What do People Buy In A Recession?
Selling In a Recession
What do people and businesses buy in a recession?
Would it help you out a little if you could leverage just a little insight into what has worked in the past and what will work in the next few months and years?
Well read on because you are about to find out.
Professor Jack Carr of the University of Toronto specializes in studying what sells in contracting economies. Based on detailed research into historical contractions of the US economy, Professor Carr has identified 5 proven recession busting categories of products or services
- Low - price category offerings
- Health and well being
- Communications
- Business Consulting
- Outsourcing
If your first thought is that these don't apply to you then work harder! Apply some lateral thinking and workout how you can make the underlying reasons for this work for you. Lets have a look why at one as an example:
Low Price Category Offerings:
People are still buying and consuming albeit they are seeking out less expensive versions of their traditional purchases. You only have to look at the rise of Aldi and the discount food retailers to see the effect of this.
"But this won't work in my business" - Of course it will! Don't think of lowering your prices instead:
1. De-bundle any combined products or services you have. Let people buy the lower valued elements on their own. You know that once they have tried it and are confident in you they will come back for more.
2. Introduce a higher priced product or service. This enables you to compare the higher priced product or service to your standard service. This enable you to position your standard service as a lower priced but value laden category offering.
3. Tell people. Most people will not come to the conclusion that buying your product or service is a good, frugal, investment for the long term, if you do not tell them. It is your job to tell them and educate them - not theirs to work it out!
Give some of these sales strategies a go before you ever contemplate dropping your prices.
What do People Buy In A Recession - To learn more about this author, visit Peter O'Donoghue's Website.
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Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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Jeff FosterWebBizIdeas.com is a Minneapolis website design company founded to help people start an internet business by providing them with website, business, and internet resources that help foster the growth of successful online businesses and develop innovative Internet business ideas. We specialize in internet consulting & internet marketing. - Visit Jeff Foster's Website |
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John BrennanJohn Brennan Ed.D. Dr. Brennan is President of Interpersonal Development, LLC, a training and development firm. Interpersonal Development has provided sales training and coaching to more than 3,000 sales reps from over 100 companies. A native of Australia, Dr. Brennan received his doctorate from the University of Rochester. His dissertation researched the effectiveness of Behavioral Modeling Technology in training people in interpersonal skills. While he has spent most of his career designing or delivering training, he was also a Vice-President of Sales of a training and development franchise with operations in 25 markets. Dr. Brennan has designed and delivered sales training in North America, Asia, Europe, Australia and the Middle East. He has been a guest speaker at numerous national and regional professional conferences. When Microsoft wanted Best Practices articles on sales for their web site, they called Dr. Brennan. The results are at http://office.microsoft.com/en-us/FX011387391033.aspx His firm’s clients have included Volvo, The Prudential, Merrill Lynch, Eastman Kodak, Gannett, Equifax Europe, the Economist Group and countless small businesses. - Visit John Brennan's Website |
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Stephanie RobeyStephanie Robey is President and CoFounder of Pivot Positive, LLC - an Internet marketing business focused on helping people start work at home ventures. Previously, she was employed at The Search Agency with over 20 years experience in graphic design and 10 years experience in online marketing. She was responsible for launching the Conversion Path Optimization (CPO) unit where she and her team have conducted hundreds of optimization tests for online companies across multiple verticals. She is a successful entrepreneur having started and sold 2 companies and remains on the board of directors of the third, PhotoSpin.com Stephanie began her career in the direct marketing realm creating and producing direct mail for many of the major cable television companies and directly attributes her understanding of Internet marketing to those early offline experiences. Stephanie is a graduate of San Diego State University with a BFA in Graphic Arts and also holds an Executive MBA from the Graziadio School of Business and Management at Pepperdine University. Read Steph's Blog Meet Steph and Dave Sign up for our Free 7-Day BootCamp: Self Employed & Rich - Visit Stephanie Robey's Website |
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