It's often said that where there's a problem there's an opportunity. For some of you, the current economic downturn will be seen as the perfect opportunity to refocus your efforts and gain valuable market share in the process. Most experts agree that cutting back too much on spending and promotion can leave a business vulnerable, and unprepared to bounce back when the economy turns around. Sure, I understand that many of you will have no choice when it comes to cutting expenses, but when you do cut back, always ask the question “how will this decision impact the customer experience in my business” before making a final decision.
Once the economy does turn around, smart companies will emerge with more market share, more top-of-mind awareness among consumers, and a better opportunity to take advantage of the pent-up demand that will be present in the marketplace. I realize this is not rocket science, but the truth is that many businesses will choose not to adopt this strategy, and the results will speak for themselves.
Here is a list of ten action items to consider for your business.
Most of the following suggestions do not require any new spending, and can have a significant impact on your business.
•
Review every touch point with your customers to ensure it’s the best it
can be. Examples: How are your employees answering the phone? When your
employees enforce company policies, are they driving customers away and
creating negative word of mouth?
• Talk to your customers to
find out if there are any new products and services that you should be
offering to ensure their continued
support.
• Remember, 95% of customers with problems or issues will become loyal customers again if their concerns are handled quickly and efficiently. Seize the opportunity to prove yourself under fire and earned your customers trust. Make it easy
for your customers to communicate with you and then will.
•
Look for ways to measure the results of your advertising efforts. Find
out what’s working and what’s not working, then modify your approach.
• Look for ways to further differentiate your business from you competition.
•
Get your staff involved in promoting your business. Brainstorm ideas
with them on how to create buzz in the community.
• Do things that are memorable
and unexpected for your customers. This will create positive word of
mouth - the most effective advertising you can get.
• Look for ways to add value to everything you do.
•
Take a look at how technology can save you money. For example: How much
are you spending on postage and handling each year when you could
simply email invoices and correspondence to customers and suppliers.
•
Provide training for your staff, and implement ways to measure
how well they are doing - for your sake and theirs. Remember, you can’t
manage something you can’t measure.
