16 Ways To Boost Sales In A Slow Economy

In a perfect scenario, companies purchase online and offline advertising,run promotions and campaigns to increase brand’s visibility and awareness. Unfortunately perfect scenario’s do not last. A lot of businesses run on a lean budget to attract new clients. It gets worse when the economy slows down or gets stagnant.

Consumer behavior most likely changes when the economy is tough. These are some of the best practices businesses have used to attract new customers in a slow economy.

1. Before the economy slows down, build sales and develop brand loyalty with your customers when the economy is strong. That way the customers don’t leave you when the economy is bad.
2. One of the best sources of new clients is your network of influential partners. Talk to them and they will likely  recommend you  to others.
3. Potential clients can also find you through your personal networks. Increase your network by focusing on attracting new partners or business network through events.
4. Differentiate your service/product from your competitors by offering a discount or an incentive that can attract new customers who will most likely feel they are getting better value for their money.
5. You need to focus on customers and how to help them, not just sell to them.
6. You can use social networking websites to build your brand and gain wourd of mouth publicity.
7. You need to understand why your customers want to buy and not what you are selling.
8. Now clients rely on the tried and true products and services, get your customers to recommend you to their firends.
9. Revisit your sales strategy and find out which activities bring in the most money and which don’t.
10. Develop strategic alliance with professionals already dealing with your target market.
11. Improve your customer experience for your existing clients. Reward them for introducing their friends and associates.
12. You need a clear plan that’s built on an incredible in-depth knowledge of what your audience values combined with the ability to turn that knowledge into clear action plan.
13. Talk to more potential customers and build up your relevance, relationship and reputation with them.
14. Embracing the web, new media and social media. You will be surprised at the results
15. Everyone likes free stuff, give something away for free to get new clients to commit.
16. You can also carry out a SWOT (Strength Weakness Opportunity Threat) analysis of various Marketing & Sales Channels and revise them if you have to.