Surviving as a small business in an uncertain economy is a daunting task, but it can be done. There are some strategies that you may have to apply though, and the more of them you can achieve, the better off you'll be. Some of the most important points to include providing the best customer experience possible, cutting your costs, and increasing the services you offer. And while these may seem like too obvious (or near-impossible) tasks, there are ways you can employ to achieve these goals and find success in a fluctuating economy.
How do you keep your clients happy? Let’s discuss.
Improve Your Customers’ Experience
Yes, you know that you got to keep your customers happy. After all, it’s highly unlikely that anyone would continue to do business with someone who mistreats them. Here are some statistics that will surprise you! Even though customer service is one of the most important elements of running a successful business, there are businesses that lose out because they don’t appear to care. It may seem obvious that happy customers equal happy businesses, but let’s look at why:
- Satisfied customers will continue bringing you business
- Happy customers will spread the word about your company (this is important because over 80% of people seek family and friend recommendations before making a purchasing decision)
- It’s easier and cheaper to retain existing customers than to acquire new ones
- Good customer service creates customer loyalty
When the going gets tough with the economy and people have to think about pinching pennies, they’ll come to you because of your great and memorable customer service.
Reducing costs means a larger profit margin without having to increase your revenue, which means a healthier bottom line. But then it’s easier said than done, right? This is where you may want to look at the option that has a bit of a bad reputation but can work very well if only you do it right. We’re indeed talking about outsourcing.
While it may seem counter intuitive, sometimes it requires less money and less effort to partner with a professional than to take on tasks yourself, especially if you don’t have the skills and training to execute those tasks correctly. If scheduling and administrative tasks, payrolls, taxes and legal work are not your core business areas, it makes sense to outsource them. By outsourcing these tasks, as a business owner, you’ll also have more time to focus on generating income.
Increase Service Offerings
If you’re a marketing agency that offers traditional marketing services to a client, you may want to expand your service offerings to include digital tactics so that you can continue to grow. But growth takes time and resources that you may not you have. If your clients are asking for more than what your company provides, give them what they want - more services! Consider partnering with another player in your industry that is trustworthy, and offers similar, but not competitive services. The more you can offer your customers, the more they’ll rely on you. When you're a one-stop shop for all things marketing related, customers big and small will choose you over the competition every time.
Getting Help from Industry Partners
In the world of traditional marketing, partnering with a digital marketing firm is an excellent way to reduce costs, increase your service offering, and make customers happier, all without having to take on new employees who have the skills you need to branch out. Partnering with a digital marketing firm will allow you to offer both digital and traditional marketing strategies, and that way, you can appeal to businesses of all sizes, from the smallest mom and pop shop that wants to find more local clients to the largest multinational that’s looking to reach a global audience.
WSI has over 20 years of experience in digital marketing, and we can help you increase your service offering, appeal to a larger number of clients, and turn your agency into a full-service firm that consistently delivers and exceeds expectations. Over the years, we’ve built a reputation as a trusted and reliable brand with cutting-edge practices, up-to-date strategies, and state-of-the-art campaign techniques that can help you grow your business and give you stability in an ever-changing economy.
Take a look at what we can offer and we promise you won't be disappointed!