Gift Basket Businesses Can Hold Steady in Tough Times
I’ve been reading a lot of articles these past few weeks about how to keep our businesses going in this troubling economy. Local newspapers and trade magazines alike include stories about how to move through tough economic times in a productive and creative manner.
I’ve noticed that a couple of suggestions keep coming up and although you might have heard these before, I think it’s important to keep stressing these iimportant points.
Provide Super Service! As our customers grow more cautious in their buying patterns, it is more important than ever to nurture our relationships. Review your past records and check out when your customers made purchases in the past. Is a special occasion coming up when your customer always sent a gourmet basket? Who placed orders last year for Valentine’s Day and Easter? If you handle corporate accounts, check last year’s records to see if orders were placed for Administrative Professional Week (April 19 – 25, 2009).Then, get on the phone and make calls! Although your customers may be cutting back this year, they’ll appreciate your being aware of their buying patterns and your call may remind them that it’s time to order again. Even if they don’t order the same amount as in prior years, your call will have an impact. All through the holiday season and continuing this month, the articles and research that I read continue to emphasize that price is not always an issue in customers buying decisions; rather they will often pay more for a better customer service experience.
Keep Promoting Your Business! I heard a story on NPR News that automobile companies, who in the past have purchased up to 40% of all TV advertising, have cut their advertising budgets almost in half. Consequently, ad time on television can be purchased now for substantially lower rates. (Have you noticed that infomercials have stepped up their ads? This is because they’re purchasing ad time at low, low prices.) While I’m not suggesting that you start to advertise your business on the local TV station (although this may be something you want to check out), I do think that this is a good time to call your local newspaper and radio stations and find out what advertising rates are available. And don’t forget to negotiate! Additionally, if you’ve been thinking about developing your own web site, this might be a good time to negotiate with a web developer to design a site for you and get it up and running. They need business too! The economy will eventually turn around and you may be able to make a great investment in your business right now at a great price.
Send Out Coupons! You’ve all received 100’s of coupons in the mail over the holiday season. Newspaper ads have tons of coupons everyday for everything from clothing to food to tires. The Coupon Council of the Promotion Marketing Association says that over 80% of consumers use coupons and are very responsive to coupon offers. Design some of your own coupons to mail, to leave on your check-out counter, to pass out in the neighborhood or to insert in a local newspaper ad. And you don’t just need to slash prices. Offer a free gift for every 3 purchases. Offer a one-time discount on shipping/delivery charges. Use your imagination to create coupons that benefit your customers while keeping an eye on your bottom line.
3 comments January 13th, 2009
