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- Leverage Your Database Of Potential and Existing Customers
The strongest organizations find ways to stay in front of prospects through a longer sales funnel. Building thought leadership and strong CTAs in digital-first marketing can be a surefire way to maximize conversion without incurring any additional cost.
- Stay Relevant
Staying relevant is key to a resilient business always, not just in a tight economy. There are two ways to stay relevant. 1. Out-Inventing self by introducing new offerings or products to your customers, you’ll drive the relevancy . 2. Keeping pace with your customers and tuning in to their needs will enable your company to provide offerings that are based on what the customers want.
- Analyze Your Competitors
A business should refer to good old-fashioned competitor analysis, unique selling propositions and positionings revision to stay relevant or reinvent itself in a tight economy.
- Work On The Business
Shift from working “in” the business to working “on” the business. Those that can work on the operational and tactical fundamentals can build new efficiencies,
- Get Personal With Your Clients
Human connection is essential, so make time to give a call to people and don't sell. Just say hello and see how clients are doing.
- Survey Your Current Clients
Start by talking to your current clients. Ask them why they do business with you, what they value most about your products or services and how you help them solve their business issues. Ask them what other challenges you might be able to assist them with.
- Say Thank You
Personal outreach is exceptionally effective to stay in the minds of customers. It's not the words that stick but more the feeling they give. Make these gestures throughout the entire journey with your customers because they deserve to know you need them regardless of whether you're reinventing yourself or not.
- Enhance Customer Involvement
In order to alleviate the effects of a tight economy, businesses need to rethink their strategy and adopt a business model which fosters a deeper customer involvement and joint innovation model. This promotes a culture of collaboration for greater creativity and joint success.
- Focus On Customer Service
Improving your customer service doesn't generate new expenses for your business, and small updates in this area usually have a huge impact on customer retention. This will help them build a positive relationship with your brand. They’ll become natural ambassadors and will be more likely to tell others about your solutions.
- Create A Strategic Business Plan
Plan. Plan. Plan. Having a strategic business plan in place will help you determine how to compete or if you should reinvent yourself. Your business plan will take the guesswork out of strategy and budgets while keeping your eyes on the bottom line.
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