Economic slowdown is a nightmare for all businesses regardless of their market size and annual revenue. In case you are experiencing an economic slowdown in Singapore where not many customers are turning up to your stores now, then you need to make certain changes in your marketing strategies for a slow economy. The quicker you make these changes, the easier it will be for you to take necessary actions and get out of this problem. The first change in this regard is to invest in the online marketing.
Unlike offline marketing activities, you don’t have to hire a team of executives to perform marketing tasks. You can hire 1-2 freelancers or outsource your entire work to an agency and target millions of people without making any extraordinary effort. This change will help you save a lot of money in the long run. Besides, have a website and transform your business into a web-focused business so that you don’t have to incur unnecessary expenses to keep the operations running. Don’t leave any stone unturned to cut down the fixed cost whenever and wherever possible. Take all these steps simultaneously and soon you will start seeing positive results.