How to Win in the Recession

We all know that there's a recession on, but what's to be done about it?

Hopefully if you're reading this you've been managing your business well enough to stay afloat during the downturn and you've seen my other articles with tips to stay ahead.  There are lots of retailers hurting and going out of business, but some are doing well and even growing.  What are their secrets?

Well, it's no secret, but careful product planning and marketing are the keys to survival and success in hard times.

It may sound simplistic, but you need to review your product lineup and decide how attractive each of your items are to consumers who are not only price conscious, but having to make difficult purchasing decisions every day.

Price isn't the only factor here.  Are your items the best option for someone on a budget?  Can they purchase your goods at an affordable price, while still getting good utility and value?

Examples are retailers in teen apparel and other related products.  Conspicuous consumption is out, but people still want to look and feel good.  Therefore, try to stock hip and trendy items from new or less established brands that aren't as expensive.

Take some time to go through your store and apply this logic.  Then make sure your marketing message is consistent with your new products.  You don't have to slash prices to win, just spend more time finding new and interesting products that people want and get them at a moderate price point.

Here's to a great Q4!