Feeling nervous about the economy as a business owner? You're not alone. As your bottom line probably reveals, your customers are uneasy too. What you might not have realized, though, is that this collective nervousness actually presents an opportunity for your small business (no, there's not a bogus survival tip coming; stay with us). Now is a great time to remind your customers that you can actually serve as their ally during the economic shakeup.
A myriad of businesses, big and small, have already worked this strategy to their advantage—and with great success, reports the New York Times. Wal-Mart has hired a "family finance expert" to dole out money-saving and financial planning tips on the company's website (read: "Buy more at Wal-Mart!"). And regional chain Stop & Shop is hosting "affordable food summits" to teach basic home economics as it relates to grocery shopping. By doling out economic advice and helping customers find ways to save (legitimate or not), these chains have managed to position themselves more as friend than foe at the cash register. The hope is that this "goodwill" could leave a lasting mark on the customer and keep them coming back for more.
It's a strategy that could easily be leveraged by small retail businesses as well. Point your customers to low-priced items, money-saving purchases, and offer tips on how to cut corners. While that may seem counterintuitive to boosting sales, the key is just getting consumers in the door and buying. Given that retail sales slumped last month, that's a victory in itself.
Not in the retail business? Consider switching up your advertising strategy. Some companies have retooled their advertising campaigns to reflect the change in the national mood—and are running with, according to the New York Times. Denny's, for example, is running an ad pushing their $4 Grand Slam breakfast with the following tag line: "It's one thing to bail out Wall Street. But who's gonna bail you out?" The message is that Denny's is presenting the consumers a solution. Given the helplessness most Americans feel in the face of rising costs, inflation, and a fickle market, that's the kind of message your small business may want to send too.
Remember, you can't pretend that the economic crisis doesn't exist. But what you can do is position yourself as a consumer's friend. The result may be not only keeping business steady, but actually gaining new customers.

Image via The New York Times
| [comments (0)] |
Have the first word.

You must be registered
and signed in to leave comments.