Using the internet to ride out the recession
Whether we like it or not we’re heading for an ecomnomic recession, the cost of doing business is on the rise, and consumers are tightening their belts. For many it’s a time to make cutbacks or starting to look for new avenues of making sales, and, depending on your business, this could be a good time to look at your online presence and make it work harder for you.
A web site is a very cost effective method of advertising, so in a recession it makes sense to utilise it to the maximum extent possible. The annual outlay of running a typical site is small when compared to an expensive glossy magazine ad for just one month which can set you back several thousand pounds a time.
So to stay in the game here are a few ideas you might want to consider…
Is your site up to date?
Over time all sites become outdated very quickly. Maybe you’re still showing two-year old news on your home page or your business has changed to how it’s being described. Now’s the time to give it a freshen up so potential customers see a thriving and up to date site that they feel confident in.
Are all your products/services listed?
Take a look at the products and services you deal in. Are they all mentioned on your site? You may have neglected to add that new product when it came out last year because offline sales seemed more important, but if it’s not mentioned on your site people won’t be able to buy or even enquire! Every missed product is a possible lost sales opportunity.
Look at your prices
When recession comes prices fall as businesses chase after a declining market share. Start looking at what your competitors are charging and where you can adjust your prices so you stay in the game. Consumers will be increasingly looking for the best bargains and if you price yourself out of the market you may lose out. It’s better to knock 10% off your base line and still have salesm rather than keep your current prices and have no sales at all!
Have a sale!
If you have a lot of old stock, or slow selling items it’s worth considering slashing prices to generate some sales. This has two main effects, first it converts otherwise “dead” stock into cash, and second if you provide a good service you can pick up repeat customers for the future.
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