What if a recession happened tomorrow? What could you do today to help your business should a recession hit?
Michele Pariza Wacek gives us 3 tips on how you can increase your business right now.
First, she states to keep doing what is working for you. If that's Marketing, keep at it. You don't have to pay for more marketing, there are low to no-cost marketing available options. But what you don't spend in money, you may spend in time. So think before you start on a venture about the time invested you'll have to make.
Since you're not getting rid of your marketing strategies and tactics, make sure you do a little bit each day. You don't have to do anything huge, Michele suggests that you can "write an article for your newsletter", "write a thank-you note". Even if it's only for a few minutes a day, it will help you in the long-run.
And lastly, "systemize your marketing tasks". What that means is, write down what you are doing! That way, when it gets busy and you don't have time to continue your marketing on your own, you can hand this task to someone else and know that it will be done properly.
To read more in depth, check out "What If There Was a Recession And No One Came? 3 Tips to Increase Your Biz Right Now".
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You should also track the effectiveness of any marketing campaign. I use analytics (getclicky.com) to see who's visiting my website and I know what search words may have been used. I also know where in the world they are and how long they visited.
I created Craigslist ads (my best source for leads) using sawitonline.com and I get weekly reports from sawitonline.com which state how many views and unique views my ads got.
If business is slow right now and you’re nervous about it, I want you to take a deep breath and STOP IT. Use this time to transform how you handle your marketing in your business, which will transform your business.
Another tip for surviving a recession: Diversify!
There's a reason for the old addage, "Don't put all your eggs in one basket". If that basket drops, you're going to lose all your eggs! Spread out a little and have a few different revenue streams or at the very least, diversify your offerings enough so that if one supplier or segment of your industry dries up, you can still survive.