10 Feb 4 Mistakes We Often Do Difficult Economic Situation
Many businesses turn out for the worst during financial recession and they often need to close their doors for good. Without warning, all orders could stop; no phone calls, no faxes and nothing. Our loyal customers simply disappear as they have more important priorities to consider. These consumers may have companies themselves and they could also struggle because their orders suddenly dry up as well. In fact, everyone is in the same boat during economic crisis and they often need to lay off their savings and many owners of small businesses start to go through their savings. However, here are mistakes we do that can actually make things worse for us:
- We don’t change our marketing tools: Many businesses don’t change the way they advertise themselves during difficult economic situation. We should be able to target our customers more efficiently during economic crisis. In this case, business owners may need to deliver products to remaining customers themselves and talk to them. It is no different with how politicians talk to ordinary people to get votes. As an example, pizza restaurant owners could deliver orders directly to consumers and ask necessary details. We should also need to change our brochures. They should still offer interesting visual descriptions, as well as new things that can be better adjusted for the current economic situation.
- We don’t keep track our orders: It is actually more important to keep track people who order from us. We should know their addresses and other personal details. This allows us to focus our efforts and find ways to attract people with similar characteristics. Thousands of businesses are needlessly closed during difficult economic situation, so we need to make sure that we do things properly at this trying situation. These businesses accelerate their demise because they fail to follow up. It should be noted that there are specific things we do that also directly lower sales. The most important thing is to personally ask for feedback from consumers so we can correct potential problems immediately. We should be aware that repeat customers are always the best customers.
- We stop advertising our products and services: It is true that advertising can be a double-edged sword during financial crisis. Many businesses needlessly boost their advertising frequency without properly adjusting their messages. We should be smart on how to adjust our advertising. However, we shouldn’t take a more drastic approach by stopping our advertising effort entirely. During difficult situation, advertising is still essential because at least we could still maintain a presence. Our disappearance will cause us to be more neglected and make things more difficult for our company.
- We don’t participate in local trade shows: Many trade shows are hosted during economic crisis because the business community struggles to maintain a presence in the market. We should really take this opportunity, because it can be the best opportunity to directly reach customers. We should direct our focus and try to make sure that we can appeal to them.