3 Key Elements Every Business Needs to Thrive In a Recession

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In these days of a turbulent economy, corporations that were once a symbol of longevity & security are now in a major financial crisis; one is left wondering what does that mean for my company? When Titans of Industry begin to crumble every aspect of our economy is effected. There are a few industries that will survive even in a nuclear holocaust (or some organizations will have you believe), such as cosmetics, pharmaceuticals (legal & illegal) and customer service.

Now, However, recessions can be very profitable for companies that are providing solutions to:

(1) solve their customers’ needs

(2) are practical pricing (affordable)

(3) offer great customer service. With customers now more than ever carefully watching their budgets they are making smarter buying decisions while ignoring frivolous items or services.

How can new businesses compete in this recession and continue to thrive & grow. It’s simple. First you must ask your organizations some key questions:

(1) what are our customer’s needs?

(2) Are we satisfying those needs or the needs of the business?

(3) Can we satisfy their needs and still maintain profits? If you can answer ‘no’ to even one of these questions then it is time to revaluate your business structure, process and services. In short it’s time to trim the fat until you can satisfy all three questions.

Let’s look at how you should approach those key three questions. First, what are our customers’ needs? To determine this define your buyer personas. Who can you envision purchasing your products and services? Be specific. If you are selling a service to soccer moms, then there are some reasonable assumptions you will need to make. Soccer Moms generally have a very busy and active lifestyle. It’s typically family centered. They are most likely going to drive an SUV or Mini-van. This will depend on the size of their family and how many activities they support. They generally participate in activities that are family based. All operate in a leadership capacity but don’t realize that the skills they develop being a Mom transfers very effectively into the workplace. Also, Soccer Mom’s need to communicate, maybe they use a family plan for cell phone services or a calling tree. Who’s in their social network? The buyer persona for a Soccer Mom could be very intense but you want to cover the significant areas of their lives, in respect to your product or service, such as

(1) communication- important when trying to advertise to them.

(2) Social network- how does your customer stay in touch? Make sure to include social networking sites, devices of communication such as e-mail, cell phone or landlines.

(3) Social activities- church or lunch on Wednesday with friends.

(4) Give your buyer persona a life complete with names, ages and careers. Covering these aspects in your buyer persona will assist you in ensuring that you are address those specific needs of your customers and will also reveal any objections that they may have in purchasing your product or service.

Next question for review deals specifically with meeting the needs of your customer. It is important to understand what the end goal is that’s driving the service or product. If you are meeting the needs of the business, covering overhead costs i.e. staff, location & advertising, then your bottom line is your budget. All businesses bottom line should be resolving their customers’ problems. Start here and the money will come. Provide a cost effective solution for your customers’ and they won’t mind paying extra for quality or value. It is important that every company defines the goal and objectives for the product or service.

The last question or concept that most businesses fail to grasp combines questions one and two. Can we resolve our customers’ needs and still stay in business? This is extremely important or your company will be like other companies that utilize old marketing practices to force their products on the public. Anytime an organization can offer a solution at an affordable cost with decent customer service it will sell. Provided you have done some advertising. After all customers will need to know you exist. Bottom line if your company can’t, you won’t be in business long. At least not without capital supporting you and until you can send out enough images of your product or service repeatedly over an extended period of time.

Recessions fundamentally change the direction we move our products and services. Take the opportunity to lay the foundation for your business success and set the standard for business practices in your industry. It’s a great time to change!

Article Source: http://depositarticles.com/

Ms. Freeman is a Senior Guide with the Freeman Global Group. To her credit she has authored two e-books and toured the country training various Human Resource solutions. With over twenty years of presentation experience she has developed a fascinating approach to adult learning. Ms. Freeman has made learning difficult topics fun and practical.

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