When a recession hits, it hits slowly at first and then suddenly hard, leaving you in fear for your business’ bottom line. Will you be able to afford to stay open? To keep your employees? Will you have to drop product lines or services with lower profit margins? And is there anything you can do to boost your budget during a recession to not only survive the economic downturn but perhaps increase sales as well?
There is: an online business is the most efficient and effective way to increase your sales by 10 percent to 30 percent in the first three months with a continual growth after that. The best part? Not only will this help you survive the recession, but it will still be in place and potentially even more profitable when the economy turns around.
A New Online Business During a Recession IncreasesSales with Current Customers
We all know that turning first time customers into repeat customers is a far more lucrative way to spend your advertising dollar and focus than to focus solely on creating new customers. To that end, an online version of your business or an online business that complements your current business allows you to reach those existing customers virtually and keep their attention during a time when they need to know about the deals you have to offer more than ever. You’ve already got their attention and have established credibility by providing them with a product or service they needed. Capitalize on that but giving them a way to find you online and quickly reorder or schedule services so that if they think of it in the middle of the night when your store is closed, they can still secure their order before they forget.
A New Online Business During a Recession Increases Your Customer Base
Just as your existing customers will benefit from your online presence, so too will potential customers who are searching for the services and products you provide but don’t know where to find them. Typically, a potential customer will search for you using a relevant search phrase on their favorite search engine. If your business doesn’t appear on the first page of listings-even the first few listings on the topic-chances are that you’ll lose their business to the competition. No online business? You’ll definitely lose them to the businesses who provide what you do but with the convenience of online shopping and home delivery. Whether your new online business is a replication of your brick and mortar business or a complement to another online or local business, your new customers will more easily find both incarnations through a new business website.
A New Online Business During a Recession Increases Your Ability to Gauge the Public
Are you considering a new line of products? Do you think that perhaps a subscription service will work for your business? Maybe you’re considering offering classes or workshops to complement the products you provide. There’s no better place to test out your new business ideas than your new online business. Use it as a test vehicle for completely new ideas or test out the integration of new services into your existing product line. Your online customers will let you know whether or not it will be a success in your local business and help you determine whether or not it will be profitable.
Whether you choose to reincarnate your local business online or start a new online business that provides complementary services or products, the first business will inevitably be rejuvenated by your new online venture and your new business will start out a step ahead of the rest thanks to the work you’ve invested in your current company.