Marketing
• I know that I just said last week that it may be time to cut costs, but this is the area you may need to increase costs. That doesn’t mean to keep marketing with the same methods, but if sales are slow, you may need to actually increase marketing instead of cutting back.
• We have all heard the statistics about how much easier and profitable it is to keep a customer than it is to create a new one. Armed with that knowledge you should consider developing a customer loyalty program that will assist you in these tough times.
• Ask your customers what they want. Consider a customer survey. Internet survey tools like Zoomerang™ or SurveyMonkey™ can be free or very low cost.
• Identify and develop your competitive advantage. Why does the customer want to do business with you? What do you do better than your competition?
Tennessee Small Business Development Center at Volunteer State Community College provides free and confidential advising sessions to small business owners that want to grow, hire, or obtain financing.
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