Aron Govil :What Can You Do To Grow Your Business In A Down Economy?

It is becoming more and clearer that the economy will continue to be unstable for at least another year. How can you survive?

Many business owners, by now, are aware that their advertising budgets are severely limited or nonexistent. You may be wondering "If I haven't increased my marketing efforts all this time, how could I possibly do it during a recession?" 

Here are ten tips on how to grow your business in a down economy: Aron Govil

1) It's important to note that spending money on advertising doesn't always mean an increase in sales; however it does increase awareness of the existence of your business. The majority of customers still rely on word-of-mouth referrals (i.e., personal recommendations) rather than advertisements when deciding which businesses to patronize.

2) Make your business stand out from others in the same industry or town by offering unique incentives that would interest potential customers. Lower prices, special sales, discounts for seniors and students are just a few examples of how you can entice potential customers to do business with you. You want people to think "What's in it for me?" when they consider choosing your company over another.

3) While some businesses may be hesitant to hire additional employees during this economy, this may not be an effective way to grow your client base. Keep in mind though, one of the most difficult things about hiring is finding reliable workers who take pride in their work while getting it done efficiently and on time while also working within your budget.

4) When you're considering how to grow your business, don't forget about potential customers who may already be buying from you but as a one-time or irregular customer instead of as a regular customer. In order to draw them in more often, consider supplying special offers per e-mail. This way, if their friends find out they are receiving special deals by being on the mailing list, then others may also request to be included thus creating a snowball effect that turns casual buyers into loyal regulars with multiple referrals which eventually translates into increased sales for your company.

5) If you have space available at your place of work and can offer additional services within your area of expertise, this is a great opportunity for word-of-mouth advertising. Phone company, cable company, insurance companies - there are countless places that need the services you offer and may not have their own in-house staff to help customers who require these services.

6) If at all possible, consider opening your business on Sundays or during hours when other businesses are closed thus creating a niche for yourself within your industry.

7) Place classified advertisements in community newspapers or online classified ads for free that describes the benefits of choosing your product or service over others in the area. You want people to think "Why go elsewhere?"  When they consider you as an option for whatever it is they are looking to buy/have done/etc...

8) This seems simple but promoting additional sales can be as easy as changing the wording on your business cards, advertising flyers and promotional e-mails. Instead of using "discount" or "sale" in your verbiage, use "bonus" or "added value." When you're comparing prices with other companies remember that you want them to think they are getting more when they buy from you than if they went elsewhere.

9) There is no reason why someone cannot serve two masters (i.e., make money while helping non-profits). You can gain valuable exposure for your business by aligning yourself with a local charity/non-profit organization through volunteering at their events, fundraisers and parties. And, inversely speaking, by supporting these organizations you will be gaining support for your business in the community.

10) Having employees who represent your business well is integral in making sure they are professional in their mannerisms, appearance and attitude. However, this must not overshadow the simple fact that every interaction with a client is an opportunity to "sell" your company. Every word spoken, action taken or facial expression projected affects the future of your business so when hiring be sure to seek out applicants who already possess these qualities.

Conclusion by Aron Govil: 

Ultimately, the goal is to sell yourself and your product/service so that the customer knows what they are getting.  Additionally, be prepared to answer any questions or concerns they may have about what you have to offer because if it makes total sense to them, there is a better chance of them choosing you over others. So now that you've read this list, it's time to dust off your game face and get busy making sales happen.