With the going rate of gasoline and increasing concerns about food cost, its easy to see why more and more people’s primary concern is becoming saving a buck. As we head into a full on recession, consumers are being forced to make serious choices everyday about how they spend their money. Everyone from young professionals to retirees are looking for ways to maintain their lifestyle while trimming their budget. As an entrepreneur, your challenge in this turbulent market is to maintain attract increasingly frugal customers while maintaining your own bottom line. That means offering savings that draw customers in during a time when many are cutting back. Here are a few suggestions to help you do just that.
Special Promotions – Rather than offering store wide discounts that can wreck your bottom line, use special promotions to attract customers looking for savings. These can be short-term promotions on products, or you can create special bundles of products or services that will appeal to consumers. What profit you may lose on the discounted items can be made up for with additional, full price purchases that customers are likely to make once you’ve coaxed them into your store.
Reaching Out – With the cost of gas, less consumers are taking leisurely drives and most are trying to limit their shopping excursions, cutting out on many of those spur of the moment purchases that might once have bolstered your company’s profit margin. With that in mind, it may be time for a little color printing in an effort to update your catalogue. Then you can reach out to shut ins that may be trying to avoid that now costly thirty minute drive to your store. It only benefit’s the customer if they can shop from the comfort of their home while saving on their weekly travel budget. If you really want to sweeten the deal, consider offering free shipping within a certain geographical area or for purchases over a set amount.
Evaluate Your Offerings – One of the crucial elements of marketing in a recession is understanding changes in customer perceptions. Products that were previously viewed as everyday staples are increasingly seen as luxuries. There are always “must have” products that retain their perceived value, though. Your overpriced gourmet pizzas may not be selling like they used to, but it‘s unlikely that your beer sales are hurting, in fact, they may be seeing quite the upswing. Whatever the case, discover what your customer base wants most right now and develop your marketing strategy to accentuate your offerings.
Just because times tough all over, doesn’t mean that there aren’t ways you can weather the storm. In fact, with a little strategy and creative thinking you may just find yourself making more money than you did during the so called good times.

