I don’t know what you think, but I’m guessing Kevin Rudd, Wayne Swan and even Barack Obama are not too happy being stuck with trying to “fix” the economy right now.
It must seem like Mission Impossible to them, trying to resurrect the horrors that their constituents will be facing (now or in the future), especially in this very inter-connected world we live in these days.
While Australia is mostly suffering from the backlash of the economic dramas in the USA, rather than just her own self-inflicted wounds, that’s still where we’re at for now (in a bad way), so we have to do the best we can in the circumstances we find ourselves.
That’s just the nature of business though – whether it’s a high or a low, some businesses do well and others do poorly.
For example, the fast food industry (McDonalds & Co.) have been in the news several times recently due to increases in sales that are being put down to the tough economic climate. I guess it’s cheaper, simpler & quicker to buy junk food than purchase and prepare fresh home cooked meals??? Big Mac anyone?
On the other hand, the mining industry is struggling right now with mine sites being closed or temporarily shut down left, right and centre, simply because the demand from international markets like China and Europe has dropped due to their own economic woes.
Now, some of you reading this report are not yet worried about the economic roller coaster ride – things are going great for you, even if neighboring businesses might be suffering.
However, I’m guessing that others of you are somewhat concerned about the economy – enough to at least consider taking action to protect yourself from as much of the coming fallout as possible.
Perhaps you’re already caught in a life or death struggle right now – desperate for alternatives to save your business from going under? Or maybe you’re in the middle – doing OK, but with your fingers very tightly crossed…?
I don’t know where you fit into the spectrum of economic good/bad times, but I DO know that there ARE things you can do to protect yourself as much as possible from things going pear shaped, and this special report has at least 10 different marketing or advertising ideas that CAN make a difference to your business.
One thing I want you to keep in mind though, no matter where you currently sit, is that the buying public is still buying. They have NOT all gone broke, lost their jobs, had their vehicle/s repossessed and been evicted from their homes by the bank!
We are a LONG way from that sort of situation, and in reality, even if it does happen, the actual percentage of people in that sort of situation will be fairly low Australia-wide.
Did you know that at the peak of the Great Depression early last Century, approx 71% of the workforce in Australia was still employed?
According to the Australian Bureau of Statistics Yearbook:
“The unemployment rate then increased rapidly to 19.3% in 1930, before reaching a peak of 29.0% in 1932, in response to the economic conditions of the Great Depression.”
Yes, 29% unemployment aint great, BUT, it wasn’t 40%, 50% or even worse, like many people today believe it was…
That was a Depression, this is a Recession, so the numbers will be different (lower) now than they were back then.
So, what I am alluding to is simply this:
People are still buying. They still have money. They’re just more CAUTIOUS with how they spend that money.
Therefore, in order for YOUR business to withstand the economic pressures coming AND even improve profits, you will need to do 2 things:
1) Ensure you are known as a supplier of your product/service to as many people as possible (via effective advertising), and
2) Prove to potential buyers that you are the most trustworthy, solid, stable and safe company to buy from, and that your product truly IS the best.
#1 is fairly obvious if you think about it. The more people know of – and about – your business, the better chance you have to at least be considered when any buyers are ready to actually spend their money. A quality ongoing advertising & marketing program does wonders for this need.
However, point #2 is slightly more complicated than it first appears, so perhaps I can clarify it somewhat.
Understand that in tough times, CAUTIOUS becomes the predominant mindset of shoppers.
Suddenly, they don’t have that spare “good times” stash of cash (or credit!) to let them run a bit wild. Now, before they make any purchases, they will spend more time examining the options and determining whether the deal is good enough to buy vs not make a purchase.
You, as a business person, now have to overcome (much more significantly than normal) a mindset of “Why should I buy from you, vs any and all of your competitors, vs not buying at all?”
You will find you have to work HARDER at justifying the purchase to potential clients now.
They will want proof that your product or service is the best choice, compared to the alternatives. They will also want guarantees that your product or service does what you say it will do.
Suddenly, instead of feel-good statements like “we’re the best” or “customer service is our top priority” or even “we’ve been in business for 50 years,” potential customers are going to be saying “Prove it” or “So what?” or (even worse) “All of your competitors say the EXACT same thing.”
If your business relies on unproveable self-indulgent feel-good statements like these to close sales, and/or does not guarantee the results it promises, you’re in BIG TROUBLE!
Of course, if you give solid guarantees (money back guarantees are 1 powerful way to overcome trust issues, but there are other options as well) and offer proof of results your previous clients have gotten from your products/services, you’re in a much better position to come out on top when the client is ready to buy.
Oh, by the way, just in case you think I’m mostly referring to businesses that sell to the consumer market with my previous examples, and because you sell to businesses (ie. B2B) this stuff doesn’t apply to you, you’d be wrong.
Business clients are still PEOPLE at the end of the day, and they still have many of the same concerns, fears and misconceptions as consumer shoppers have! The message is the same – it’s just the delivery that is sometimes different.
Now you actually know what it’s going to take to survive and even thrive in these upcoming bad times. If you take just those 2 points I have introduced and effectively implement them within your business, and you WILL not only survive but thrive.
Next stop: Chapter 2, where I talk about how to make more money in your business.