By: Robin Robins

Is the slumping economy taking its toll on your bottom line? Here’s what you can do now to turn things around fast…

In a down economy, business opportunities don’t go away, but the low-hanging fruit does. So if you’ve been surviving purely through referrals that happen to float your way, you’re going to have to get serious about marketing.

Here are 12 proven ways to market your business in a down economy:

1.Make a concentrated effort to communicate with your existing clients MORE – offering them more services, more products, and reminding them of all the things you can do for them. Obvious, yes. Often done, no. Choose a product or service, and come up with a generous, irresistible offer (free bonuses, discounts, special payment terms, etc.) at least once a month.

2.Use fear of loss to your advantage. People don’t buy because they perceive that buying or taking action now is more painful than not buying now. So make your irresistible offers more irresistible by making them available only if they buy now (or by a certain date).

3.Increase the number of communications (or touches) in every campaign you are running. Most companies only send out a single direct mail piece, make one phone call, or send a single e-mail when promoting an offer. I would suggest making multiple touches using every possible medium of communication you have for each promotion.

4.Beef up your referral system. If it’s been more than a month since you last asked a client for a referral, go back and ask again. Make sure you have a good referral reward system that thanks your clients for the ones they graciously give you.

5.Ask your vendors for marketing dollars and support. Vendors want you to sell more, so take your area rep to lunch, and see what MDFs (marketing development funds) are available. If they don’t have hard dollars to give you, they might have other incentive programs, discounts, promotions, or support they can provide.

6.Offer special payment terms or financing. When money is tight, clients appreciate payment terms that make it easier for them to buy. This can often help you close a deal that would otherwise be put off until the funds free up.

7.Make sure everything you sell has “subscription income” tied to it. Think creatively to discover what “regular maintenance” you can provide for your clients. This will dramatically impact your sales and profitability over the medium and long term.

8.Hold free, educational teleseminars, webinars, and seminars. These are great ways to educate your clients about the services you offer. Just make sure you use the appropriate topic for your audience, and don’t get technical when talking to CEOs. Remember, they care about saving money, making money, simplifying operations, keeping customers, streamlining operations, and avoiding problems (data loss, security, lawsuits, etc.), not technical information, so address their concerns.

9.Have up-sells online and in your sales presentations. The best time to make a sale is right after you’ve made one. Once a client has decided to buy, it’s relatively easy to get them to say “yes” to upgrades, warranties, extended contracts, and other service add-ons. On average, you can get 10 percent to 20 percent to say “yes” without too much effort.

10.Partner with local charities to do fundraisers and events. You could offer to give away a free product or service to any company in the area who donates $100 to a local charity. Most big charities have large PR departments and can help you get written up in the newspaper and on local TV and radio broadcasts. They also have extensive donor lists and can help promote you to them.

11.Attend as many networking groups as possible. Many good leads and relationships are made through Rotary Clubs, church events, Chamber events, and user groups. Get on Google, and search for business networking groups in your area.

12.Have an aggressive guarantee. They demonstrate your confidence in your product or service and will often differentiate you from the competition. If you really want a guarantee with teeth, then guarantee a result.

Remember, your #1 job as a business owner is to bring in more revenue and secure profits. So ask yourself, what have you done today to recession-proof your business? You’ll find 12 more marketing tips in part 2 of this article.

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Money Whisperer Robin Robins is an independent marketing consultant, sales trainer, and author of the Technology Marketing Toolkit who specializes in inexpensive and highly effective marketing strategies for IT consulting firms. She has developed and authored the Technology Marketing Toolkit System, a guide to marketing technology products and services. Robin can be reached at: ask@technologymarketingtoolkit.com

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