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Business Week recently featured an article entitled Keeping Customers in a Crummy Economy. After reading through it I realized that the focus was primarily on large corporations and multi-national businesses – not the everyday shop on the corner or the garage down the street. Some of the tactics – aggressive markdowns, using prices to differentiate and narrowing profit margins to the bare minimum – simply won’t work (and should not be tried) in the small business environment. It’s okay to get creative – especially when times are tough - but you’ve got to be smart about it. Here are a few smart ideas for keeping customers in good times and in bad:

• Shower them with love. Make sure your customers are happy customers – every customer experience should be a positive one. Go the extra mile. Listen to what your customers have to say. Let them know personally when you have implemented one of their suggested ideas. Ask them what you can do to keep their business. Always respond to e-mails and phone calls in a timely manner.

• Ask for referrals. Don’t be afraid to speak up. Send a thank you note to customers who have provided a referral.

• Implement a special program, such as a Frequent Buyer Program or a Rewards Programs. Incentives can and do work wonders for many small businesses.

• Properly convey the benefits of your product or service across all mediums. Don’t let existing customers forget why they came to you in the first place.

• Add a value-added service – something extra that is included as part of the sale. If you offer a resume service, throw in a cover letter at no charge. Provide gift wrapping or complimentary eyebrow waxing. The possibilities are endless.

• If you operate a local business, get involved with your community. Participate in special events or sponsor the high school football team.

• Have fun with your customers! Hold special promotions and contests with a twist. Consider teaming up with another business. With today’s economy, customers can use a little pick-me-up.

Tags: Business Week, community, contests, customers, economy, How to keep customers, promotions