A Marketing Strategy for Small Businesses to Beat the Recession
If a business wants to sell more, there are two things it can do: it can attract new customers; or it can entice its existing customers to come back and buy again. All the marketing efforts it makes are aimed at achieving one or other of those two goals.
In times of economic recession, it's particularly important for a small business to concentrate its efforts on marketing strategies that actually will drive more sales...and do so quickly and reliably. Not surprisingly, most businesses concentrate their marketing on getting new customers. Yet this is by far the more difficult of the two tasks.
New prospects are naturally skeptical, and it's a hard, uphill struggle to persuade them to put their trust in a business for the first time.
Getting repeat business from existing customers is much more straightforward. The customers have already given their trust once, and assuming they've had good service and value for the money, they already are predisposed to buy again. Perhaps even to spend more this time.
Existing customers are the best prospects for any business. It follows that one of the most valuable assets a business has is its customer list. If a business can collect the names and contact details of all its customers, it can often save a large part of its advertising budget and focus on sending out marketing communications, invitations and special offers to people who already have bought and are much more likely to buy again. The business can even go one stage further and create a sense of club membership amongst its customers.