The Consumer Crunch: With Consumer Confidence Down, How Can Businesses Survive?

Share Article

With interest rates rising and mortgages defaulting at an increasingly alarming rate, consumer confidence is at an all time low. This creates a chain reaction through the economy with businesses of all sizes suffering from the lack of spending. Diane Costa- Director of Sales and Marketing, Marketing Mechanics, has delivered some tips to help alleviate the stress most business' face.

With consumer confidence at an all time low, and business profit margins beginning to flatten, here are some tips to help stay afloat. Diane Costa- Director of Sales and Marketing, Marketing Mechanics, has delivered some tips to help alleviate the stress most business' face.

Tip 1: Existing customers are cheaper to market to than obtaining new ones. If the groundwork has already been done and a customer has already used a company's products or services, marketing to this customer over sourcing a new customer should offer a positive and cost effective return.

There are many ways to keep in contact with a customer, the best way is to create a simple database to keep track of customer purchases and easily contact them through various low cost mediums such as mail outs and email marketing.

Tip 2: Up Sell: If a customer has bought a cup of coffee - could they also buy a cake or sandwich? The answer is yes. By informing a customer of additional options to go with an existing purchase a company can greatly increase its turnover.

Tip 3: Customer Wants and Needs: A customers perception of a business and an owners don't always match - the best way to find out what a customer wants - is to ask! Online Surveys or in-store questionnaires are a useful tool, adding a competition will increase customer participation.

Tip 4: Brainstorm Box: Have a Brainstorm Box to throw in anything interesting and relevant. It's a box of inspiration where some really fantastic and creative ideas might come from when the time is right.

Tip 5: The Competition: Competitors are one of the best resources a business can have. It's not about imitating what they do it's about seeing what is being done and going one step further.

Although simple, these practical tips should form part of a business strategy to help businesses not only stay afloat but generate fresh leads and sales.

About Marketing Mechanics:
Marketing Mechanics is a full service Advertising and Marketing Agency based in Sydney, Australia. With over 8 years of experience and expertise they embrace creativity and are results driven.

Contact:
Diane Costa,
Director - Sales and Marketing
Marketing Mechanics
Phone: 02 9565 2120
diane @ marketingmechanics.com.au
http://www.marketingmechanics.com.au

###

Share article on social media or email:

View article via:

Pdf Print

Contact Author

Diane Costa
Visit website