An unstable economy showing sluggish growth can be disheartening for small business owners. While you may feel pessimistic about your outlook for growth in 2014, there are a few strategies you can use to strive in a down economy. Below we’ll discuss a few ways to thrive in the coming year:
Focus on Repeat Customers
Work on keeping existing customers loyal and don’t worry as much about acquiring new customers. According to a study by Bain and Co, it costs about seven times more to acquire a new customer than to keep an existing customer. Moreover, increasing customer retention by 5 percent overall may increase your profits by 25 to 95 percent! To retain more customers, be sure to offer excellent customer service and reward loyal return customers with discounts and special offers.
Address Fixed Costs
An unstable economic time is a great opportunity to analyze your fixed costs like rent, supplies, and subscriptions. Are there ways to cut down on any of these montly costs? Maybe you can sublet part of your unused office space to an independent contractor or suspend your water delivery service for a few months. These extra savings can help improve your bottom line.
Beat the Competition with Amazing Customer Service
When times are tough, consumers may tighten their purse strings and only spend money for goods and services that they perceive as valuable and necessary. Maintaining excellent customer service in a down economy can help differentiate your business from the competition and gain more market share. If customers have happy, inspiring interactions with your organization, they will come to you before the competition, even in a down economy.
What are your small business goals for weathering the 2014 economy? Contact One Call Center is here to help. We provide answering services, appointment scheduling, order taking, and live chat to keep your customers happy. Find out how we can partner with your organization by calling 1(800)-278-3347.