Issue link: http://psai.uberflip.com/i/1150295
W EEKLY EDITION JULY 31, 2019 P r ep a r e N o w f or t he U p c om i ng R ec e ss i o n By Karleen Kos, PSAI Executive Directo r Only one company is going to win customers based on low prices, and that's a race to the bottom. Tightening your margins can be an especially harmful strategy during a recession . Instead, focus on providing better or more customized customer service and outshine your competition that way. 8 . M ak e t h e M o s t o f C u r re n t C u s to me rs an d C li e n t s . We've all heard that it is less expensive to keep an existing customer than to incur the cost o f finding a new one. That's especially true during tighter economic times. Talk to your customers and understand their needs. This may seem basic, but needs can change as their business outlook changes. How can you adjust your offerings or services to main tain or increase your sales with these customers? Even better, he or she might be a loyal customer, giving you many more sales opportunities. If you want to recession - proof your business, you can't afford to ignore the potential profits of shifting your sa les focus to include established customers. 9 . D on ' t C u t Ba c k o n M ark e ti n g . In challenging times, many small businesses looking for ways to cut expenses reduce or eliminate marketing dollars. This is a big mistake. If you are thinking, "Well, we don't see m uch coming out of those invested funds," then you are probably not marketing strategically. It makes more sense to fix what is broken with marketing than not to market at all. During a lean economy, customers are looking to make changes in their buying dec isions. They want to get more bang for their buck, either by decreasing costs or increasing value. They are more willing to shop around. How will they find you if you don't market? At the very least, make sure your web presence is optimized so potential cu stomers can find you easil y and see what you can provide. 10. Main ta i n Y ou r A s s o c ia ti o n M e m b e rs h ip s . One way to maximize your web presence and enhance your credibility ove rall is to make sure you stay up to date with your associations. For example , as a PSAI Member company, customers can find you on our website, and the office can refer customers to you. Customers also see that you are committed to quality through your adherence to the Code of Excellence. During challenging tim es, you need access to good information and ways to get the most out of your resources. Association memberships — especially, your membership with the PSAI — gives you access to the latest industry - specific knowledge. It provides you with a p ath to finding answers and consultation, either remotely by picking up the phone or sending an email, or in person at an event. P AGE 10 CONTINUED ON PAGE 11