So by now you have heard all about this crap of recession. Frankly, I do not buy into the recession mentality. Is the money tight in your household…maybe. Is business not as booming as it once was…possibly. But, everyday millions of homes and business in the United States and throughout the world suffer from lack so does that mean that there is always a recession?
Recession is a mentality. In the mist of a “recession” I was able to launch a new business venture. In the mist of a “recession” some of my friends are earning 10′s and 100′s of thousands of dollars. As a business owner you cannot afford (pun intended) to buy into the recession. However, with that said you do need to take into account your customers. The only mindset that you can control is yours, however, you need to make adjustments for the mentalities of customers.
If You are Going to be Cheap then Be Cheap!
Your customers are on a saving frenzy. They, more than likely, have this scarcity mentality that says, “I am living in a recession therefore I must be in lack.” [Side note: Isn't it interesting that the wealthiest people in America, the ones who control the money, are the same one's that determine when the economy is in a recession?] So how do you overcome this?
Be cheap. I am not talking about cutting your cost, I am speaking of adding value. By adding value you appear cheap. Here are 3 marketing strategies in a recession so you can add value in the mist of a down economy:
- Give-a-ways – Do you have inventory that is not selling that you need to move? Create a sale and give-a-way a non selling widget if the customer purchases a certain widget. This adds value, without effecting the price.
- Add More Service – If you have a lawn care business that is down right now, increase your price by $20 and offer to fertilize your client’s yard. Sure you are spending more time, but if the $20 covers the cost of your fertilizer then you are now the cheapest full service lawn care company in town!
- Make Connections – If your clients are having a hard time coming up with money to pay you then help them make more money. Example: I do Internet Marketing for the former President of the National Speakers Association (GA Chapter). However, off the clock, I have contacted the VP of Sales for Sherwin-Williams and the CEO of Heineken to get them to write a book review for him. Oh, yeah and they also are pretty good contacts to have if you are a motivational speaker. Do you think I have to worry about not getting paid this month or rehired on for next month?
To recap, the greatest marketing strategies in a recession to implement are the ones that add so much value to your business that your customers do not think about the price. They think about the R.O.I.
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