How to Maintain Sales Revenue in the Great Recession - Effective Marketing Strategies (Part 2 of 3)

In part 1 we identified the key to maintaining your sales revenue and profitability during the economic downturn is understanding what your patrons are currently thinking, how their thinking changes their buying behavior, and then adjusting your marketing strategy accordingly to meet their new needs.

(A brief pause for a definition refresher: Marketing is everything you do to tell your target market how you can help them and how to contact you to get that help. We now return you to your regularly scheduled article.)

Now that you understand your patrons' current outlook, what should your marketing strategy response be?

Recession Busting Business Strategies

Generally speaking, it's best to focus on doing a few things very well, rather than many things poorly. When you expand or broaden your offerings, make sure that you offer everything associated with your new product in one stop under your roof. Dump fringe products that are slow sellers or can't be marked up to pay their way. Keep this principle in mind as you take the next steps.

First, maintain your pricing margins - don't engage in across-the-board discounting, which will result in your sales floor being festooned with "Sale" tags and could be perceived as the desperation strategy of a failing business. You certainly don't want to give that impression! Plus, marketing strategies based on widespread discounting are addictive to the customer and ruinous to the business. Don't go there if you can possibly avoid it. Then...

Get Creative

Create scarcity - stock and display only a small number of a particular size, color, or type of item, which encourages the customer to buy now to avoid it being out of stock when they return later. You've probably seen that some department stores have brought back layaway plans to encourage this behavior, a service that was discontinued a few years ago when customers could just charge the item to their credit cards.

Focus on quality - customers are carefully scrutinizing every purchase and want whatever they buy to last a long time. In most cases, luxury items are out, but consumers are still willing to shell out for durable, well designed and built stuff with fewer bells and whistles. As an example, well made tools are in, gadgets are out. Well-made basic handbags are in, high-end single purpose purses are out.

Focus on timeless stuff, not trendy stuff - again, in this economic environment consumers want what they buy to meet many needs, so timeless items are on their radar screen. Clothing in basic colors or styles that can be accessorized easily for a fresh look is the way to go; outfits that can't be mixed and matched are out. Khaki, denim, basic black in items such as shoes, and neutral colors will be on their mind. Remember, flip is out and practical is in.

In part 3 I'll expand this list of recession busting business strategies that will help you maintain, and even grow, your sales in the Great Recession.

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