Implementing recession-proofing advice (con’t 2)
by Miki SaxonImage credit: duchesssa
When the economy slows, Wall Street tends focus on cutting costs (of course, they do that in good times, too), but cutting is rarely enough put a company on a strong financial footing—only sales can do that.
And no matter what you’re selling or to whom, sales are far more cost effective when you focus on relationship, because at some point all customers are new. While acquiring a new customer can cost thousands, selling to those you already know or to whom you’re referred costs far less.
This, of course, assumes that your product did what it was supposed to do and your customer service solved any difficulties that arose.
As your sales people start mining your client lists they need to stay hyper-aware for any dissatisfaction, whether overt or covert and address it. In today’s world an unhappy customer is a far different animal than in the last downturn and can sink your sales efforts with a few clicks of his mouse. By the same token, a customer who appreciates your products and services is a far more powerful advocate than ever before.
The relationships you have with your customers are one of your most powerful shields when it comes to the whims of the market.
