What to do? Here's a look at some strategies to get the business of long-term frugal customers (Especially in the Infertility field):
Rethink Marketing: While social media has been hyped up, it is still critically important. Let's face it, customers typically first go to the Net before making a purchase. And, if you're company does not show up, you're certainly in trouble.
To this end, you need to get savvy with search engine marketing, blogs, Facebook pages, Twitter and so on. They will not only engage potential customers but also build a growing digital footprint.
Some excellent books on the topic include The Social Media Bible and The Facebook Era: Tapping Online Social Networks to Build Better Products, Reach New Audiences, and Sell More Stuff.
Value Message: Who doesn't like a bargain, especially for a good product or service? Even those who are looking at luxury goods are trying to get a good deal.
But, when crafting your value offer, you need to put much thought in the message. Just look at Stuart Frankel. He operates several Subway shops in southern Florida. Desperate to drum up business, he came up with a simple idea to sell $5 footlongs on Saturday and Sunday.
Interestingly enough, the result was stunning, as sales spiked. At the same time, profit margins remained stable.
Customer Feedback: During tough times, your customers may be looking for alternatives. This means you need to communicate more and perhaps even provide enhanced offerings. In fact, this may help increase "word of mouth," which could result in getting more customers.
Also, ask your customers some questions, such as: What do you value the most? What else would you want?
This can be extremely valuable in terms of targeting new customers, as well as fine-tuning your marketing.
Be Upbeat: In light of the negative media, it's not easy to be positive. But you need to. It's critical for motivating your employees and building confidence with vendors and potential customers.
Tom Taulli provides a variety of financial services to business owners, such as business plans, cash flow management, and taxes. You can reach him at taulli.com.