Competition is stiffer during an economic recession, which is why a business should adopt every legit technique and trick to survive. While some consumers are loyal to certain brands and businesses, such loyalty may likely shift when tough times such as the one caused by the pandemic set in.

First, Understand what Characterizes a Period of Recession

Smart entrepreneurs know that certain elements are typical of a declining economy. These elements are even more pronounced right now. They include unemployment, little or no income, shortage of money and other factors that weaken consumers’ purchasing power.

So, when you understand that consumers’ purchasing power is on the decline due to lack of job or income, it will help you adapt your business offers to relieve and suit the present situation. This is one of the major secrets behind the success of some businesses in the midst of recession when their competitors are going down the drain.

Here are some ways to make your consumers prefer your product and/or service to your competitors;

1: Make Sure Your Product Meets Pressing and Urgent Needs

Products and/or services that meet people’s urgent needs during recession tend to attract more attention. For instance, since the pandemic, consumers are locked down at home have consistently demanded for health-care products such as hand sanitizers, facial masks, and even foods delivered at home. Businesses that have consistently met these urgent needs are not just surviving but thriving even in the heat of the crisis.

2: Meet Urgent Needs Affordably

This is not the time to be greedy with making humongous profits. Most people right now do not have money to throw away on rather expensive products when they can go for cheaper or inexpensive alternatives. As long as the cheaper or inexpensive product is meeting their needs effectively, they will ditch the expensive option without thinking twice. Your rate of turnover will spike up when you offer goods more affordably than your competitors during these times.

3: Highlight the Benefits of Your Offer Over Your Competitors’

This is where promotion comes in. Whether you are using word of mouth or promoting your business online, you should emphasize on the benefits of your product and/or service over the other options. Such benefits may include affordability, quality, discount, and other hot deals. Consumers want to see strong reasons to ditch their favorite products and purchase yours instead.

4: Offer After-Sale Service

In times like these when competition is tough, you can even offer free delivery to help attract more customers to your business. Check out what your competitors are not doing so that you can use it as an edge to attract more customers and be on the lead.

Indeed, you can outsmart your competitors and attract more customers during an economic downturn. Remember, you can use outsourcing to source for the best talents that will help move your business forward during crisis.

Daven Michaels is a New York Times Best Selling Author and CEO of premiere global outsourcing company, 123Employee. The company employs hundreds of young bright individuals on three continents. His International event, Beyond Marketing Live! Inspires entrepreneurs to build & grow their business with revolutionary new theories and systems allowing them to design the business and personal lifestyle of their dreams