review your website...
Nowadays most folk will Google you when they first hear of you, even if that's not where they found you... they will do the same if they want to check a contact or find out how to get to you. If you're going to appear at the cutting edge and raring to help them, make sure your website looks professional. Real errors are "Copyright 2003" in a footer and so-called "news" that is well out of date... and irrelevant. I just checked out a restaurant near us - the Christmas offers are still all over the Home page! You must also have come across sites for quite high profile businesses with just a "Website under Construction" page. There is never an excuse for this... especially emerging from recession!
6. Get your staff involved with a brainstorm...
Don't ever assume you have a monopoly on either good ideas or
knowledge about your business and customers - tap into the massive
resource that is your team - why not try setting up a brainstorming
group? Gather a group of the most energetic people from all
areas of the business. Explain the situation and what you are
hoping to achieve. Then pose the particular problem. The rules of
brainstorming are that participants shout out their ideas and
others build on or develop them. There should be no negative
comments at this stage. Your job as chairman is to stop negativity
(even harder during a recession) and encourage participation.
"That's a good one but how might we introduce it....." "I like
that. Anyone have any ideas who could do that?"
Have someone capture the ideas as they come and do the filtering
and selection of the best ideas at a later session after you have
agreed selection criteria which might be such things as cost, speed
of implementation, etc. Not only will you get some great ideas you
wouldn't otherwise have thought of, but you will also have boosted
staff morale by being inclusive. And it will be virtually free!
What better way to accelerate away from the recession?
So... what's stopping you? If you'd like to talk these and other ideas over with an experienced business coach, why not give us a call - there's never been a better time!
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