A recession type economy does not have to be something that scares you into submission and ultimately into closing up shop! Here are three tips for you to include in your brand to act as your Recession Survival Kit...
1. FIND THE GOOD NEWS IN THESE BAD TIMES
Don't ask customers what they want, but instead ask them what problems they currently have or see. Let's face it, we are all good at finding the things that are wrong, but finding a way to fix or identify what it is that we actually want is usually less obvious
Here's a great example: No one knew that we wanted seat belts, car seats or airbags, however, we all knew we wanted to keep ourselves and our loved ones safer on the road.
So ask yourself, what are the problems our customers are facing during in the current economy?
An example might be: travel to exotic destinations or wild family holidays may not be as achievable as they were a few years ago. Maybe the option of going out for an elegant dinner every weekend is no longer in the budget? This list could go on and on. However, maybe this is why people are taking their reduced budgets and buying things like specialty chocolates, perfumes or taking up cooking classes so they can make their own special dinner evenings? Who knows how the consumer will replace those special things that they used to enjoy. So start your innovation circle by letting your customers point out all the problems, then it is your opportunity to convert these problems into solutions.
2. MAKE IRRATIONAL DECISIONS MORE PRACTICAL
Now is the time that saving a dollar or two is actually the "fashionable or trendy" thing to do. It doesn't matter what demographic or income level you are from, we are all being affected by the down-sizing economy. So knowing that it is your responsibility to make your products and services have a more practical element about them. For example, if you were a clothing manufacturer, you may want to promote the fact that your jacket or coat lines have the "practical" feature of being reversible, this way it is like a customer is buying 2 coats in one. One side is one colour, the other is another colour. Or maybe you promote the fact that your winter style coats have removable sleeves and liners. This way the jacket becomes a 3-season coat instead of a 1-season coat. Now is the time to be practical and realize that features that may not have been the pinnacle of your marketing or advertising message in the past could very well be the very features that make your product a justifiable and practical product to purchase in a down-sizing economy.. Even if your coat is 1.5x the price of your major competing brand. Remember, it's not always about the bottom line or a discounted price, sometimes it's simply about the benefits your marketing message delivers.
The fact may be that the consumer in reality is buying the jacket because they love the design, yet in times of recession such an argument doesn't hold water, but the practical dimension does.
3. SMALL MARKETING BUDGETS = THE POWER OF MANY
Now is the time to create strategic and appropriate alliances. What? I know, you are thinking how could this help me "stay alive" during these times? It's simple. team up with other businesses that offer a complimentary product or service to your own. By doing this, you are now taking your small and less powerful marketing and advertising budget and building a large and powerful budget to work with. Combining your dollars to increase you media buying power is Awesome! As well, remember if you partner with another business that offers a complimentary product or service you are now opening your doors to your alliances database of customers and vice-verse. The nice thing is, that you don't have to convince these people that you are good at what you do or that your product is great. Why? Because the power of a referral from a supplier they already know and trust is the best type of "new business" you could ever ask for. So, discount the benefit of finding businesses that can make your service offering more convenient and easier for your clients. History shows that in times of recession, the companies that thought creatively and showed some ingenuity in their product marketing were the ones that survived and when the economy swung back, they were the ones that dominated the market!
Companies who understand the power of thinking not just outside the box, but Beyond The Box, are the ones that have continuously turned a perceived "threat" into an amazing new "opportunity". If they could and have done it - what can't or shouldn't you!! Your first step is to find out what your customers are seeing as problems. Then it's your job to find the solution that they have been unable or unwilling to uncover on their own.
March 2009
When times get tough and money gets tight, what should you do with the limited marketing dollars you have to use?
If you find yourself in this situation, here are some things that you should keep in mind when making that decision..
1. There are only a few things that ever produce important results. Dig deep and don't determine their effectiveness based on their cost. Base it on their outcome!
2. Most efforts do not realize their intended results. This isn't always a bad thing, but a mere window to seeing what could be better or what your customers want from you.
3. What you see is generally not what you get. Sometimes there are subterranean forces at work. Review what happened with each initiative and decide if the success or failure of the initiative was due to the message, the delivery or the method. This will give you greater insights to what you should be doing or what should be simply eliminated.
4. It is complicated, wearisome and unnecessary to work out what is happening: all you need to know is whether something is working or not and change the mix until it works; then keep the mix constant until it stops.
5. Most good events happen because of a small minority of highly productive forces; most bad things happen because of a small majority of highly destructive forces.
6. Most activity, en masse and individually, is a waste of time. It will not contribute materially to desired results. Therefore, for all of you who believe that as long as your stay busy while at work that you should be guaranteed success - you're very mistaken. You should be focusing on ensuring what you are doing is highly effective or profitable. Stop wasting time with things that don't result in better bottom line sales. Now, more than ever, is the time to ensure your every skill and moment is resulting in profits.
February 2009
Go Ahead...Give it away!!
All too often companies are afraid to give away information, samples, consultations etc., in the fear that they are not going to get anything from the prospect or the client. If you are one of those companies, my question to you is: Why are you so worried about that? There is a powerful saying: To give is to receive. Without sounding too philosophical, this is true.
If you find yourself wanting to "hold back" when you meet with new clients or potentials, here is something you may want to consider. If you wanted to buy something such as a new camera, but knew very little about which one would best meet your needs, wouldn't you visit a few stores and ask the sales reps some questions, request some technical advice, want some "from your experience" type questions and expect an informative and educated response? Of course you would, and rightfully so. This is how you make an informed and educated decision of what you are going to spend your hard earned money on. Same goes if a client was to call you or walk through your door and want to know more about your products or services. What's the harm in providing them as much data as you possibly can about it, if your product or service doesn't meet their needs then there is no way you could have made the sale anyways. However, if you are able to meet their needs, who now is perceived to be the expert who provided great knowledge and information when they were shopping around. You will surely be the top of their minds when deciding who to purchase it from? Your right, not everyone decides to purchase a product from the vendor who was most helpful, friendliest or most knowledgeable, however, would you really consider those people clients anyways? No, because that type of consumer will shift their loyalty based solely on the best price. Remember its easier and less expensive to maintain a client than it is to find new ones all the time.
So remember, next time that an opportunity is presented to you don't hold back, give them what they are looking for and remember: When you put your best foot forward you will receive your rewards two-fold.
So give it away! Just be sure you are prepared to receive the business you are asking for. Doing business this way may result in sales growing faster than you may be prepared for.
