The Most Important Marketing Strategy During a Recession

If you're in a position where you have a handful of key customers or accounts, your most critical marketing strategy right now should be enhancing personal relationships. The strength of customer loyalty is tested during bad economic times. So it's important to make sure you work to make it harder for current customers to tell you goodbye.

In a recessionary economy, savvy business people know that building market share is the key to success. They also know that many customers are more apt to make a change because they are open to any suggestion that a different solution might benefit them somehow. So, they are on the prowl for your customers, just as you should be on the prowl for theirs.

Obviously, you need to continue to deliver a quality product at a competitive price. And these days, even include some added value however possible. But, the intangible advantage of having a close relationship with your customer adds an extra level of security to your business. This doesn't mean you should run out and start layering on gifts or inviting them to dinner. If you're over-zealous you'll look desperate and insecure. It might take no more than an extra phone call or two every month just to check in. Or, depending upon your current relationship, it could include a trip to the golf course or some other activity you can share.

It is times such as these when deals get renegotiated and alliances get realigned. You need to use every trick in the book to keep your customers close to you. Strengthening your personal relationships is one of the best ways to do that.