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13 November 2014

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Credit Crunch

You are in: Gloucestershire > Credit Crunch > Small, but hopefully not forgotten

Copper coins in a wooden drawer

Small, but hopefully not forgotten

For those with a small business, 'credit crunch' could be the most unwelcome two words of recent times. Joe P茅lissier from Pod Communications in Cheltenham has some advice to help, and he writes the following...

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If you own and manage your own business, why sit and wait for disaster when you could think and act like Tom Cruise in 'Mission Impossible'.

"Choose to meet the challenges head-on or lose valuable time by waiting to see what happens."

Joe P茅lissier

From what you read and hear in the media, there is a creeping sense of financial disaster awaiting us all. We must brace ourselves and prepare of the worst.

If you own and manage your own business you have two choices. You listen to the 'experts', batten down the hatches and sit out the storm, or you make a decision to improve your marketing and communications.

In a downturn the businesses that make a conscious decision to keep on communicating with their customers benefit.

Man loading a shopping bag

This is because the best time to increase awareness of your products and services is when your competitors have gone quiet. It makes it much easier to maintain and grow brand awareness.

Being able to do this is not about having a large marketing budget. You can start by focusing on five things:

1. Your Attitude

It may sound a clich茅 but a positive attitude is essential. Don't just think about surviving a downturn, instead look upon it as a way to grow your business and to do things that you might not do normally.

After all, if you think and behave in the same way as everyone else, your business will be treated in the same way.

2. Existing Customers

Your existing customers are the ones more likely to remain loyal to you.听When things are a bit uncertain, people are reluctant to try new things. This means you must look after loyal customers better than ever.

Communicate with them more regularly by e-mail, newsletter or by phone. Develop a system to ensure that you get into the habit of doing this and make sure you stick to it.听Your aim is not to sell to them but to make sure that they don't forget you.

Re-examine who your real customers are?听It is likely that 80% of your revenue comes from 20% of your existing customers.听Make sure that that these 20% get special attention.

3. Sales Letters

Most of us hate writing such letters but a good sales letter, once written, can be used again and again. The trouble with most sales letters is that they are boring, feature driven rather than benefit driven and only sent once.

You need to create a letter that is a one-to-one conversation and which is focused on the results you deliver.听Include a P.S as well as a Guarantee.听Most of your competitors will never offer a guarantee.

4. Joint-Ventures

Team up with a local business with a similar attitude to your own.听You may be in different sectors but some of their clients might be interested in the services you provide and vice versa.

If you don't explore such ideas with other businesses you'll never know.

5. Your Website

If you have a website start collecting the names and e-mail addresses of those that visit. Visitors won't freely hand over personal information, so in return offer them a free item or discount.

Once you have their contact details you can begin the process of establishing a relationship with them.听Provide them with free useful information rather than sell to them directly.

To do this effectively you need an auto-responder. This is a cheap piece of software that has the potential to revolutionise how you can create a mailing list.

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Nobody is denying that there might be difficult times ahead but as a business owner you can choose to meet the challenges head-on or lose valuable time by waiting to see what happens.

This article is an external contribution and expresses a personal opinion, not necessarily the views of the 大象传媒.

If you have a story to tell about the credit crunch, we'd love to tell it on 大象传媒 Gloucestershire online. Please get in touch by emailing Dave or Chris.

last updated: 28/01/2009 at 13:41
created: 29/07/2008

You are in: Gloucestershire > Credit Crunch > Small, but hopefully not forgotten



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