Solopreneur Strategies for a Down Economy

When the economy is down and your target market seems to be holding their dollars tighter than usual, what can solopreneurs do to keep business flowing?

Status Check Your Marketing Funnel.

Make sure that you’re doing all that you can to reach as much of your target market as possible.  I’ve actually seen some entreprenuers pulling back from their usual marketing activities becuase they perceive that their market is cash poor and unlikely to respond.   That’s a mistake.

Yes, your market may be cash poor today – but that can change in a heart beat and who will they spend their dollars with but the person who has remained on their radar most consistently?

When there are fewer fish, the answer is not to cast a smaller net.

Widen the top of your marketing funnel.  Seek more ways to share your knowledge and expertise.  Step up your blogging activities, do more guest blogging, seek out podcast interviews and let folks know that you are open to creative joint ventures.

Do You Have To Lower Prices?

My experience with pricing over the last year has been interesting.  I tripled my rates for blog design and continued to book new clients on a regular basis even as other talented designers complained that they have had to drop prices to keep busy.

If I could ask marketing experts I bet I would get a wide range of answers to price question.  Lower prices can motivate someone on a tight budget but you’ll work harder for every dollar.  (And that just might be the way it is for awhile…)  Before you decide to lower prices, you could invest some time into sharpening your sales message to better convince your customer of their need for your products and services in the first place.

And Wait, There’s More!

One great idea is to add something to your package rather than reduce the price of your package.   Think about all of those great ‘free gift with purchase’ offers that have grabbed your attention in the past.   You could create a special time limited ‘bundle pack’ or offer a ‘buy one, get one’ deal.

I’ve been influenced by dozens of special deals over the years.  I’ve bought products so0ner than planned and hired service providers without a lot of advance planning – all because they presented me with a no brainer situation.

I know there are lots of other great strategies… what tips do you have for overcoming tough times?