By Tom Polanski

Sub-prime mortgage crisis, housing slump, credit crash and more are just a few of the buzz words you’ll hear when you turn on the news today.  The media is having a feeding frenzy on the unfortunate downturn of the economy - and there’s no relief in sight.

So what can you, as a business owner, do to make sure you don’t end up a statistic in this recession?

Believe it or not, business owners can make or break their future in any kind of economy.  Since you’re don’t depend on a corporate paycheck, you can fashion your future just by making and sticking to a plan.  But what if your customers are chained to those corporation paychecks?  What do you do to encourage them to spend - and spend wisely with your business?

Ask for Customer Feedback - Even if You Don’t Want to Hear It

First, strive to make every customer 110% satisfied with your goods or services.  If someone hasn’t bought for awhile, send them a postcard or an e-mail just to check in.  Ask if they had any issues with their previous order. 

If a customer is unhappy, chances are they won’t tell you - they’ll just never use you again.  Asking for their feedback helps open doors to communication.  And remember, don’t point the finger or place blame on whatever the issue may be.  The customer wants to know that they can trust you again, and building that trust should be your number one priority.

Cross-Sell and Up-sell with Related Products

Your customers who bought Product X from you may not know that you have a more sophisticated version, Product Y.  Or maybe they’ve bought Product Y and you’d like to suggest a few accessories to go with it.  Cross-selling and up-selling products helps your customers get more out of their purchase and helps you make more of a profit off of each client.

Appreciate Your Customers

Offer a special customer-only discount or host a Customer Appreciation Day sale.  Send out a short e-mail to your current and past clients to let them know about it.  You can also create a short survey and ask for client feedback on your products or services in exchange for a discount or free shipping.  The feedback you get could be invaluable to your future marketing campaigns.

Encourage Reviews and Testimonials

Many online retailers are now letting their customers review products.  Take customer’s testimonials of a product, and send it out in a short email to other customers who haven’t bought that product, to let them know what their peers think of it.  This is a great way to cross-sell related products and up-sell higher priced versions as well.  Reviews also help visitors, who haven’t bought yet, see what others think about what you offer, and this helps build your credibility.

Keeping these tips in mind will help you build a stronger business that’s focused on the needs and wants of your customers - which will in turn help you generate greater profits from every order you receive, no matter what the economic forecast.  To your success!