News from the frontline.....bill@billcarney.org
Market Meltdown : consumers all over the old developed world are tightening their purse strings as they weather the downturn. Housing markets are on the decline in the U.S.A., U.K., Spain, France….the list goes on. With oil prices still high, consumers are feeling squeezed. There is a general spending slowdown and many companies are wondering about the impact on their current marketing strategies. Maximizing efficiency is key.
You cannot fight the wave. But in the same way surfers can work a small wave as well as a large one (admittedly, perhaps with less reward), there are some things you can do to adjust and take advantage of the slowdown.
Developing new business is a no-brainer. Remember that times are tough for most, so it could be a good time to explore additional partnerships and networks. Everyone is looking to grow revenues, so some will be much more amenable to discussion.
Be careful about cutting prices. This is perhaps obvious, but it is always tempting during hard times. Lowering prices sets a new floor which others will react to and perhaps worse, sets a new psychological level for customers. Line of last resort.
Many of us put off things we know we should do when times are fat. Use this opportunity to think about issues like updating your customer databases if you do not automatically; maybe think about a website graphics overhaul. Get a little more religious with your business cards and new potential business opportunities.
If you have underutilized people power, put it to work on developing new ideas and experimenting with new processes. Necessity can also be one of the drivers of innnovation.
Think again about training and people development. I know cash flow is tight, but in terms of opportunity cost, there may be no better time than the present.
Remember those books you have been meaning to get to ? Use some of the time to invest in your own development and expansion. Ever made a better investment than the grey matter between your ears ?
Some more tips next month ….. ;-)
www.billcarney.org ;-)
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