While we keep hearing the dreaded word "recession" more lately, you should not have to fear that because every challenge also presents opportunities. You can take comfort in the fact that many or most of your competitors will be reactive instead of proactive. With the right attitude, and the right mindset, you will be one of the few who prosper when many others don't properly respond to economic cycles. Let's look at how to avoid business killing errors and use proven principles that promote success in any economy.
Before you begin thinking that rough economic times mean you are required to expect the worst, I would focus your attention on a fact that often gets missed. It's true that employment rates and personal income can fluctuate rather significantly, but consumer spending does not have the same roller coaster effect. So while everyone around you is singing sad songs at the threat of a recession, it's important to realize that people do not actually stop spending. You just need to effectively sell them.
There are some mistakes you cannot afford to make.
I've been around the business world long enough to see a few economic downturns and shake my head in disbelief at the way many business owners respond to the economy. It's understandable to "cut back" in some areas, but when they cut back on advertising and marketing, they are giving away business to their competitors who know better. When things get tight, that's when we need to be more assertive and the most proactive. You must convince people to buy from you, or your business may not survive.
Another classic business killer response is price slashing. The problem is it makes a bad situation worse. Only the one who can survive the longest while losing money will win, if you want to call that winning. Your business needs profit to stay healthy. Price slashing is very common during a slow economy because it does not require any creativity, and there is added pressure to compete. Your competition may resort to this strategy; so let them be the ones to go out of business. Add more value and you don't have to cut prices.
Another escalating problem in a recession is unethical business practices. When things get tough, that's when our character is tested the most. Let me keep this brief by just saying don't go there. You can win without giving up a piece of your soul.
Now let's look at how you can prosper regardless of the economy.
Be willing to adapt. If your present business model needs to be adjusted, look for opportunities you can seize. They do exist. Brainstorm until you can identify something that will work. Once you identify an opportunity, your next task is to market accordingly. No one is going to buy from you until you get your message out. Next I will break these points down so you can implement them better in your business.
Rather than cram an entire marketing course into a small space, let's look at just a couple of core elements that will help you win in business. The first one is uniqueness (a.k.a. "differentiation"). This simply means you need something different that your competitors are not offering, or not emphasizing. It helps provide an answer to the question, "Why should anyone buy from you?" Don't mimic your competition, stand out. Be the red ball in a basket of green balls. This needs to be part of your brainstorming when you are looking for opportunities to seize.
A second important principle in marketing is to realize what motivates people to buy. Too many businesses are selling to themselves rather than their customers. What I mean by that is that they are trying to market from their own perspective rather than the customer's perspective. People buy for one or more of the following reasons: to make money, to save money, to save time, to make things easier, to make them feel better or satisfy a desire, to solve a problem, and/or to take away pain. Find out what motivates your customer, focus on them, and you are doing something a very small percentage of businesses are doing effectively.
Allow me to bring this back around to an important principle I started with. It's your mindset and your attitude that really make a difference. This is not new information because it has been proven over thousands of years. If you believe the economy will hurt you, you will be right. If you believe you can prosper, you will get creative and prepare for success. You will not worry about the difficulties. Success never attacks anyone, it starts with your beliefs, and those control your actions.
Don't try to do this all by yourself though. You're too close to your business to be objective. You need a fresh perspective from the outside. The over used cliche to think outside the box is not enough. It's a lot better to get someone who lives outside the box because they will already think differently. They will be able to see things you are missing and help you reach further with your marketing.
Business Killer Mistakes You Cannot Afford - To learn more about this author, visit Steve Chittenden's Website.
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Leanne Hoagland Smith
Are you or your business where you want to be? Are you facing constant struggles in business or life in general? Would you like to "unlock" those obstacles keeping you from greater business or personal success? As your results partner, we can work together to unlock those desired results by achieving tomorrow's solutions today. Let’s use your strengths for real change through proven and affordable solutions where the real problems are identified. Are you seeking loyal customers, great attitudes, increased sales, improved profitability or just some sleep filled nights? Then we should talk because my clients have experienced exactly those types of results. Learn more about customer loyalty at http://www.processspec ialist.com/customer-loyalty.htm Give me a call 219.759.5601 for a free strategy session. I look forward to speaking with you. P.S. If you are seeking a motivational speaker, sales trainer or small business expert that will leave your audience smiling and remembering, please feel free to contact me at 219.759.5601. - Visit Leanne Hoagland Smith's Website |
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Steve Chittenden
(Visit Steve's Website)
Steve Chittenden has been a small business
owner since 1986 when he started a sign
and graphic design company. His current
company, Creative Business Services in
Grand Rapids, Michigan, began in 2002 and
provides carefully planned web
design, graphic design, writing, and
marketing services to help other small
businesses to succeed. He is a strong
advocate of small business and operates
from a firm belief in the Bible as the
guide in his Christian faith and business
practices.
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