It would be so easy to assume that all the effects on your business from being in a recession would be negative, but here at the Design Print Distribution Group, we know this simply isn’t the case. A positive outlook and an innovative mind means you can take a proactive approach, look objectively at how your business operates and get creative with your products and services. If you’re determined that your business will not only survive but thrive throughout a recession, there are steps you can take to ensure this is the case.
Cash flow planning
Check your cash flow, assess how much liquidity you have, and once you understand the bottom line and know your financial strength you have the base with which to move forward. Look for funding opportunities and business support, and take advantage of any grants and business help you’re eligible for – there are plenty out there.
Nurture customer relations
The happier you make your existing customers the more they will spend and tell others. Let them help you grow your audience. Ensure you engage with them through their preferred media choice, and offer them relevant recommendations, cross purchase opportunities and maybe the occasional discount or freebie to entice them. While your target market may also be looking at reducing their spend, reducing your prices means they can still take advantage of your products and services and save a little money by doing so.
Develop new ideas
Do not be afraid to review what how and what you offer. Recessions change the way people live, buy and interact with businesses and Covid-19 has most definitely had a huge impact. So, rather than cutting back through fear, why not look to expand, switch or make small changes in the things you sell, the way you sell them and most importantly, how you let people know that your business is very much alive and kicking. If you launch a collection service or can offer virtual meetings ensure you communicate this with your target audience. Let them know you’re open, trading and looking for their custom.
While it can be tempting to reduce your marketing budget during a recession, it’s essential your target market don’t forget you. But, maybe now is the time to change your marketing tactics. For example, a billboard on a street will get less attention the less people move about, so targeting them on their doormat through a door drop campaign can be more effective. The ability to buy online when previously you relied on a storefront can help when people now feel safer having items brought to their home.
We at Design Print Distribution Group have seen and helped many businesses grow during the most challenging of times. Our expert help can get your business noticed. Through graphic design services to raise your brand awareness, printing to provide flyers, leaflets and cards, or managing a door drop marketing campaign we have the experts that can help you kick a recession into touch and make this the best time yet for your business.