Posted by: broshe on May 09, 2011
One thing that many small businesses do not consider is how they will handle their customers when the country comes out of a recession. Many businesses spend all of their time planning and acting on how to deal with the actual recession and slow economy that they forget to prepare for when the economy picks up.
Your first though may be that there is not preparation. A better economy automatically means better business, right? This is not necessarily the case, and you will need to prepare for the changes just as you would for a slowing economy.
When the country's recession begins to end, you are going to have to deal with two different types of customers. Instead of just dealing with frugal customers, you are going to have to appeal to a new type as well.
The first type of customer will be those who are too afraid to spend their money. You may want to consider these people shell-shocked from the recession. These people will not be very willing to part with their money, even when the economy picks up. In order to appeal to this type of customer, you will have to continue offering good prices and specials.
Your first instinct may be to take advantage of the rising economy and raise your prices, but this will be a mistake since you will be losing the customers who are still being very careful with their money.
The second type of customer is the one who is spending their money out of excitement for the quickening economy. These people will be willing to spend, but what you will have to remember is that you will have to compete with all of the other businesses looking to succeed during this uncertain time of the country.
In order to reach these customers, you will need to offer them something more than just products and services. You will need to offer them an experience that they will not forget. Provide them with exceptional customer service and a comfortable environment in which to shop. When you want to stand out above the competition, you will have to remember that the customer experience is key.
When the country begins to dig itself out of a recession, the economy becomes somewhat rocky. Many people approach this with a continued conservatism, while others quickly raise their spending habits, you will have to plan for both types of customers in order to succeed.
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