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Does your product stink or is it the recession!

Written by: Joe Dager

Article Overview: The answer, your product stinks! Why, it has to work in the times that were in(period). So you need to reevaluate and maybe repackage or even re-purpose it. Here’s a great little test to see how viable your product, actually is…

Does your product stink or is it the recession!

The answer, your product stinks! Why, it has to work in the times that were in(period). So you need to reevaluate and maybe repackage or even re-purpose it. Here's a great little test to see how viable your product, actually is...

• Is your product under advertised?
• Can there be a broader target market?
• Do you have certain disadvantages that you could turn into advantages?
• Do you have any unused byproducts?
• Could you be selling your product in a more compelling way?
• Is there a social trend to exploit?
• Can you explain your distribution channels?
• Can you build volume and profit by cutting the price?
• Does the product have new or extended uses?
• Have you completed a win/loss sales analysis of the product?
• How old is your last referral for the product?
• How are your salespeople compensated for selling the product?

These are just a few of the questions that we go through when were getting ready to do a product relaunch. What is so important in a relaunch is that you do have a community built around the product. I am not talking about someone that believes in the cause like a nonprofit, but actually I am talking about a customer that would advocate the product for you. Relaunches in today's marketplace, must have the ability to garner direct customer support.

Take a product that is not doing so well right now and see if you would be in that marketplace today, if you are just starting out. If you would not, can you stop? Can you sell it to someone else? I'm amazed at how many resources are lost in products that have absolutely no return on investment. So if you really are thinking about leaning your marketing, I would look at how I would relaunch every product category that I have. Then ask why am I not doing it that way and the investment to do it. And if I cannot afford to do it cannot afford to stay in that product category?

Sometimes, the best re-launch is no re-launch at all!

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Article Tags: recession, stink



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Re: Obama Wants Social Security for Illegals - [quote="Lucy Wu":2dlphfqu]I think America's biggest problem right now is clearly the recession, and that should be the main focus as of now.[/quote:2dlphfqu] I agree. Do you think President Elect Obama is doing or will do what is best in terms of beating this recession?
Book cover questions - While it is certainly interesting to know if an author is happy with their book cover - I'd be interested in knowing that, particulary with covers that I think stink! - I wonder if writers will answer that question truthfully. If word of what they say gets back to the artist/cover designer...there might be repercussions.
surviving an economic crisis - I'm moving to Idaho then I'm building a bunker and stockpiling 2 years worth of supplies. I'm buying a fishing rod, a hunting rifle and bunch of chickens to produce eggs... I like chickens because they don't care about recessions or depressions. OK... that may be Plan C - let's hope it doesn't get to that. So far, our business is doing well, we often target affluent markets and from our experience in the early 90's recession this worked well. BUT - what we're seeing this time around is not a simple recession. I think it could get bumpy. What type of businesses thrive in an economic downturn?
Re: Are Economic Recessions Good for Franchising? - All we can do is remain wide awake and pay attention to the ebb and flow. My strategy is to be prepared and go with the flow. There could be some rough times ahead... Interestingly, our business has remained strong. I believe it's because we're in such a tight little niche and we're well positioned to sign jobs nationwide, therefore we're not restricted to location. We also target affluent markets that have higher disposable incomes - this we do locally. Here are some Franchise Categories that could weather a good recession... Health and Personal Care Food services like Subway Debt Collection Tax Preparers & Advisors Any other recession proof franchise opps out there?
The Hidden Hand Effecting Your Bottom Line - If you are based outside the U.S and run an online business, you'll probably receive a lot of your payments in U.S dollars. When the recession hit I saw a lot of non-U.S business people boasting how they [u:20bfadx5]hadn't been effected by the recession[/u:20bfadx5], brushing off the recession as something that was not important. But they [u:20bfadx5]overlooked the hidden hand[/u:20bfadx5] effecting their profits. The currency markets which for non-U.S businesses paid in U.S dollars has masked the effect of the recession somewhat, and has an incredible effect on your overall profits. Looking at my profits over the past several months I can see fluctuations up and down. I may have a hard time attributing what is causing these fluctuations if I believed the recession didn't effect me because overall my earnings and traffic are up. But then I compare to the U.S - ££ exchange rate, and notice a [u:20bfadx5]strong correlation[/u:20bfadx5] with my profits. When the dollar is strong my profits are higher, and when it is weak they are weaker. It didn't account for all fluctuations but the effect was very strong. I know most people are aware that exchange rates effect their business, but I don't think people realize how strongly it's effects can be, and how closely related to the economy this is. So to say "the recession didn't effect me" because your profits went up can be [u:20bfadx5]very wrong[/u:20bfadx5]. The hidden hand of exchange rates could have improved your profits, and the exchange rates changed due to changes in the economy, i.e the recession. The recession has caused this fluctuation in exchange rate as people fled from the stock market into cash, and with the $$ being the biggest currency in the world, more people fled into the dollar, pushing up its value against other currencies. When the stock market bounced in March and people moved back into stocks and other investments, the dollar weakened. In addition I did see a overall drop in advertiser spend which wasn't just attributed to the dollar weakening after March. I attribute this to advertisers cutting back their budget in response to the economy, but given a change in mood and outlook in recent months this is now reversing and advertiser income is up despite a weaker dollar. So the recession has played a bigger role in my business than at first glance, so just because profits are up does not mean my business is not being thrown around by external economic factors. For this reason I've studied the economy, made a prediction on what is most likely to happen based on trusted sources with the strongest track record, and made a plan for that eventuality, and then also plans for less likely scenarios, so that my business can prosper in either situation. Instead of overlooking this hidden hand it is important to recognize it is there, and not accept it as a mystical force your business is a slave to, but something you can react to and plan for in order to take your business further.


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