In part one of this series, I told the story of the Million Dollar Chiropractor and why you should implement multiple recession-busting strategies, and I provided 23 strategies to begin with. In this installment, I’m continuing with strategies to help you weather a recession or market downturn.
Connect with your list (24-26)
Your building could burn down along with all your inventory, equipment and vehicles, and insurance would cover it. It would be a blow to your business, but you could recover because all those things are not your business. Your business is your list of customers. If you lost your past customers, you’d literally have to start all over again. That’s why staying in touch with them is so important. In the last installment I recommended using a newsletter to do this. Here are more strategies for connecting with your list.
#24. After every completed job as part of the paperwork have your salespeople send a hand-written card to the customer.
#25. Same idea as above but send out “just because.” If you send out 10-plus per week to your past customers, then each year over 500 of your past customers will get a hand-written note from you and/or your salespeople expressing your appreciation for them, their referrals and their continued business.
#26. If you don’t communicate with your past customers regularly, reconnect with them using snail mail and email.
Referral partnerships (27-30)
When the market slows down, the prospect pie shrinks. A super-affordable, highly effective way to increase the size of your pie is to cut yourself a slice of other businesses’ pies.
#27. Make a list of 50 potential referral partners in your area. Each week reach out to five of them using this process: 1) Mail or FedEx them an introductory letter saying you’ll call them in a week. 2) Call them and schedule a lunch or coffee meeting. 3) Meet with them and establish the relationship.
#28. Maintain the referral partnership by sending them your newsletter, dropping off pastries, sending in lunch occasionally, keeping them supplied with business cards, etc.
#29. Host referral partnership appreciation/networking events a couple of times per year.
#30. Take one referral partner to lunch every week.
Networking (31-33)
#31. Join LeTip, BNI, the Chamber and charitable organizations such as Lyons and Rotary Club.
#32. Subscribe all the members to your newsletter.
#33. Take one member out to lunch every week.
Financing (35-40)
When money is tight (like during a recession), making people aware that you offer financing can increase your sales. Here are some places to promote financing:
#35. Your newsletter
#36. Social media
#37. Google ads
#38. Store signage
#39. Email signature line
#40. Train your salespeople to offer financing as part of the sales process.
We’ll continue in the next installment with more of the 50-plus strategies. Train your salespeople to offer financing as part of the sales process.
Jim is the founder and president of Flooring Success Systems, a company that provides floor dealers with marketing services and coaching to help them attract quality customers, close more sales, get higher margins and work the hours they choose. For information visit FlooringSuccessSystems.com.
