3 Recession-Busting Tactics Every Business Should Implement

Do you remember back to when you first started your business? You were probably just like the rest of us… pretty darned happy and maybe even a bit on the proud side.

Sure, back then we thought we could conquer the world. Now we’re too busy conquering our own little corner of the world to pay a lot of attention to the rest of the world… unless it’s to gripe about “The Recession” — OR, to learn a few tips from successful marketers just like us who have made it big and enjoying their lives — even during these challenging economic times.

Tips just like these… that will apply to every market — regardless of the product or service — are great motivators to try something new. Yeah, you never know when the next idea will be worth a million dollars!

1. Create a Special Offer

A special offer is exactly that… an offer that is special. Normally, customers would not be able to purchase this product or combination of products, and once the products are gone… sorry!

You don’t have to go out and order a bunch of new products to put together a special offer. It doesn’t take a whole lot… just use what you’ve got. Grab a few items that are related, group them together, discount the price, and your customers will be excited to be getting a good deal. Think about it from your standpoint… you’ve sold three or four items rather than one, and as time goes on you can make more and more sales to these satisfied buyers. Yes, combination offers are winning deals for everyone!

2. Address the Small Customer Groups

Niche markets are everywhere, right under your nose! Within the customer audience that you serve right now are groups of people who share common traits. Think about it… maybe you have a group who speaks Spanish, a group of teens, and a group of middle class family men and women. Or maybe you market to a particular type of business, or size, or location…

Evaluate these classes of people and businesses, and discover the unique needs and desires they share. That will set you up to customize your marketing campaigns directly to them, so that they really feel “Hey, this is written exactly to ME!.”

It’s not hard to take your current ads, and make a few changes to adjust to the niches. They’ll be impressed that you understand THEM and THEIR DESIRES so well, and the increase in your profits will be the best thanks you can get.

3. Set Up a Winning Referral Program

Successful marketers develop the ability to turn their customers into raving fans who can’t wait to tell their friends about them. Often, they don’t even have to directly ask customers to refer them to others (but to maximize the number and quality of referrals, they put systems into place).

These companies’ willingness to go the extra mile wins customer loyalty and support. Then naturally, these enthusiastic, satisfied customers refer their friends and family to the place that takes good care of them. And referral incentives and recognition add even more fuel to the fire and really get things cooking!

Of course, quality service is the first step toward referrals. But you can easily take it one step further. Studies show that every satisfied customer tells an average of three people about you. What do you think would happen with a little incentive added to the picture? Right — a lot more referrals! Give customers who refer friends a thank you – whether it’s a discount, special gift item, or a simple thank you card – and watch your referrals spiral!

You can get two birds with one stone by implementing customer surveys. A few quick questions about what the customer does and doesn’t like about your product, followed by a request for the names and addresses of friends and family who would benefit from the product, and you’re all set to go with the contact information of prospective customers!

These three tactics are just scratching the surface with how you can thrive — even in this tough economy. There are certainly a lot of other effective tactics that entrepreneurs, small business owners and sales professionals can put to use. Search around this blog for a while and you’ll discover a lot more proven and powerful ways you can “refuse to participate in The Recession,” then pick your favorites to implement into your own business!

Have you used any of these three tactics? Do you have any questions about how to best put them to use in your business? Enter your comments below.