Surviving the Credit Crunch

By Andrea Beadle

There is no doubt in the current economic climate that many small businesses are feeling the pinch. The credit crunch means that people are considering all purchases very carefully and shopping around.

Continually finding new customers gets harder and harder the more that people tighten their belts in response to uncertain economic times.

In order to attract new customers, most small business owners feel that they have to advertise. If all your competitors are advertising in the local papers, you feel that by not advertising alongside them, you might lose your competitive edge or, even worse, any new business to your competitors!

But do you know that your advertising is working? Do you even track the response to your advertising campaigns? Do you actually know whether your advertising is breaking even? Most small business advertising is not actually cost effective and yet it is often the only form of marketing that most small businesses know about or have time for.

As small businesses we spend a huge amount of time and effort trying to find new customers and yet we don’t so much as say thank you to our existing customers. Have you even considered the potential source of new custom from your existing customers? Can you honestly say that you are maximising your marketing to your existing customer base?

Creating a Competitive Advantage

Most businesses don't look to their existing customer base and that is a potential huge competitive advantage for you. Our customers are our only source of income and yet it is very easy to neglect them.

There is a huge source of untapped income for our businesses and it is hidden in the relationships we have with our existing customers.

When did you last make contact with your existing customers? Do you keep in touch with them over the course of the year or take their business and forget about them?

What do you have to offer your existing customer base and do you let them know about exclusive offers throughout the year?

Now some businesses might be pretty much once one time only but does that mean we should forget about them altogether? Do you thank your customers for their business, maintain a relationship with them and ask them for referrals from people they know?

If not, you are missing out on a potentially huge market!

How to Increase your Business Revenue

Read this FREE report to find out how to increase your business revenue and provide additional welcome income in times of economic uncertainty.

Learn how to generate referrals for your business

Learn how easy it is to develop and maintain lasting relationships with friends, family and business contacts.

Before spending money on trying to attract new customers, make sure you nurture your existing relationships and maximise the income from your existing client base.