# 1 Strategy for Generating Business in this Economy

Attention small business owner we are all in the same boat; down economy, new president, new promises, less consumer spending, uncertain future, and bills that just keep coming. So how do we manage to make it through these times without having to dip into that line of credit one more time? Better yet, how can we grow in an economy such as this?

The number one strategy for generating business in this economy is to create and deliver consistent communication to your current customers who in turn have a greater potential to increase the frequency of return and purchasing. Once your company has a customer base this becomes one of the most important areas of your business. The overall goal is to turn an existing customer into a repeat customer. According to Source, “Acquiring a customer costs five to ten times more than retaining one. Repeat customers spend, on average, 67% more. After 10 purchases a customer has referred as many as 7 other people.”

This statistic can be a wake up call to the small business owner. Small businesses, in general, connect more with their customers compared to large corporations. With this “customer connection” all we need is a system in place to reach out to them. It can be as easy as a phone call or more sophisticated such as an email newsletter. Either way we want to constantly connect with our customers so we will increase their likelihood of doing business with us again.

This is what is we refer to as Internal Marketing. Marketing that is focused solely on your current customer base. This type of marketing is key because it is inexpensive and you already have a captive audience who already knows you and has already done business with you. It’s a no-brainer! We know that money can be tough as a small business owner so using your current resources to produce revenue is a win-win; we spend less and gain more.