(Published in the April 2023 issue of the Millwater Magazine and the Orewa Magazine)
New business or a well-established one, this applies to you.
In this article we push back on the cost of living increases and share some of the ways to make a recession work for you with clever marketing instead.
Imagine a race and the pack slows for a difficult hill. What if you get off and push and surprise your competitors by taking the lead? Apply this same principal to marketing your business. Think what the effect could be if you maintained, or even raised your spend.
Here are 3 ways a well presented brand could grow your business in a recession too.
- Get Noticed by the right Customers
Strong branding that helps to promote your differentiation and promise, that appeals to the right customers and used consistently in the places your customers are looking, gets noticed. The challenge becomes determining the right customers. Here’s some determining factors: Biggest spend; Best margin; Least effort to each sale; Most fun; Quick payers; Cross promote your business; Have a good growth plan.
- Better quality justifies higher prices
Remember 80% of your income comes from 20% of your customers. I’m not saying raise your prices right away, unless this is necessary. What I am saying is – with the right preparation you will be ready to raise your prices when the time is right. Your best customers recognise your value and will understand your reasons to raise your prices a little.
- Good staff want to work for good brands
Despite low employment rates one of the greatest challenges for businesses right now is attracting staff, especially good staff. Good staff want to work for good companies. Taking care of the way you present your brand from your logo to the cleanliness of your premises will form first and lasting impressions. You might not see it, but others do, and there is never a second chance to make a first impression. Get someone to cast a fresh set of eyes across these things for you.
Chris Norris – Truth Seeker Cert. MKTG | MCC | Cert. Typography
Former Chairman of Business Whangaparaoa and Board Member for Silverdale Business. He is also a mentor with the Business Mentors Programme at MBIE. Now running a locally focussed branding business. Allbrand.co.nz – Revealing the truth in businesses. If you are passionate about something you already have a true story. Get in touch to seek it: Chris@allbrand.co.nz
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