A6: How to grow your sales in a recession?
A recession is often considered as the time when marketing budgets should be cut. However, the opposite is actually true. Most SME’s don’t realise that 50% of their activity should be involved with income generation. If marketing is done effectively and consistently, with innovation and creativity, then is usually results in more income, more customers and more profit. You have to look at the whole marketing mix and your brand image may need a revamp if it’s not having the desired impact. Having a well designed, fully SEO optimised website is essential but often too much faith is put into online marketing. Sometime working the phone, networking, sending out professionally designed brochures and adverts that specifically target your customer can be more effective. Email marketing generally has a very low conversion rate (around 4%) as does social media marketing (depending on who you talk to). Yes there is a cost involved, but you need to see this as an investment in your sales growth. You cannot make an omelette without cracking open a few eggs.
It can be cost effective to outsource your marketing activities by using a professional agency do two or more hours a week for you. Telemarketing and outsourced appointment setting is also a good option. Many sales people are good at closing but dread the idea cold calling.. Using a prospecting firm can allow you set up prospects or appointments that your salespeople can close. One of the best uses of your time is to be on the phone to customers. Delegating the marketing or sales call prospecting to a company can grow new clients either through meetings or marketing which can will cost you less that trying to do it in-house. Most businesses struggle with inconsistent sales. Outsourcing to a marketing / telemarketing company will give you consistent leads to more sales and thus lowering your company salary overhead. Many in-house marketing staff or sales people are often distracted doing other tasks than income generation, so this is another good reason to use a dedicated outsource team.
Lets face it, your business is either going forwards or backwards. If you are not actively and creatively finding new and better way to generate new or recurring income, then you are going backwards.
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