Difference between their current supplier and the competitor. Another finding from the said study revealed that even if there is a huge decrease in the product price, B2B companies will not increase their purchases during a recession but will stick to their plan of cutting costs. More so, cutting prices is more of a short-term strategy rather than a long-term one. Effective marketing strategies during a recession During a recession, companies often focus on managing the threats that they miss a lot of opportunities. Avoid that mistake by asking yourself the following questions: Are my competitors shying away from opportunities that we can seize? Shall we focus more on growth markets rather than cut back to our core? Does our customer or competitor’s pain present an opportunity for us.
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Companies need to learn that they can always turn a liability into an advantage by looking for opportunities and minimizing threats. Here are four kinds of marketing strategies you can use whether or not there is a Colombia Email Address recession. Focus on your loyal customers Do you know that 80 percent of your profits come from 20 percent of your loyal customers? Sadly, though, you lose half of these profits by focusing on the bottom 30 percent of your unprofitable customers. All effective marketing strategies closely focus on customers that value their products and services. Thus, it is very important to reorient your business and focus on these loyal segments and allow the unprofitable ones to walk away. To encourage these loyal customers, you can.
New Marketing Strategy Introduce a Loyalty
Scheme Start a special promotions offering Increase the activity of your sales force Eliminate products that are unprofitable and focus on the core products Find new customers Getting new customers during a CRYP Email List recession is daunting but if you want to maintain your market position, you need to steal market share by looking for new customers. When looking for new markets to sell your product/service, there are four factors to consider: Product What do they like about your product? How unique is it compared to its competitions? Place Where do people go to access my product/service.