Grocery stores may thrive in recessions and dollar stores are making record profits. Buying a new home gets put on the back burner and fixing up your current house seems like the route to go.
Any business selling a necessity or a product at a low price might not be feeling the effects of the slow economy one bit.
The rest of us on the other hand..feel it.
There are some businesses obviously doing better than others. Why? Because before this whole recession happened, they looked past seeing a customer as a means to an end and saw them as just normal, everyday people.
You can slap any tag you want on this. You could call it networking, relationship building, or just caring about your customers.
So how do you become recession proof? How does your business mimic the others who are selling a product just like yourself and not seeing the hard times you may have encountered? There definitely is no right answer, but this is my theory on how to recession proof your business.
Remember value is what the customers receives and price is what they pay.
The market has forced owners to lower their prices and this is great for the consumer. What that business may not realize is that this only temporarily relieves the problem. In actuality, your forcing the customer to price shop and compare. Instead of looking for quality, they are searching for a lower price and your throwing yourself into constant comparison. Now your looked at as just one of several different options with no distinction.
Relieve Your Customer’s Fears
The customer comes home from a hard day at work and then flips on the tube. They go to a news channel and the first thing they see is the once upon a time multi-billion dollar company, who is now the multi-broke company. Nothing kills the economy more than people talking about a bad economy. Word of mouth has been killing companies and products for years and now its helping kill our national economy.
This bad news has a trickle down effect and next they think it’s going to be them. Your job is to be upbeat and to remind them tomorrow’s another day. The cloud’s are going to shift, move, and eventually separate. Remind them that the only thing that is constant is change. The market will rise and fall at its own pace. It’s your job not to waiver or buckle under the pressure.
Now, put the excitement and happiness back into their lives by the way you and your employees treat them.
Embrace their dreams
This is what it’s all about, this is why you make this product, why you sell the product, and why you stand by it. Because you make dreams come true and you allow people to make business better, make life better, and have their dreams come true. Our dreams define us and without dreams individuals aren’t happy. Businesses understand that even though they may sell a luxury it truly is a necessity. You don’t market and sell iron, wood, paper, plastic or any other intangible service. You sell dreams.
Don’t deceive your customer into believing they can have something that’s not possible right now. But if the service or product you offer can make them accomplish goals, don’t hide it! Show them what they want and devise a plan so they get it and then deliver. Work with the customer to recognize their problems and then create solutions. If you can do that, your business will weather storms and eventually thrive in this economy.