July 23, 2024

Recession!

Good Morning ,
A number of months ago my dentist friend and client said he thought a recession was coming based on what he was hearing. At the time I said I doubt it, based on what the experts were saying and the state of the economy at the time.
In the last few weeks I’ve been reading a lot of news reports that we may be headed for a recession. I’ve also read that if we are, it might NOT be as bad as 2007-2009. It might be very light (recession lite??), or we might not even have one! So what’s a business to do? Do you cut staff and hunker down? Do you cut back on everything and pray? Or do you just keep going and hope it does not happen?
NO! You make plans just in case. As the saying goes, “Plan for the worst and hope for the best.”
You can also get your marketing and advertising in order, planned out and ready to be executed! Here are some steps you can take:

  • Clean up and make sure your customer list is up-to-date and can be exported into an Excel or CSV format.
  • If you haven’t done so, start a schedule of reaching out to your customers on a regular basis.
  • Use all media formats to touch your base.
  • Develop a plan of action for reaching and converting past, lost, inactive customers. If you don’t have one, I do! Then do it!
  • Develop a plan of action for keeping your current customers from leaving you and going to your competition or just leaving. Again if you don’t have a plan, I have one!
  • Still need more customers? (Of course you do.) Develop a plan to bring in new customers. Yes I have a plan for that as well!

And no, you cannot use the same plan for all three of these groups. Different groups have different needs and wants and require different plans.
If you take these steps now, you will be in great shape to weather a recession if one should happen. If it doesn’t, then you will be far ahead of your competition in gaining more business.
As always, I am here to help you any way I can, All you have to do is contact me.
Till next time.