Business Management Skills

The ailing economy has many small business owners reassessing their position within their industries. When every dollar counts, CEOs can no longer throw money at this idea and that; they must focus on what’s working and correct what’s not. Stu Richards, CEO of Bredin Business Information, says that 56% of newsletter recipients said they received information relevant to their industries, so now is a good time to do a little research to find out if you’re delivering what people want. Similarly, Bob Johnson, VP of IDG Connect, found that only 42% of buyers said that educational and promotional content they received was relevant to their needs. Small business owners need to look at their homepage statistics as well and see if there are any “conversion killers.” Read on for more recession tips that can help you reach success in any economy.

While it may seem counter-intuitive to slow down now, one of the best recession tips you’ll hear is to focus on your marketing. Now, more than ever, you’ll need to ramp up your marketing department. Have employees attend marketing workshops and learn more about e-commerce marketing to do more business online. Research social networking and viral video opportunities to see how you can create a “buzz” around your company and establish yourself as a market leader. Remember, many businesses are throwing in the towel now or cutting back on their marketing agenda, so if you take this time to catch up on the latest industry news, improve your internet design and pitch to the search engines, your company will naturally rise to the top.

While you consider these recession tips, it’s important that you keep your chin up and look for new ways to connect with shoppers. Nearly two-thirds (65%) of online shoppers who “abandon” their shopping carts will return in 1-2 days to actually purchase, found security firm McAfee in a recent study. Moreover, their study found that businesses with better brand recognition saw shorter turn around times. Veteran shoppers will buy sooner than newcomers. Merchants selling unique merchandise see quicker turnarounds, compared to highly competitive offerings. Novel products and services that are suspected to be overpriced will sit on the e-shelf for longer as well. Lower priced items also move much more quickly, the study found. Therefore, it’s important to create your marketing campaigns with these ideas in mind.

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