Ten Ways to Maintain Profits in a Slow Economy

There is no doubt that most world economies are getting slower in recent times. This may not be unconnected with the prevailing economic recession. However, you can still break even if you'll adopt the ten strategies I'm going to share with you in this article. It does not matter whether you live in Nigeria, Spain or Greece—these strategies will work for both online and offline businesses.

1. Sell more back end products to your existing customer base. You already created rapport, trust and proved your credibility to them.

2. Make it a practice to up sell to new and existing customers. After they decide to buy one product, offer them another product.

3. Cross-promote your products and services with other businesses that aren't competition. You will reach a wider audience at less cost.

4. Create joint venture deals with other businesses. You can expand your product line and target other profitable markets at a lower cost.

5. Start an affiliate program for your business. You will be able to spend less profit on risk advertising and spend more money on guaranteed sales.

6. Trade advertising with other businesses to save revenue. You could trade e-zine ads, banners ads, links, print ads, etc.

7. Out-source part of your workload. This can save on employee costs, equipment costs, taxation costs, expansion costs, etc.

8. Add low cost bonuses to your offer that have a high perceived value. It could be e-books, members-only sites, consulting, e-reports, etc.

9. Use viral marketing to promote your business on the internet. Give away free stuff with your ad copy include on it so others can give it away.

10. Follow up with all your prospects. You can use a free e-zine, a follow-up auto-responder, an update or reminder list, etc.

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