Business Building Mastery: 9 Steps to Capture More Market Share

By jschlosser • February 13th, 2009

Recession hits every one. Learning business building mastery is important not only to the small business owner, but also to a business tycoon, every one is affected in recession. People start switching from restaurants to home made food and start cutting costs every where. Companies start cutting back on resources and even employees. The question is how does one learn business building mastery to survive in a recession? How does he capture market share and increase his business in these tough times?

First and foremost you need to delve into the consumer’s mind. Customers cannot live without making purchases in recession. However, the difference is that they will not make impulse purchases; rather they will research and then make a purchase to get a best deal. So how does a small business owner retain a customer?

Consider the following small business building mastery ideas to help your business grow in a recession:

  1. Advertising: During tough times, cost-cutting is the rule for many businesses. Advertising is often one of the first budget items to be slashed; but this is a huge mistake for small business owners. Scaling back or eliminating your advertising efforts can cost you a big chunk of the market share.  Guerrilla marketers have over 100 free or low cost strategies for advertising your business/product.
  2. Create loyal customers: This is always important, but even more so during a recession. Make sure you’re tuned-in to your customers’ needs so that you can target your services to provide what they want. When customers feel well taken care of, they’ll keep on coming back.
  3. Get customer feedback: Use surveys and feedback forms to get information straight from the horse’s mouth. This will provide valuable information so that you can target your products and services to match your customers’ needs.
  4. Formulate a business plan: A well structured business plan can help you in managing your resources and also increases your business.
  5. Reach out to neighborhoods: Since gas prices have been increasing, customers are more often staying close to home instead of making the trek to malls and large shopping centers. Reach out to customers in their neighborhoods with flyers and other local advertisements to make your customers aware of your business.
  6. Discount offers: In a recession, customers seek out and expect discounts and special offers. Discounting your services in whatever way you can will help make you more competitive in a tight market. Make sure to advertise these discounts in targeted neighborhoods.
  7. Make customer convenience a priority: Many customers just don’t want to spend time shopping for every-day needs. This is why home delivery and dial up services can grow your customer base.
  8. Offer excellent promotional deals: Even though people tighten their belts in a recession, everybody treats themselves to a splurge every once in a while. By using tantalizing promotional offers and deals, you’ll attract new customers.
  9. Listen to how you answer the phone: People want to do business with professional sounding organizations and people. Do they hear a friendly smile on the other end or a grumpy employee that can’t wait for 5 o’clock to roll around?  First impressions do matter.

Business Building Mastery

These small business ideas can help you to enhance your business in a great way. You can even build a small business website for your business which can make your business truly global. So use these small business building mastery ideas and see your business beat recession and grow!  To your success!

Comments are closed.

 

« | Home | »