Masonry Magazine October 2002 Page. 40
Industry
TRENDS
WHEN TIMES GET TOUGH - DEALING WITH A DOWNTURN
When times are tough, what's the first thing many owners and managers do? Cut costs. Trim the payroll. Defer purchases.
By Richard G. Ensman
Contributing Editor
Now, there's nothing wrong with trimming expenses but few businesses have ever thrived because of a cost-cutting strategy. Creative, forward-thinking leaders know that tough times provide opportunities to re-think the way they do business. In fact, difficult financial circumstances can even provide the seeds for fundamental changes in operations and these changes can, in turn, pave the way toward stellar success in the future.
Think of yourself as one of those creative, visionary leaders. To move you toward a bright future, here's where to look for help:
* Look to knowledge. Learn about your customers and prospective customers by examining the demographic and psychographic characteristics of your market. Just as important, look up industry data that summarizes customer needs and attitudes, and gear your marketing efforts toward what you learn.
* Look to your present customers. Present customers are your best future customers. Let them know you're still there! Holiday cards, special promotions, referral programs, and get-reacquainted events all help draw them in.
* Look to new customers. Yes, it's sometimes hard to stomach the thought of giving premiums or services away during tough times but offering nominally priced or free merchandise, samples, special training, or something else of value can bring new customers to you.
* Look to your friends. You probably have a number of acquaintances from non-competing firms. Ask yourself: Can you develop cross-promotions with these individuals? Or can you conduct joint advertising or merchandising campaigns? These tools can bring new business your way, often at a fraction of the cost of traditional advertising.
* Look to your employees. Any employee can be a source of fertile ideas for increasing revenue, generating new customer leads, or promoting your business. Building a sense of teamwork in-house can often be your best insurance against an economic downturn.
* Look to rewards. Don't hesitate to show your appreciation to employees during tough times. And don't hesitate to reward top performers - the people who make aggressive attempts to help you boost productivity and profit when you need it most.
* Look to your communication tools. What vehicles can you use to communicate and sell to your customers for the first time? Billboards? Direct mail? The telephone? Special media? By selecting just one or two new communication vehicles, you may successfully reach new customers.
* Look to products and services. Analyze your existing product line. Does it truly meet the needs and interests of your customers, present and future? If you could change something, what would it be? Product decisions can often spur new sales initiatives.
* Look to your availability. Might you attract a new group of customers by making products or services available during