During good economic times sales come easy. But when times are tough it’s harder to make a profit. You might have to start spending more on advertising to make the same you made before. Your profit margins shrink during a bad economy. But there’s a few things you can do to still make a profit even during bad times. Here’s a few suggestions.
- Charge recurring fees. See if you can adapt your product/services to charge a monthly fee. You can do this by offering continued support, insurance or product updates.
- Don’t seem desperate. When dealing with customers/clients, don’t be too eager to get a deal. It shows. If your product and price is good, it will sell itself.
- Concentrate on customer service. Provide a good experience to the buyer and they might recommend your product to others or write a good review. The most powerful sales method is referrals and recommendations from previous customers.
- Contact your previous clients. It’s much easier to get business from a previous client than it is to find new ones.
- Expand your business. Sell a similar product or offer a service directly related to your previous one. Share your new product/service with all of your existing customers.