Some ideas on coping in bad times

June 27, 2009, 1:17AM

Q: What are good ways to stimulate sales when the economy is down?

A: First and foremost, stay calm and don’t panic. Recessions and economic downturns have occurred before. Prepare now to position yourself and your business to benefit from the eventual and inevitable climb back to success.

It’s time to be creative in your sales and marketing efforts. Remember two old clichés, “step out of the box” and “don’t be vanilla.” Now is the time to maximize your sales and marketing effort. Don’t sit back and wait.

Start with obvious fundamentals. Contact all past and present customers as soon as possible. Be enthusiastic. An example would be, “We’re overstocked on items you’ve bought previously.” Offer significant incentives and/or “preferred customer” discounts on everything, including the highest-turnover items.

Liquidate old and slow-moving inventory at cost or less. If you provide a service, create a package offering a “special series,” or an evening and weekend rate. Don’t forget ladies’ day, senior citizens’ day, holiday specials and incentives to pay now. Think cash. Cash is always king, especially in recessionary times.

Revise your marketing and business plan to position yourself for long-term success. What are you good at? Set realistic goals and measure progress often. Review your product line or the services you offer. Can you profitably market to a slightly different customer group? Don’t forget customer service with this definition: An unexpected service when delivered at random, can create a memorable event for your customer. Make use of sincere thank you’s. Follow up. Then, follow up again.

Valuable tools are available today that didn’t exist during previous downturns. Technology has given you the Internet, e-mail marketing and search engines. What about cell phones and text messages? Professional networking sites such as Linkedin, Facebook, and Twitter can create new contacts and new sales opportunities.

Maximize utilization of inexpensive items like press releases, trade shows, speaking opportunities and e-mail marketing. Network at chamber of commerce events and other “mixers.” Offer to provide a door prize in order to get exposure. Investigate business networking groups. Don’t forget to read industry trade journals and newsletters and visit appropriate Web sites for fresh ideas. Finally, clean up your Web site and make sure it’s user-friendly.