How to Make Money in a Recession

These may be hard times for most entrepreneurs but now is the time that you can step up and take advantage of the downturn of the economy. There are some advantages to this downturn that you can utilize. It is time for you to focus on: 

• Is my product or service the best it can be? 
  
• Where is my product / service weak? 
  
• Am I giving my customers good value for the money? 
  
• Are there new options I need to be exploring for emerging markets that can be implemented at a low cost? 
  
• How do I give customers confidence in my product / service during a time of immense insecurity? 
  
• Am I reaching my customers effectively with the marketing dollars I have to spend?
  

Times are tough for a lot of people right now. Now is the time to help them out. Give them something they need at a great value to them. These hard times will pass, but you will still be around, and they will remember how you helped them. They will more than likely be a customer of yours long after this recession is over if you give them a good product/service at a reasonable price.

Customer service is so important. Others may and will beat your price, but can they compete with your customer service? No. That is something that you need to take great pride in. Your customers will also pass that information on to their friends and family, how well they were treated once they purchased from you. That is more important than cost to most people.

If you are providing a quality product / service that will surely help your customer, there is no need to slash your prices below your competitors. That is the wrong message to send. Your saying that your product/service is not as good as the competitors product/service. I expect to have to pay a little more for a better product/service. So does most everyone else. Provide a quality product/service along with great customer service and the cost will not be an issue.

It would also be wise to have a lower cost alternative product / service in these times. Help them how you can. Explain the value of the better product, then suggest that you do have a lower cost alternative, but that product/service does not have all the values that the higher cost product has. You are therefore giving them an options and are helping them out by offering a product/service for their budget.

Now all that is left is to find the people in need of your product / service. Make sure you focus on targeting the right people. Example: Don't waist time or money advertising your Quality Suits to Nudest Colonies. What I mean is target suits to business men. Advertise in Forbes, or Business Daily. Target the right crowd. Then explain to that your suits will save them money by lasting longer, your product comes with custom tailoring in a short time. Quality + Service = Value

The advantages you have now is that a lot of the big companies and stores are having to close their doors because of the economy. You need to fill that void. Assure them that you will always be there for them and that your products / services will also always be there for them also.