Everything seems great when the economy is doing fine. You can increase your prices, add some extra packages to your sales package, and make customers pay you more for services and products. However, as the economy starts slowing down, customers’ spending power reduces. They can no longer spend money like they used to do in the past, as a result of which they refrain from buying any service or product that doesn’t add value to their lives anymore. Marketing in a bad economy is tough and not all can survive this period. If you want to make sure that your company survives this difficult period, then take some critical steps as soon as possible.
The first step is to minimize your fixed cost as much as possible. If you have to cut down your workforce, then don’t hesitate. You can get the same amount of work done by outsourcing your projects. The next major struggle is to retain customers. What you can do is offer them discounts if they continue their service packages active with you. You can lure them in by offering some other benefits in terms of extra services/products, etc. In short, reduce your cost and deliver more to keep your marketing efforts intact in a bad economy.