Neweraincome.com Blog

A large group of online businesses are experiencing a steady downward spiral in their sales and profits during our current tight economy.  This is especially the case with businesses that bring with them an unproven brand name as people are currently less likely to buy from them.

People are starting to get a little more picky about where they are spending their disposable income and are now paying more attention to user testimonials, solid money back guarantees, and PROOF that the product or service being offered will perform as advertised.

So it is not only difficult for established but, lesser known businesses to close a sale but, it is getting nearly impossible for new players in any niche to experience rapid success in the marketplace.

Even if this does not fully apply to your business I am here to tell you that it is still a great idea to throw your market a change-up and bring down the hammer on them with some proven marketing strategies that will not only work to improve your sales and profits in our current economy but, even during an economic boom when you are looking for additional revenue streams.

So here is the list of five proven marketing strategies to use during a recession.

1.     Setup a cross promotional deal with a related web business.  That’s right offer your competition the chance to sell your product or service as a back end product to their existing customer base.  Not only will this increase the value of their own products and service but, will introduce their customers to your business.  The pain of having less profits per sale will steadily decrease as you add additional buying customers to your mailing list.

2.    Approach related web businesses about combining your products and services into a Package Deal.  This strategy is amazingly profitable as you are combining the promotional efforts of all of the businesses involved and splitting the profits.

If you need an idea of how to setup this strategy or how it works simply search “Fire Sale” or “Internet Marketing Giveaway” in Google.  Yes, even massive giveaways with your marketing partner’s products as one time offers on the backend have great conversion rates.

Of course, if you are selling physical products such as Golf Clubs for example, you could find someone that sells golf balls and create a package deal that way as well.

3.    Rent or offer subscriptions to your products and services for a set period of time.

Offer web hosting by the year only?  Offer a month-to-month rate.  Sell an all inclusive Internet marketing course?  Break it up into smaller courses and sell individually, (traffic generation, niche research, keyword research, etc.)  Or you could even break up the course and sell it as a monthly subscription magazine.  Make some changes to your software product to make it subscription based vice a large upfront payment.  Charge set fees for consulting?  Offer a monthly rate for “X” hours of service.

A large number of top marketers are already giving access to some of their best information for free, (including bonuses), for the first month and then charging a month subscription from then on.  It works for them and it can work for you.

4.    Lease your products with the option to buy at the end of the term.  Do you create profit generating websites for clients for a set fee?  Lease the service to them for “X” number of months and then once they see how effective the service is you can offer them the chance to buy the site.  Sell computers?  Start leasing them with a minimum term and option to buy.

5.    Use Down sells and customer discounts.  The conversion rates on offering down sells of products are currently through the roof.   Again you will be lowering your profits per sale but, the chance of adding a paying customer to your mailing list is worth it in the long run.  And don’t ever forget to take care of and target your current paying customer base by offering discounts on your current product line.

Want a really kick ass way to offer your new product? Try offering your current paying customers the first chance at getting their hands on your new “HOT” product, (at the normal price), and see what happens.  You will be amazed at how great this promotional strategy works.

So there they are five powerful sales and profit generating marketing methods that you can implement this month.  Use one or use them all and really get your business kicking again.  But, don’t forget to stop back here and let me know how things are going or to say “Thanks” with a comment below.  Have a question about how to get started using one of these strategies?  Leave it in a comment to this Blog post and I will help anyway I can.

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Technorati Tags: Internet Marketing, online business, recession, strategies