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February 28, 2012 - Vol. 4 Issue 52

3 Ways to Grow Your Business in a Slow Economy

It can be difficult enough to grow, expand and maintain a healthy business in a strong economy. When the market turns sour, it can spell disaster for the small-business owner conscious of cost. But a slower economy also offers opportunities for small-business owners to grow, outpace their competition and be stronger once the economic tide turns. Here are three simple steps you can take to keep your business expanding, even when the going (or growing, in this case) gets tough.

  1. Reward Customer Loyalty

    When looking to branch out, focus on your existing customers—they already know and trust you. The truth is that it’s easier and far cheaper to increase business from existing clientele than to rope in new prospects.
    Offer your loyal customers new or additional products and services relating to an existing offer—then reward that same trust and loyalty by offering these services at a reduced rate. Also, consider offering discounts on existing services for the referral of new business prospects, in lieu of additional incentives.

  2. Get More Bang from Your (Marketing) Buck

    If you’re aiming to keep your sales soaring without significantly increasing your advertising expense, buckle down when it comes to negotiating with advertisers. Remember that economic downturns affect advertisers substantially, too. Use this downswing to your advantage and agree on a fair yet discounted price. If the price is set in stone, you might request a larger ad for the same money.

  3. Good Publicity on the Cheap

    Strike out and launch your own PR agency in the interest of your existing business. Combine the loyalty of your customers with a little marketing savvy and put together an e-newsletter. Offer tips, inside industry information and additional tools to your loyal customer base. Give your readers the opportunity to forward your literary calling card to friends. It only takes a handful of e-mail addresses and a creative copywriter, which your business might already have. Don’t think it will work? You’re reading one. Point taken?

For more small business tips, check out the SUCCESS Entrepreneurial Toolkit at SUCCESS.com/toolkit.

Latest Blog Post LATEST BLOG POST
Who You Going to Vote For?
by Darren Hardy

I'm not talking about for president of the United States.

I'm talking about president of your goals, dreams and potential.

If you had to run for re-election…
What has been your performance track record over the last three and a half years?

You made some promises back then—to your family, your employees, yourself and your God.

Did you deliver?

What would the pundits say about your performance?

What would the critics point out as your shortcomings?

In a debate, what examples would someone use against you when you were hypocritical to what you say you stand for, when you flip-flopped on your values, when your policies and plans failed and you didn't follow through on your campaign promises?

During this political season, the radio waves, cable lines, blogosphere and every cocktail and dinner party is abuzz with criticism of one guy's track record over another. That's all fine and well, but maybe we should look as critically at our own track record.

If we spent as much time, energy and TV, radio, blog and conversation time assessing our own...

Continue Reading the Latest Blog Post

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