Amid recent sunshine, the financial forecast is gloomy. Everywhere we turn it seems to be bad news – record fuel prices, food shortages, crashing housing markets – it’s enough to get the coolest of cats losing sleep.
So how we can see this period of ‘Economic Downturn’ as an opportunity?
Well, consumers (our customers whether individuals or businesses) are becoming more selective in what they spend their money on, and who they spend it with. With less money around, consumers demand the best quality service with the least risk. The opportunity for us as service providers is to over-deliver and encourage confidence, thus increasing repeat business. Once a client finds a service provider that they like and trust, they will keep coming back. As consumers become more cautious, their loyalty increases, and they are far less likely to shop around.
All you have to do as a service provider is be there, over-deliver and reap the benefits of working smart!
Tips and Tricks – How To Dodge The Downturn
- Don’t Panic, Work Smart – nurture your own cashflow, use it to the maximum benefit. Don’t panic and rush into expensive advertising. Market your service inexpensively but actively. Ask your current clients for referrals, utilise the power of the internet, develop strategic partnerships with businesses that serve your niche in other areas.
- Solve Their Problem – make sure that in every marketing opportunity you are spelling out the benefits of your service, the solution to your market’s greatest challenge. Make it easy for your market to choose you. Your clients are not interested in how you achieve this, only their results.
- Offer Choice – offer a range of products and services at different pricepoints to draw in new business and keep it.
- Comfort Your Clients – at times like these, people do start to feel a bit nervous. You can comfort your clients by keeping in regular contact with them so they know that you’re still around and that you’ll be there when they need you. It also keeps your service in the forefront of their mind when they are networking and able to pass on referrals to you.
- Lose/Win To Succeed – offer a lose-win guarantee* to increase buyer-confidence. If your clients and prospects see that you are so confident in your service that you are willing to take a hit if they are in any way dissatisfied then there is no risk to them hiring you.
- Set Yourself Up For Success – create your own ‘no-fail environment’ by surrounding yourself with people who will support you and keep you on track with your plan. Hire a coach, or join a mastermind group. Ensure you have a clear plan in place for attracting clients and keeping them.
A lose-win guarantee is one that not only removes the risk for the consumer but actually puts the company at financial risk. Eg Dominos Pizza famously offered a lose-win guarantee that if your pizza is not delivered within 30mins, it is free. Others include 110% refund if products do not deliver. The lose-win guarantee literally reverses the risk from consumer to provider.
With some careful planning and the right help, this period of uncertainty could work to your advantage. This is your opportunity to step up to the plate and become the best in your field. Could the downturn be the upturn your business needs?
Lorraine Hamilton is a Client Attraction & Success Coach who works exclusively with small business owners and freelancers who want proven strategies to double or triple their revenue, remove unnecessary costs and not lose their mind while they grow their businesses.
For more information log onto http://www.servicebusinessboost.com/
Jul 17, 2008
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