Times are difficult for everyone. Small businesses are struggling to survive, well known chains are closing hundreds of stores and the consumers are spending less on everything. Even luxury goods took a lost in the 2008 Holiday Season, which surprised many analyst. Things are tough everywhere and for your business to survive you must keep the customers you have coming back to you spending.
Here are some tips on how to keep your customers happy:
1. Know Your Customers
Knowing what your customers buy, don’t buy and return is a great way to understand what your customers want and you can provide them with it before a competitor does. Having your customers’ personal information can help make your customers happy if it use it properly. Sending a generic birthday card to premium shoppers will gently remind them that your business exists and your business cares about them. Having records of trouble calls to ensure previous problems were resolved will guarantee that you know your customer’s needs have been met and they are now satisfied.
2. Know Thyself
What kind of business are you running? What are your long term goals? What do you do and how can you do it the best? It’s a good idea to have a mission statement and stick to it. That way you won’t get frazzled and lose focus when you hear about recent spending trends.
Not every business will be deeply affected by the recession. A small Oklahoma restaurant that has 3 dozen loyal customers may not feel the pressure that a major electronics chain would. What are you spending too much on? If you can gasp what and how your business is doing you can save yourself a lot of headaches and maintain your customer relationships.
3. Know Your Overhead
Knowing what your company is spending monthly is one of the most important things you could know. In crunch times like these, upping your office efficiency can help you shave cost all around.
Asking employees to bring in their own coffee cups
Lowering the office temperature by 2 degrees
Printing on both sides of paper
Quit paying for services that your office doesn’t use regularly
All of these things can your business money.
4. Promote, promote, promote!
If you are feeling serious financial pressure think of what is the easiest thing you can do to relieve that pressure. If you need to liquidate older products, have a sale or a promotion where you give something away to customers. People love getting something for free and you can get rid of old merchandise. It’s a win-win situation.
If your business is to offer services, offer a short term promotion where you will give 15-25% off. Give coupons; give customers cards where they get the 5th service is for a reduced price or for free; make courtesy calls so that your customers feel a bond between you and your product.
5. Think of the Long Term
Selling your customers’ contact information to marketing agencies is one of the first ways to lose their trust and their business. Would whatever money you would make from selling information really be more than a long term customer? It’s much harder to gain new customers than to keep the old one, that’s why maintaining relationships with established customers is so important. Word of mouth is also one of the best ways to advertise. If all people hear about your business is bad, you’re going to need to fight much harder than you would have.
6. Stay Current
This goes with knowing your business and knowing your customers. Make sure that you are providing up-to-date services, your CRM software is loaded with all of the applications you need to handle support efficiently, your business image is where your customers are (social networking sites like facebook, twitter and stumbledupon are great places to start), your business has a user-friendly website and you offer competitive rates.
If you can assess where you are, you’ll be better prepared to make it out if these bad times. Many businesses go under because they don’t know how to cater to customers while still keeping prices down. People are looking for quality, wallet-friendly services with a smile. Individual attention to your customers can go a long way and some creative promotions can keep them coming back.