Strengthen Your Core

I was re-reading a 2001 article from the Harvard Business Review about how to navigate your business in a downturn.  It reminded me that so many companies often try to diversify their products and services to capture revenue from new sources.  Instead of being distracted by new ventures which deplete your resources and invite new competition, strengthen your core services and ensure you maintain your competitive edge.

Focusing on your core customers is equally important.  Reaching out to a wider customer segment is important for growth – but it can take time. For a near-term (and ongoing solution) reach out to your existing customers.  Provide them incentives to use your services or purchase your products again.  Use email marketing, direct mail and/or telemarketing to communicate your offer and bring your customers back.  

In addition, provide you customers an incentive to refer you to their friends.  Word-of-mouth marketing is the one of the most credible marketing tools and providing your customers a reason to talk about you to their friends will certainly help drive sales.

To weather the economic storm follow these steps to solidify your core business and strengthen your customer relationships thus allowing you to market smarter.

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2 Comments

Filed under Customer Marketing

2 responses to “Strengthen Your Core

  1. Well put! I think in these economic downturns the first natural instinct is to look outside of our core competency and to take on new ventures.  This will lead to a drain in resources and ultimately core opportunities missed because the head was turned the other way.  Our cutomers still need us, just differently, it is my job to find out how to help them the best way I can to market their business and help to make their business succeed…and ultimately it will make mine succeed.

  2. AP

    Very nice blog! For me its prospecting and more target marketing. I evaluated my numbers and look at the number of cloased transactions in the past three years and I found that my sphere of influence i.e. my referral base kept in business.

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