In our current economy, making sure your company can hold fast against any potential economic changes will enable you to weather all storms and help your business come out stronger against any potential problems.
Whether you run a restaurant, a shop, or ecommerce business, many businesses will face identical challenges during an economic downturn.
If you need some guidance on making your business recession proof, here are fourfive top tips for success.
1. Enhance Your Customer Relationships and Create a Warm Welcome
Working on your relationships with your customers is a great way to recession-proof your business.
Customers famously “vote with their feet” when making decisions about who to purchase their goods from. If you maintain a good relationship with them, they are much more likely to continue to purchase from you.
One way to do this is to interact with your customers when they visit your shop, taking time to ask about their day and offering polite conversation. It might be useful to try and remember your regular customers’ names and offer tailored recommendations from their purchase history.
Some people can find shopping an intimidating process, especially if the shop is quiet or empty.
Allowing customers to browse at their own pace and engaging where appropriate will help them feel at ease, and purchasing a music licence to allow atmospheric music can also help customers to relax.
2. Create Enticing Displays in Your Shop
Displays are so important for selling your products in your shop, and well-planned professional display work can be the difference between a customer purchasing an item or putting it back.
To do this, use suppliers like Collated Fasteners to purchase staples, pins, nails and tools like nail guns to construct your sturdy displays. This will allow you to make creative decisions about how to merchandise your products effectively and influence your customers to buy them.
You can also post pictures of your displays on social media, or use them to decorate your shop windows to encourage customers to enter your shop.
3. Ramp Up Your Social Media Game
Social media is a fantastic tool for marketing in a recession. It’s so easy to manage your own budget, and it can be a simple way to connect with and build relationships with more customers.
Your online presence can assist in exposure for your products, but photo-based platforms like Instagram are fantastic for showcasing items with professional backgrounds, and making reels of their functions and how to use them. These posts will further encourage customers to make a purchase.
4. Stay Agile to Change
With a fluctuating economy comes fluctuating demands and remaining responsive to these is the difference between a business that survives a recession and one that doesn’t.
You can stay agile as a business by reducing spending wherever possible, which may mean making temporary sacrifices.
However, these changes will give you valuable skills that will help you react to future change before it happens.
Do you have any tips for making your business recession-proof? Share your thoughts in the comments section below!