We are about to enter into a recession and you have to make changes if you want your business to survive.
This is not a “doom and gloom“ statement, this is just the reality that we are faced with.
You can either choose to face it or choose to ignore it, as for me in my company we will be facing these challenges head-on.
I’ve done a lot of research into identifying buying behaviors in a recession and I have some notes for you so that you can take action yourself:
- In a recession, people are looking to cut costs so that they only have the most imperative/valuable services that they are paying for. Position your product or service as a must-have instead of a nice-to-have
- When times are tough people are looking for help, so make sure that your customer service is at a 11 of 10! You need to be really on your game – if your customers feel like you’re not there or you’re struggling to walk away from you.
- In the beginning of a recession there will be a lot of businesses that fold, they just won’t make it. In their dying breaths they will take desperate action to stay alive, and costs. You need to make sure that you have your pricing and promises firm so that you do not waver as the competition flails about
These next few months (or, God forbid, year or more) will be tough but we can get through it together!