Don't Let a Slow Economy Slow Down Your Business

With a falling real estate market, increasing unemployment rates and looming layoffs, it's no wonder why Americans have slowed their spending. Of course, all that cutting back has a direct effect on businesses in all industries, and most likely yours too. But don't just accept slow sales as "part of today's economy". Put up a fight to gain back your share of the money that is being spent by consumers!

How to keep sales rising even in a down market

Offer better-than-the-competition prices - If money's tight with your target market, then help them out a bit by stretching their dollar further. Mark down prices, offer coupons and specials - whatever it takes to entice visitors to come to your website or store.

Amp up your marketing - Up until the market slowdown, you may have been coasting along just fine on your existing marketing program, but now that needs to change. If less people are purchasing, then it's time to appeal to a greater number of people. More marketing doesn't necessarily have to mean more money; there are plenty of free or no-cost options available to any online or brick-and-mortar business. The point is, do more marketing and advertising than you are doing now and, if money is tight, be creative and come up with your own ideas to draw in customers.

Bond with your customers - Now that business has slowed, take the time to get to know your customers and build your relationships with them. Start a blog, open a MySpace or FaceBook account, or start a newsletter. Bonding with your customers can turn a one-time sale into a regular (and loyal) customer. The hard work you do now can pay off big time later.

Ways to cut costs during an economic downturn

Evaluate your advertising programs - Good advertising can be great, but bad advertising can be a serious waste of much-needed cash. Take a look at your current advertising line-up and ditch the under performers. If you are advertising with pay-per-click programs, like Google's Adwords, then look at the stats and remove keywords that aren't coverting. That alone could save you hundreds of dollars a month!

Negotiate prices, costs, and payment terms - Take the time to contact your vendors and suppliers and ask for price discounts and extended payment terms. But, don't stop there. Give your warehouse and shipping company a call too - and see if you can get a reduction in rates.

Go after past-due accounts - You may have quietly waited for invoices to be paid in the past, but now is the time to take action and get your customers caught up in their past-due accounts. This may mean a phone call, letter, email, or perhaps you should turn the accounts over to a professional collection agency. If overdue payments are a regular occurrence, you may want to think about tightening up your credit line policy.

Just because the rest of the nation is in an economic slump, doesn't mean you have to join them. It may take some extra work, but you'll find that there are ways to continue to bring in customers. And once the economy gets back on track, you'll be pleasantly surprised to see a surge in sales!