Here are 12 tips to recession proof your ecommerce business.
#1 Make a “30-5” plan.
- Assume 30% revenue dip immediately but still make 5% profit
- Go aggressive on defense by cutting all bills back (cut subscriptions, see AppSumo)
#2 Get creative with excess inventory.
- Drop it on hauldrop.com
#3 Grab the cash.
- Better to have cash and do short term deals to sustain long-term viability
#4 FUD Advertising (Fear, Uncertainty, Doubt).
- Clicks (CPC) are cheap
#5 Experiment with digital or other physical goods.
- Etsy/ebay/Facebook Marketplace/ Hauldrop
#7 Video Video Video promotions.
- Find people who have done video reviews and pay them or do a revenue split
#8 Look for groups to connect with.
#9 Work with sales influencers.
- Media influencers don’t get buyers
- Ex: Realtors can be your sales influencers
#10 Email list. You have customers, they’re still out there.
- Automate your onboarding emails
- Send emails weekly
#11 Crazy aggressive referrals.
- Give 80% through referrals (people need money)
- Turn customers into your sales team
#12 Offer payment plans.
- Money is tight, let people pay over longer-periods interest-free
Leave a comment with any other ideas you have.