If you’re like many people in our industry you may be concerned about the economy and a possible recession. In today’s blog post, I’m sharing with you seven proven ways for your promo business to not just survive but thrive in a down economy!
1. Focus on businesses that traditionally do well in a down economy. Grocery stores, car repair shops, home remodeling services and consignment shops are just a few of the examples of business that continue to thrive even during a recession.
2. Focus on products that are always in demand. In many states the use of plastic bags in stores is banned. Many of those stores are either providing or selling reusable bags. This is an example of a product that is in demand and will always be needed.
3. Focus on products that acknowledge people for their efforts and enhance their identity. Employers want to keep their most valuable employees happy. Gifts of appreciation, service awards, lapel pins and medallions are a proven way to do that.
4. Focus on ways to save money. Evaluate all your expenses. Look at what you can eliminate or cut back on. In my promo business I use Distributor Central (https://www.distributor.central.com) a free solution, to host my website, search products and handle my e-commerce. Additionally, I joined a We Promo,(https://www.wepromo.net) a no fee buyer’s group that negotiated EQP and discount services at no charge to distributor members.
5. Focus on creating alliances. Now is a great time to form alliances with complementary businesses that are not direct competitors. Meeting planners, graphic designers and trade show display companies can be great alliance partners. See how you can best help each other. Creating a referral swap or sending a joint mailing, or hosting a joint event are a few of the ways you can work together.
6. Focus on your existing clients. Existing clients are the easiest sales to get because they already know you, like you and trust you. Send them virtual designs, spec samples and marketing ideas. Become an invaluable resource. Be empathic to their challenges. Share ways you can help them increase their business without busting their budget!
7. Focus on staying positive! Surround yourself with positive people and motivating audio and books. Keeping a positive mindset will be a big help in staying resilient in any economy!
Here’s to a thriving business!
© 2022 Rosalie Marcus
Rosalie Marcus, The Promo Biz Coach, is a promotional products business expert, sales coach and top-rated speaker. Combining her skills and years of experience in promotional sales, she helps her clients sell more at higher margins to better clients. Get FREE up-to-the-minute sales tips and a FREE On-Demand Webinar 5 Must-Know Strategies for Selling in the New Normal at her website: www.PromoBizCoach.com Reach her at Rosalie@promobizcoach.com.