Don't Get Scared, Get Smart: Weathering the Economic Storm

It’s all over TV, radio, magazines, and newspapers. Everywhere you turn you’re bombarded by it: Economy this, depression that, recession here, there, and everywhere. It’s as if the economy is some sort of celebrity—on one hand, it’s bashed in the papers, tabloid-style, with warnings that the worst is yet to come. On the other hand, there are the Cinderella stories—an amazing company or innovation that was conceived or that flourished in the most trying of times. And while all of this information has its place—I, for one, have heard enough “shocking-story” talk for a while.

We’re printers. Let’s face it, we’re not going to invent the next light bulb or launch the next Google. We’re not going to lose it all in the stock markets and, I don’t know about you, but I don’t see any million dollar bonuses in my future. So what does the economy mean for our business? What can Dave the Digital Printer do to make the most of a situation we are all inevitability in without going for outlandish feats or scaring himself out of business?

I believe there are four simple yet surefire steps to making our way during a difficult time. This is nothing earth shattering, just some easy to implement best practices that will assist you in maintaining the business you have worked so hard to build. This is not about amazing growth or hanging onto your last few pennies; it’s about consistency and retention and thriving in a less than ideal time. So, here we go:

1. Take a Step Back

How did you get your print shop to the place it is today? I imagine when you were first opening your doors, life was a little different. You probably went on more in-person sales calls, made stronger requests for business, and worked every angle you could think of to make a sale. Your days probably lasted a bit longer and your staff was probably leaner. Now, what are you doing today?

I was recently at a convention in Miami talking to a long time client. “You know what Tawnya,” he confessed, “we’ve gotten comfortable.” He shared with me that because his income was steady and orders were plentiful, he simply stopped marketing as much as he knew he should. He quit calling on prospects and focused his efforts more on fulfilling the jobs he had instead of soliciting new ones. Now, with revenues dropping, he and his staff have had to “pound the pavement” once again. This renewed effort has brought him new clients, but he admits to being a little upset with himself for letting his marketing and sales slide—and losing some loyal customers in the process.

There are two lessons to learn from this client’s story. Lesson one: Pay attention to the customers you have. It costs five times more to gain a new customer than it does to maintain an existing one. Just because Sarah Customer places her business package order faithfully every six months doesn’t mean she doesn’t want to be recognized, thanked for her business, and made aware of any new products and services you have to offer.

Lesson two: When you do need to seek out new customers (and you will), your efforts will likely need to be doubled. What used to take 20 calls to accomplish may now take 40; that’s just the reality of the time we’re in. So be ready to add a few hours to your time sheet and pick up that phone.

2. Stick to Your Guns

Some of your competitors are going to cut back on their marketing or slash their prices. Do not be tempted to follow suit, this is definitely the time to listen to your mother’s advice about if everyone jumped off a bridge—you get the idea. Be smart about the dollars you’re spending and make sure they’re working as hard as possible for you. Make the best use of the marketing tactics you already use and capitalize on what you already have.