Here in Australia, some economists have been spinning the yarn that our economy is “decoupled” from the US economy. They would have you think that your business will not be affected by the US recession. However Morgan Stanley economist Gerard Minack set the record straight last week on ABC’s Lateline program. Gerard broke the bad news that for the 98.5% of Australians who don’t work in mining, it looks like hard times are on the way.
So how do you protect your business from a looming downturn?
1. Ensure your supply of customers by investing in highly cost effective marketing
Web marketing is about finding people who are in the market now and ready to buy. Getting your website found in Google and driving 24 x 7 traffic to your website is one of the easiest ways to ensure that you have a steady stream of customers whatever the economic climate.
2. Improve your website’s conversion rates
You can boost the number of leads and sales that come from your website by analyzing and improving the performance of your website. There is enormous leverage in your boosting your website’s conversion rates. The payoff for boosting your conversion rates is far higher than the payoff from getting more traffic.
3. Start an email newsletter
An email newsletter that’s rich with content and informative is one of the easiest ways to keep your customers safe from the competition. If you’re not already producing an email newsletter, don’t wait until times are tough. Start now.
We’ve been warned that trouble is on the horizon. However, your business need not be hit hard by a retracting market. You need to be smarter than the competition and take a greater market and dollar share. And you need to act now…
I’ve been thinking about this topic since I saw Gerard Minack on Lateline last week, however US conversion rate guru Jeffrey Eisenberg at Future Now beat me to writing this article, so this was partly inspired by his post.