The current economic state of our world makes our industry a scary place to try and make a living right now. We, of course, don’t work in a “recession-proof” industry, not even close (that is if there are any recession-proof industries). If fact, when corporate belts are cinched tighter, the custom embroidered apparel, printed shirts, custom logoed swag, coffee cups, pens and magnets are the first to go. Company budgets are smaller or non-existent and this early in the year, they have a tendency to hold on to them longer to see what the year has in store.
Merriam Webster defines economy as: thrifty and efficient use of resources.
How do you deal with this in your business? How do you keep your head up and revenue flowing? Are you treading, sinking or swimming?
Firstly, you’re gonna have to do that marketing that you keep putting off. I know, believe me…but it can mean the difference between feast and famine (OK, maybe not feast in this economy but you know what I mean). Carve out some time every day, even if it’s half and hour to devote to getting some new customers. Right now local is better because you can save your customer shipping fees and meet people in person. They’re more likely to buy from someone they feel they know. Phone calls and emails are free.
If you’re an embroiderer, wear your logo everywhere! This is you, marketing your business and a great way to show potential customers your quality. Pass out business cards like Halloween candy. Narrow your efforts to the area that’s most likely to pay off.
Get serious about your receivables. Current customers that owe you money and go out too far wreck havoc with your cash flow. If you have a policy, stick with it and work to collect. If you have no policy, make one.
Really talk to your customers. Remind them that now is the time to spend a bit on their marketing, not stop it completely. Just make sure that you are the go-to person to help them with that and reassure them that they’re getting the best bang for their buck. Get creative and find them options they can afford on a tighter budget.
Make sure your customers always get the best quality for their money and realize that great customer service doesn’t cost you anything; that’s your advertising. Trust me, if you help them when times are tough, they will be with you when things get better.….and they will get better…. right?
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