Sponsored by Forest Grove Economic Development
Home Back Issues July 2008 Boosting sales in a down economy

Boosting sales in a down economy

| Print |  Email
Archives - July 2008
Tuesday, July 01, 2008

CashDrawer

FOR SMALL BUSINESSES without large cash reserves, economic downturns can be especially tough. To stay afloat, you need to keep the cash register ringing even when customers are cutting back — and that means thinking outside the box.

One of the biggest mistakes small business owners make is cutting down on marketing when they start to get strapped, says Harry DeWolf, district director for the Small Business Administration in Portland.

“You’ve just got to get more creative,” he says. “Visit potential clients instead of
sending them stuff. Call them or email them. Work those lists, and make the message more personal.”

Another strategy is to form alliances with other businesses to stretch marketing dollars, says Shelah Johnson, CEO of Techchex, a Portland-based tech  firm that serves small and mid-sized businesses. Identify noncompetitive businesses that share your target
consumer and create co-op ads to benefit both players. Refer business to other firms and request they return the favor.

You can turn customers into marketing allies, too. Viral marketing, such as email blasts that can be forwarded to others, are an easy way to expand your base without any extra effort or expense, Johnson says.

One tactic to avoid, though, is discounting. “It decreases the perceived value of your product or service,” Johnson says. Instead, offer value-added incentives, such as one month of free service when a customer pays for a full year.

To compete with big-box competitors that do slash prices, step up the service. Look at what the competition doesn’t have or do and fill in the gaps, DeWolf says.

Spending money might seem counterintuitive at a time like this, but one investment that could really pay off is a website. “If you don’t have one, it’s like being invisible to the world,” Johnson says.

Above all, both experts agree that the key to driving sales in a down economy is to be proactive and stay positive.

“In many ways, small business is more agile than enterprise business,” Johnson says. “We know how to be resourceful. Small businesses have cockroach in our DNA: We will survive anything.”

JAMIE HARTFORD


To comment, email This e-mail address is being protected from spambots. You need JavaScript enabled to view it .

 

More Articles

Managing family assets: The importance of planning ahead

News
Friday, August 22, 2014
Unknown-1BY CLIFF HOCKLEY |  OB GUEST CONTRIBUTOR

When business intersects with family, a host of  situations can arise. Without a clear vision and careful planning, hard-earned investments can become stressful burdens.


Read more...

Who said we should sell in May?

Contributed Blogs
Friday, July 18, 2014
BullMarketBY JASON NORRIS | OB GUEST CONTRIBUTOR

Back in May, we shared a common Wall Street quote about investing, “Sell in May and go away.” Fast forward to July and the most common question we have been getting from clients is, “When is the market pullback going to occur?”


Read more...

Attack of the Robin Sages

Contributed Blogs
Monday, July 07, 2014
070714 thumb linkedinfakesBY TOM COX | OB BLOGGER

Named after the 2010 experiment by Thomas Ryan, "Robin Sages" are fake social media profiles designed to encourage linking and divulging valuable information.


Read more...

OB Video: Dress for Success

News
Wednesday, July 02, 2014
DFSOBY JESSICA RIDGWAY | OB WEB EDITOR

Dress for Success Oregon promotes the economic independence of disadvantaged women by providing professional attire, a network of support and career development tools.


Read more...

Is this employee right?

Contributed Blogs
Wednesday, August 13, 2014
081314 thumb employeefeelingsBY TOM COX | OB BLOGGER

When I say, “Your Employee is Always Right,” I do not mean “right about the facts,” but rather “right about how they feel” and “right about how they want to be led.”


Read more...

Why I became an Oregon angel investor

Guest Blog
Monday, July 14, 2014
AngelInvestBY TERRY "STARBUCKER" ST. MARIE

I really didn’t know that much about angel investing, but I did know a lot about the entrepreneurial spirit.


Read more...

Oregon Business wins awards

News
Monday, June 30, 2014

ASBPEOregon Business magazine won two silver awards for excellence in writing in the National American Society of Business Publication Editors Western region competition.


Read more...
Oregon Business magazinetitle-sponsored-links-02
SPONSORED LINKS