Economies work cyclically. When there’s a boom, there will eventually be a recession. Businesses that understand this tend to be better prepared to deal with a period where their business slows down. Recessions result in far fewer consumers spending money to buy goods and services. Items that they consider nonessential are the first ones that get cut. Uncertain economic times for consumers means a challenging business atmosphere for companies as well.
The best way to weather this storm is to develop and retain loyal customers. As we already know, return customers and customer loyalty are metrics that can help us understand how successful a business is at keeping its consumer base. Below, 15 members from Forbes Business Council look at some practical ways that companies can retain their customers during an economic recession.
7. Put Your Communications On Rocket Fuel
Entrepreneurs must put their communications on rocket fuel. During an economic downturn, customers can lose old spending habits and form new ones. If entrepreneurs allow customers to forget about their businesses, there will be a long-term negative impact on their enterprise. Customers want to feel special, so stay in touch with them by offering constant value. If you don’t, someone else will. – Shaz Memon, Digimax Dental