Extra! Extra! People are not spending as they should. So what does that mean for the business owner, less sales? Not necessarily for all of us. I bet some companies out there are making the recession work for them. Even though people are not spending as they should, they still have to eat, clothe themselves and do all the basic things to survive. I still have to visit the supermarket weekly whether I like it or not because my household have to eat.
Surfing Above The Recession
So this got me thinking, how businesses can ride the current financial storm?
By providing what people need and not just want they want.
We might not all be able to afford a night out at an expensive restaurant, but a three-course meal at home at the fraction of the price might just do the job. That is why I love the idea – M&S £10 dinner for two offer. That means you cut out the babysitter cost too, just wait for the kids to go to bed and lay out a nice meal for you and your partner…fun times!
Can’t do the spa? A lot more people will subscribe to a body scrub that makes you feel like a million pounds at the fraction of the cost. Gym membership too much for some? An affordable and effective home workout routine might be the way to go. These are the kind of products people will naturally subscribe to – affordable feel good factor, I call it.
Not all businesses have to downgrade their products or services in the recession. Surely there are still the small percentage of clients that can afford the luxury goods and the usual lifestyle. If that is your niche market, good for you. You should bear in mind that there are probably a lot more businesses clamouring for the attention of the same customer. So being able to reinvent your products and services should be at the top of your list too.
For the buyers who need to cut back on excesses, think of how your business can meet their needs at a cost they can afford. Don’t let the recession send your business packing, get creative and develop products and services that can ride the storm.
I will love to hear how you have been able to rise above the recession storm. Please Get in touch or add your comments.
Business First Steps wishes you every success.