Business slow? Marketing is the answer!
Everyone is feeling the effects of the drought and the overall mood of people at the moment, but it’s not a new scenario and it’s not an excuse to just sit back and wear it, especially if you’re in business.
Smart business owners accept the situation but also realise there is always something you can do to improve things. “Working the problem” is the famous phrase that’s often used when challenges of not just business, but in all circumstances emerge.
For business owners, when business is slow, it simply means that your level of customers has dropped off, or if this hasn’t happened, your customers may be just spending less. Either way, turnover goes down as do profits. Sadly, in most cases, expenses don’t drop proportionately, so business owners will often have to cut various expenses, including staff to maintain profitability.
It may come to that but before taking such steps, it’s worth considering ways to replace the lost or missing customers or at least increase the average spend of those who remain. The fact is, there is always a number of potential customers out there, even in really bad times, the trick is to get them to come to you rather than your competitors. This may sound hard, but it is a fact and it comes down to the old saying – the squeaky wheel gets the oil. Those businesses who get pro-active in slow times are those most likely to win the day. Most good business owners know that doing little or nothing will generate a similar result.
So, there’s several ways to achieve this but most will come under the “Marketing” banner. Marketing encompasses a range of things, including advertising, all designed to increase your customer numbers and grow your business.
Here is not the time or place to tell you how to market your business, but if you’re suffering a downturn and looking for helpful advice, I may be able to help you.
Some years ago, I set up a website called 8 out of 10, and on that website, I’ve put a whole lot of basic marketing advice, including a small handbook that I wrote many years ago. Much of the information is now dated but there is still a lot of basic principles that never change, and I believe you will still find what’s on this website helpful.
Go to www.8outof10.com.au and take some time to browse around the site. I hope it helps you.
For those wondering why 8 out of 10, I’m one of those people who believe that for better or worse, decisions need to be made and getting something wrong isn’t the end of the world. If I get 8 out of 10 right, I’m in front.