In a shock move, the Bank of England has reduced interest rates massively in an attempt, no doubt, to stimulate the economy and bring a bit of confidence back to business. This is a good news as whatever can be done to make it easier for the banks to lend and hence business to borrow will mean the cash may get flowing around the economy a bit more.
I'm sure that like us you've seen a difference in the way people do business lately. We've certainly seen some changes, however we've actually seen an increase in enquiries and orders. We're busier than ever at the moment and we can certainly pinpoint why.
In times of trouble, the worst thing you can do is to hide away and expect it to just blow over. The thing to do is to put your head above the parapet and tell even more people just what you do and why you do it. Getting to more customers is the key to beating bad markets and if you do make a stand and actually increase your marketing reach, you'll find that it's even cheaper and reaches more clients during depressed markets.
The thing is, most people will do the curl up in a ball thing. Many of your competitors will start to lower their prices, reduce their advertising spend and generally shy away from promoting themselves. They will also get disheartened when they get told ‘no' by each new prospect.
To get through a recession you need to get angry, get motivated and fight your way through the inevitable bad news, lack of finance and reduction in customers who just say ‘yes'. The days of the easy sale are gone (for a while), yet the days of the good salesman are here right now.
Remember “that which does not kill me, makes me stronger”. Those companies that survive the downtrend and market well will be in a better position when all of this is over – and it will be over!
If you want to increase your marketing and get more customers, talk to us about search engine optimisation and effective web design. We're currently working with a lot of Birmingham companies as they seem to be suffering the most. If you are in Birmingham and are looking to boost your market share, give us a call or send us your brief.