According to the document, maintaining quality customer service, increasing visibility, building closer relationships, and providing perks can help businesses gain market share over competitors during difficult economic times. The document suggests these strategies because current customers are the most valuable asset when the economy is struggling. It also notes that consumers still buy during tough times, so increasing visibility can remind customers of a business's stability. Closer relationships and perks help build loyalty with customers seeking engagement and support from businesses.

1. “In the middle of di culty lies opportunity”- Albert Einstein
The more visible you are, the more con dent your
Gain Market Share at Your
customers and prospects become. By reminding them of
Competitors’ Expense your stability and staying power, they will put more trust in
During the last recession, McDonald’s almost tripled their your business.
advertising campaign at a time when their competitors,
Build Closer Relationships
namely Burger King, were cutting back. So even though this
may seem counter-intuitive, tough economic times may be
The mantra, “It’s not what you know but who you know,” will
the time to increase your marketing.
become more important in tough economic times. Online
social networks allow you to actively engage with
Maintain Quality Customer Service consumers and deliver messages that are relevant to their
changing needs. According to eMarkerter.com, 44% of U.S.
Current and previous customers are your most valuable
consumers used social networking sites at least once a
asset when the economy’s in a bad place. They already know,
month in 2008. Customers will be looking for those
like, and trust your business. You can avoid the usual sales
businesses that are still actively engaging with them.
and marketing costs to introduce them to your business.
Instead of chasing new customers, target the ones you’ve
Provide Perks
already got. Customer service is even more important in
challenging times. Providing perks to existing customers is good for brand
loyalty and can help you achieve brand di erentiation.
Increase Your Visibility Providing perks to new customers can also provide a
leading edge over your competition when it comes to
Consumers don’t stop buying during tough economic times.
catching the attention of rst time customers. Some
They may become more selective, but they are still going to
example perks are give-aways, waiving application fees,
buy-most likely from a brand they know. >>>>>>>>>>>
promotional products, movie coupons, gas gift cards etc.
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