Tough Companies Grow During Economic Slowdown

You cannot escape the reality of the economic recession that has hit every business and investor. Every time you switch on TV or read a newspaper, you come across numerous articles on market downturns, the recent economic slowdown, bankruptcy, layoffs and companies winding down their businesses. There are many business houses that are finding it difficult to survive in these turbulent times, but still there are those who are not only managing but are actually growing their business. The difference lies in the approach; those who understand the perceptions, ideologies and needs of the customers at this hour are aggressively heading forward giving a whole new meaning to the saying “when the going gets tough, the tough gets going” and in our view, “the tough gets growing”.

This is actually a very good time to expand and grow. You have to work smart, not just hard. Here are the tips on how to grow your business in tough economic times:

Satisfied customers

Do remember that even in tough times people do buy, but with caution. So instead of experimenting, people like to go with trusted names. Keeping your customers happy and satisfied paves the way for them to keep coming back, and also there are higher chances of referring your products or services. Work on customer relationships, build strong bonds and go for deep networking.

Strong marketing

Because of cost savings, you may think that it is the time to cut back on marketing and advertising, but that is a big mistake. Marketing and advertising keep you in focus, and the economic slowdown makes it even more important than ever to be in the mind of your prospective buyers. Combine cost effective online measures like blogging, newsletters, and social networking with other marketing strategies to control expenses and to reach a wider audience. Be visible through events and press releases.

Counting opinions of others

It is important to have opinion from other people and see how your ideas work with your colleagues. A perfect solution is to have an advisory board. An advisory board can really help a business grow, especially if those board members are carefully selected. Surveys are also a good way to reach out to your employees and customers to understand their likes and dislikes to reap maximum benefits. Your own customers can help you steer your boat in the right direction.

Winning competition’s customers

When the times are tough, confidence often shakes. This is the perfect time to turn the tide in your favor. It can be any new product or service that your competitor does not offer, or a similar product with a lower price. Introduce yourself as a more customer friendly company and fulfill those expectations. Remember, the same can happen to your customers as well so value your existing customers more than anything.

The Economic climate sure bogs down hopes but it should never be a deterrent. There are plenty of successful examples of companies that instead of just growing and surviving, actually started businesses in recession-hit times. Hyatt Corporation, Burger King, Jim Henson Company, FedEx, Microsoft, CNN all started during different economic slowdown periods and eventually emerged as pioneers in their fields. So be a company that has positive attitude and urge to win hands down. Use these suggestions or tips to grow your business in tough economic times and be a winner.

Katherine Kline is the Vice President of OFD Enterprises. She can be reached through her website at kathekline@ofdenterprises.com or 866-445-6683 ext 5207