Are you sick of hearing about the recession? Do you wish you could beat the odds and grow your revenue while others struggle to stay in business? Good news — you can! It’s an “adapt or die” market, but if you adapt you can still thrive. Profiting in a recession is a reality for many when you get creative.
Here are five things you can do to increase your revenue despite a slow economy.
1: Increase or improve your social media engagement.
“The leverage and influence social media gives citizens are rapidly spreading into the business world.” —Simon Mainwaring
Word-of-mouth is always important, but especially during a recession. People have less money to spend. That makes trusted recommendations more important. Social media gives you a direct line to customers and those they trust. Try new social media tools or spend more time in your existing networks. Don’t just broadcast. Talk to people. Get to know customers and colleagues. The more they trust you, the more likely they’ll spread the word.
Not only will they spread the word, but they are likely to buy. Consider the following statistics:
- 7 in 10 Gen Xers are more likely to make purchases from brands they are following on social media.
- 73.4% of users follow a brand on social media because they’re interested in purchasing the product or using the service.
2: Put more focus on SEO for Profiting in a Recession
“Search engine marketing and search engine optimization are critically important to online businesses. You can spend every penny you have on a website, but it will all be for nothing if nobody knows your site is there.” —Marc Ostrofsky
Search engine optimization can help you maintain visibility with a targeted audience — people searching for businesses like yours.
If you can’t afford expensive marketing campaigns to find new customers, focusing on SEO can be a cost-effective way to help prospects find you instead.
As you focus on search engine optimization, make sure that you are targeting keywords that you’ll be able to rank for on the first page of Google. It is important to remember that most of the time people only check out the top three results. If you end up on the second page, it is possible that your post won’t be seen by anyone.
Consider the following SEO statistics:
- Over 40 percent of revenue is captured by organic traffic.
- 57% of business to business marketers stated that SEO generates more leads than any other marketing effort.
3: Diversify your income streams.
The Web makes it easy to create new income streams. Launch an affiliate program to build a commission-based sales force. Launch an email newsletter and accept advertisements. Or sell downloadable products (like software) to sell unlimited copies without the costs of physical manufacturing.
You could also offer online consultations and coaching. Create an online course to teach a skill that you know. Start a Youtube channel and create videos demonstrating the products on your website. This can earn you AdSense income as well as commissions from sales.
4: Broaden your horizons.
Businesses can sometimes ride out a bad economic swing by changing geographic targets. If the economy is suffering where you are, target clients or customers in another part of the country (or around the world). If you can’t broaden your geographic reach, target new customer groups. For example, if you sell educational products to teachers, target parents as well.
During a recession, you may want to consider a target market that has the finances and willingness to spend money. Examine what markets are doing well. Is there a way that you can tap into these markets and include products for them.
Even during recessions, there are things that people won’t do without. For example, regardless of what they earn, black women outspend other women by 2-6 times on haircare. Having great hair is a top priority for African-American women.
Get to know your audience’s actual likes and dislikes. You may have started out promoting a diet program to 30-40-year-olds, but the ones on your list really like donuts. Spend some time figuring out what they really like and give that to them. There are products and programs for almost every niche.
5: Increase authority and lead generation with freebies.
Offer free product samples, online tools, e-books, reports, white papers, apps, or anything relevant to your business. Freebies are lead-generating machines and natural linkbait (helping your SEO efforts). And people love to spread the word about the great freebies they find. Give them a reason to spread the word about you.
A widely popular strategy is a free plus shipping offer. This entails finding a product that is very inexpensive, but highly valued. Increase the cost of shipping to the point of break-even or better. This gives creates leads in your niche for you. Once they are in your list, you can continually market similar products to them.
Some examples of items that have been used successfully in the free plus shipping model are necklaces, bracelets, books, pamphlets, and pens. Make sure that the item fits within your niche and is something that your target market would want.
You can also create a free course to give away to your visitors that teaches them how to do something. During that course, you can sell them on your other products. For example, you could create a course on chopping vegetables and use it to sell knives. Your visitors will be so enthusiastic about the chopping course that they’ll share it with their friends. Make sure you include tips on how to make it easier or demonstrate a unique way to chop something.
As you implement these five strategies, you’ll discover numerous sources of revenue. You’ll discover that there are many markets to tap into even during a recession. You’ll become more flexible with your marketing and adjust your strategy as needed. These strategies will help you weather any recession. Before you know it, you’ll be profiting in a recession instead of losing money.