It’s the elephant in the room — the thing no one wants to really talk about, for fear of being forced to admit it’s real.
… But the fact is, the U.S. economy (and by extension, the global economy) is experiencing a downward spiral right now, and the ripple effects are being felt by everyone from Bill Gates to the smallest home business owner.
However, hiding your head in the sand isn’t going to change things!
You can’t just act like everything is "business as usual" and pretend it isn’t happening.
Many of your customers are going to be forced to tighten their belts. You may find that people are going to be less likely to make a purchase online than they have been in the past. But that doesn’t mean you should close up shop!
The best way to deal with an economic crisis is to FACE IT HEAD ON and look for ways to make it work FOR your online business — instead of against it. By tweaking your sales message to speak to the financial challenges your customers might be facing, you will get a better response out of them.
Here are a few ways you can do this:
1. Emphasize the VALUE of your product — and the amount of money people will save in the long run by buying it. Emphasize value on your website… in your newsletter… in your pay-per-click ads — everywhere you reach potential customers. By showing them how your product will help their bank balance rather than harm it, they’ll be far more likely to make a purchase!
2. Offer special discounts and free trials — The best way to appeal to people on a tight budget is to offer them a great deal. And there’s no better deal than free! A great way to convince people of the value of your product is to let them try it out for free for a limited period of time. It’s far more difficult to say "no" to a great product once it’s already in your hands! Also consider offering other perks, such as free shipping or free gift wrap. You could also include more free bonuses with your main product. By offering "added value" items like these, you’ll set yourself apart from your competitors and encourage more people to buy from you.
3. Focus on your existing customer base — The greatest asset of any business is its customers. These are people who have already shown they trust you by buying from you once — which means they’re far more likely to buy from you again. … And THAT means it will cost you less money to convince THEM to buy, compared to someone who’s never even heard of you. Work hard to build a strong relationship with your existing customers. Offer them lots of free valuable information, combined with special "customers only" discounts to encourage them to buy.
Above all, make sure they haven’t forgotten you — and that they always think of you as the person who "sends them all that interesting and useful stuff!" By staying on their radar, you will guarantee that when they do decide to open their wallets, your site will be the first place they go.
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