Some say we’re in a recession right now. Others say, later in 2023. Either way, you should be prepared with a plan. Entrepreneurs are always looking for ways to grow their business, regardless of the economic times. They trust the company they have built; they trust the products or services they offer, and they trust their customers to come through for them. They also realize that a financial crunch offers advantages that aren't available during better economic times.

Here are 3 ways to capitalize on a current or pending recession.

When the economy makes a turn for the worse, it just makes sense that your advertising will get less of a return than during an economic boom. Sure there's a lot less money being spent, but you don't have to have to watch your profit margin plummet!

Advertisers are feeling the recession just as much as you are, and are more desperate for clients. It's the perfect atmosphere to negotiate your way to lower costs - even if you are already getting a good price. When everyone else is cutting their spending to conserve cash, now is a great time to up the ante. Can you get more advertising space for the same price you’ve been spending? How about premium space?

On the flip side, do your advertisements really need to be as big as they are? We tend to think the big is better, but the fact is short ads with 11 words or less often generate higher response rate than large ads. Give it a try, and trim some costs right off your advertising bill.

Or, have you thought about getting free publicity? Local news agencies are always looking for something of community interest. Make the news! Publicity can be free and a wonderful way to get your business in front of potential clients.

Not all of your customers suffer during a recession. Remember there are always people who are thriving financially, so don't be afraid to make big ticket sales offers. Additionally, when money is tight, people who place a lot of stock in your product will value it even more.

Think about ways to create a more premium brand or upscale service with much higher prices. Internet marketers often create members-only sites and sell their products at much higher prices. While they may have less sales (or not, believe it or not!) but the people who really value the product will buy. Each sale will net an immensely higher profit. Think about it like this...What you lose in volume, can you make that up in margin? Quite possibly, YES!

Your customers already know, like, and trust your company, brand, and products. Use that to your advantage! They trust you to come through for them. Repeat business is so much less expensive than acquiring new customers. It's much easier to make sales to someone you already have a relationship with.

Use every opportunity to increase your sales volume within the customer audience you already have. Do you have a product that goes with one they are already purchasing? Offer it as an upsell for a discount. It's a proven and effective method for increasing sales. Can you offer them a referral code to share with friends and family? Maybe something like “Give 10% off, Get 10% off.” You may be shocked at the additional sales you can generate from your raving fans.

Bottomline, don’t fear the recession, take advantage of it. When your competitors are pulling back, that's your time to push forward. Go out there and make big things happen!

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