How To: Keep Your Pipeline Full (In Tough Economic Times)
Don’t let a threatened recession get you down.
If, as a business owner (or parent, or educator, or person in general), you feel like you’ve survived a war the past three years or so, we don’t blame you. A pandemic, a devastating cyclone, interest rate and inflation hikes, and economic downturns are a lot to deal with.
You throw in the towel or you develop resilience. And for those who are sticking around, we wanted to share a few tips to keep the sales pipeline full. Because despite the economic climate, people still need their pipes fixed, homes built, decks fixed—they might just be a little more cautious about pulling the trigger on an expense.
When times get tough, it’s tempting to shut down everything but the most crucial functions. Like how your body survives the cold! Often, this means marketing falls by the wayside. For businesses, however, this is self-sabotaging. Finding new clients and jobs is important; unless you can keep your schedule 100% full with return customers, you need at least a base level of marketing activity. And even returning customers need to be nurtured.
So here it is: how to drum up business on a budget!
1. Focus on VALUE
When economic times are tough, your customers and potential customers will be looking for value. Bang for their buck.
You want to demonstrate that you can provide it, and this may require some tweaks to your marketing messages. Emphasise the value that you provide to your clients and customers! This collection of case studies shows how various businesses improved their impressions, leads, and conversions by better communicating the value of their products or services on their websites and through other channels.
2. Emphasise AFFORDABILITY
This one’s fairly obvious but certainly bears mentioning! In a recession, people are looking for products and services that are affordable. So you might need to change tack a bit.
Where you may have highlighted the ways in which you are providing a premium service or adding feel-good extras, showcase how you are affordable. You might even rethink and reposition some of your packages, products, or services to provide options for those seeking something low-cost and no-frills.
3. Get on board with DIGITAL MARKETING
Social media profiles, email newsletters, blogs, and SEO-focused website updates are effective marketing channels in this digital age. They also generally require a much smaller investment than paying to design and distribute print ads like flyers, billboards, and newspaper or magazine features.
Even paid Facebook or Google ads can offer a great return on investment, and can be simple and quick to set up with a little help from an expert. No matter the state of the economy, people are going to be on social media. Reach them!
4. Be FLEXIBLE
Offering payment plans, discounts for up-front payments, and other options that provide potential clients (and your valued current ones) with some leeway in tough financial times is the sort of thing that will get you good reviews and recommendations.
Of course, you will need to prioritise your cashflow and take that into account. However, where you can, be flexible. People will appreciate it.
5. Show INTEGRITY
When it comes to an economic downturn, most people are in the same boat—or at least in the same ocean. Be transparent about how you are adapting to the different conditions. Share any relevant changes or price updates with your regulars upfront.
6. Nurture RELATIONSHIPS
Your existing relationships with clients and customers are so important. People are your biggest asset. Maintain and manage the relationships you have with your client base. As we said before, be flexible. Give your team members leeway to add little extras here and there at their discretion.
Treating your customers right is one of the most affordable ways you can boost your brand, keep customers, and gain new ones. Stay in contact and express empathy for those in tough circumstances.
We wish you the very best in your business this year! We’re the biggest cheerleaders of small business, and excited to help both current clients and new ones grow this year.
