3 Strategies To Boost Sales During a Recession

A recession can be a tough time for businesses. The last time I went through a recession in '08, I watched one by one as my competitors went out of business. We barely survived by the skin of our teeth.

Here are three lessons I learned during the last recession that helped us survive:

#1 - Focus on Selling Essentials Only

When the future becomes uncertain, people start hoarding their cash and focus on short-term survival and gratification. This means that "luxuries" and "non-essentials" are out. So focus your efforts on selling what people need to survive. And survive is a very broad term.

#2 - Become More "Affordable"

I put affordable in quotes because it's only partially about the money.

The bigger question in people's minds is, what is the chance that this is going to ruin me financially?

In a recession, the typical tactics we use, such as testimonials, money-back guarantees, and bonuses, only go so far. After all, our customers are more worried about paying rent than if the product will produce the results they need...because if it doesn't produce the results they need - they won't have a chance to recover.

The only way to overcome this objection is by sharing in the risk. We do this by partnering with our clients and sharing the risk of failure with them...the easiest way to do this is by offering "affordable" payment plans...This demonstrates your commitment to success and gives your prospects a huge way out. If it fails...you won't be able to collect either. It's a win-win.

#3 - Become The BEST Option

The flip side to affordability is credibility.

When times get tough, and the cost of failure is high, people tend to become allergic to risk. This means only hiring the "most qualified" firms and NOT taking risks on that no-name coach, consultant, or marketing company.

Unfortunately, many companies get this one wrong. They focus on spending more money on ads, or lowering their price, or doing other gimmicks to try and boost declining sales...when in reality, all they needed to do was increase their credibility.

In my next email, I am going to talk about how to increase your brand's credibility and become the "go-to" expert in your field.

To your success,
Leibel