Client retention, outsourcing and green credentials amongst top ways to survive recession
Businesses looking to survive the challenging months ahead are being urged by industry experts to focus on areas such as client retention, outsourcing and green credentials.
Inflation in Britain has already reached 10%, and could potentially exceed 20% early next year. Soaring energy prices continue to place greater pressure on businesses to balance their books, with the general cost of living adding further squeeze. Many business owners are now preparing to weather the storm in the wake of an uncertain future.
During periods of economic downturn, small businesses in particular need to protect their finances and so seek ways in which they can cut back and save budget; but it is crucial to prioritise what they are spending on correctly, advises Anna Stella, Marketing expert and CEO of global outsourced agency BBSA,
“When a recession is on the horizon, current clients are more valuable than ever. Retaining clients and their ongoing support is key to surviving a financial crisis, and focusing time and effort on providing existing clients top service must be prioritised over acquiring new clients,” explains Anna.
While focusing on client needs, Anna is keen to remind business owners that their clients will be spending more carefully, and scrutinising what they get for what they have paid more closely.
“Businesses need to be offering enticing deals that make financial sense for clients in order to optimise sales. Utilising sales promotion techniques such as coupons, discounts, BOGOs and interest free credit extensions will attract consumer attention. Offering a cheaper version of a top-of-the-range product, an approach known as ‘fighter product or brand’ is also an effective way to attract or retain clients.”
Onboarding new clients, of course, still holds importance. For small businesses in particular, winning new clients can be challenging in the current, complicated marketing climate where strategies are increasingly diversifying.
“The financial downturn, in addition to The Great Resignation and the lasting impact of the coronavirus pandemic has led to difficulty finding and maintaining in house marketing teams for many businesses. Marketing outsourcing is the most effective solution, where marketing can be outsourced to expert, specialist agencies.”
Finally, when looking to attract new clients, Anna believes that green credentials hold significant value.
“People are increasingly seeking connections with businesses that demonstrate a clear commitment to fighting the climate crisis, and strategies in place to make their business greener. Going green is also a fairly cost effective way to make your business stand out and give it distinguishing features. Successful brands are setting the precedent and enhancing their reputations by leading the fight for climate change on behalf of businesses.’.
This was posted in Bdaily's Members' News section by AmbitionPR .