The dust hasn’t settled yet on Holiday 2008, but whatever the specific results, the current economic climate has likely forced you to take a closer look at your business. The hard truth is that not every retail business can make it to the other side of a downturn, but those that see the opportunity through the clouds—and capitalize on it—can emerge stronger.
In a column at Small Business Trends, author and coach Diane Helbig writes, “this is really the time for small businesses to seize the day and shine.” Helbig offers the following advice on how small businesses can answer when the unlikely opportunities within a downturn knock:
- Define the value of your product or service, from the client’s point of view.
- Establish why people buy from you. The fact is, they have plenty of other options and figuring out what brings new customers in—or old ones back—is key to your success.
- Once you understand your value proposition and why people have chosen your store, develop your marketing strategy around those two factors.
- Market to those people who need what you offer.
- In addition to capturing new clients, cement your relationships with existing clients.
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