Boomer Business “Recession” Survival – Provide Value
It’s easy to sit back and bemoan the economy and other external factors that may be causing your business to slow down. Pick your excuse here:
- People don’t want to spend the gas to get to my business; they have on their “gas faces” (See Talk Stock Trading’s Tisa Silver)
- People are on a “recession diet” (coined by Miranda Marquit of Yielding Wealth) and are spending less
- People are waiting to see what will happen next before they spend money.
- Other boomers are borrowing for living expenses (10% at one count), so they don’t have money for what I’m selling.
Maybe, maybe not. I do know that if people think something has a high value, they will still spend money on it. What can you do to give people the perception that your product or service has value? Think BENEFITS, not FEATURES.
Do you know why people buy what you’re selling? If you don’t know, take a poll and ask your current customers why they buy from you. Use that information to create more value, put money in ads that emphasize that value. The sooner you figure this out, the faster you’ll be able to capitalize on this concept and make more money. Soon, you will be saying, “Recession? What recession?”
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2 Comments
Thanks for including me in your list :0) I would like to say that I didn’t coin the “recession diet” phrase, though. I saw it on Calculated Risk (hence my quotes) — but I think that the New York Times used it first…
But you’re right about the value. You need to provide good value or folks like me — those of us who are careful of what we spend — will be moving on.
Thanks Miranda. Whoever used it first, the concept of “recession diet” is great. By the time the “recession” is over, maybe we can keep on the “diet” and save resources. The problem is that people forget quickly and quit the “diet.”