Since unemployment rates jumped past 10 percent last week, it looks like the recession is anything but over. While the news is discouraging, businesses need to realize that there are still opportunities available for them. As explained in the video report below, these opportunities would not exist if times were better.
For starters, customer service opens up many new doors for businesses to stand out. Why do you think Zappos and Amazon are so popular? These companies aren’t known for their exceptional products, but they are known for their exceptional service. Businesses should adopt this customer service model for their own use.
In addition, a business needs to provide a customer-friendly website experience. Recruit a group of outsiders to test your site regularly to make sure it is functioning properly. Also, remember to keep your site up-to-date since customers expect the latest technological advances.
A third possibility is a partnership. By joining forces with a complimentary company, you could not only save costs, but could also give your business additional exposure that you may not have gotten on your own.
Negotiation is a fourth strategy that many marketers are effectively using. Businesses often forget that media companies are suffering from the economy as well. That said, marketers can work to negotiate deals that could have never been reached if the economy was better.
Next, businesses should utilize social networks if they aren’t already. Social media allows businesses to build their brands and reputations in the places their customers already occupy. It is important to update these social networks regularly since it will show consumers your level of commitment.
Some people may frown upon this strategy, but it is an opportunity. The sixth strategy involves trying things you’ve never tried before. This could include anything from reaching unthought-of deals to producing an entirely new business model.
Lastly, no matter what you do, remember to stick to your principles. More often than not, businesses relinquish control to their customers over fear of losing them. As a result, customers lose respect for the business and the business loses integrity. A better approach would be to be true to your business and believe in its abilities.
Is your business taking advantage of these opportunities? Have you found other ways to be successful during these trying times? If so, please share your experiences below.
About the Author:
Abby Johnson is a Video Reporter/Anchor for SmallBusinessNewz.