Good News – People Are Buying Less

Most people look at that as a bad thing. I personally see it as an opportunity for you and I to step up to the plate and come out a winner.
People ARE buying less.
They are pickier than ever.
They are more demanding.
And for you the business owner, it’s up to you to deliver the goods.
Admit it; things have been quite easy in the past few years for business owners.
If it wasn’t easy for you then sorry to say you probably won’t survive the next few years if you don’t dramatically change the way you run your business.
In the good times, people spend freely, without nearly as much thought, and at higher price points.
Times like this mean you have to stand out from the crowd more, give them MUCH more compelling offers, and provide them better pricing structures and bundles.
That said people are still buying you just have to work harder. I was shocked this year to see all the stores that were doing nothing different and expecting strong sales numbers.
No new bundles.
No crazy promotions.
No discounts.
No special deals.
Nothing compelling at all and the crowds were rushing to buy from them.
Not!
Then they complain and cry about the economy and how tough it is probably about to go whining to the government for another bailout package.
Because it’s up to the tax payers to bail them out of bad business practices.
Right?
The one thing you are guaranteed right now – when you make the necessary changes in your business right now, and prosper in the tougher years ahead, when you emerge at the end you are going to lead your industry and be in the position to cash in a big way when people start spending freely again.
So what kind of things can you do to position your business differently?
1) Change your products and services. Start being different then everyone else. Rename them. Create new bundles of products and services. Make it so people cannot easily compare you to anyone else (or else the price is all they will buy based on)
2) Create a closer bond with your clients and prospects. This means you have to be in front of them more often, and by being more interesting to them. Not pitching them something every chance you get. But sharing stories with them. Showing them you are a real person behind the scenes. Now is the time to step up to the plate and become a real character in their eyes. If it means you have to elaborate a little on how exciting your life and history is so be it. Not all of us are overly colourful.
Some who pretend they are, aren’t really that way behind the scenes. If you pay attention to story telling basics and take close note of characters like Regis Philbern (one of the most enduring tv personalities there is) or Oprah Winfrey (despite what you or I may think of her show, she is a master at bringing in her personal life into her business life and sharing the mix with all who will listen).
3) Think of ways you can keep them coming back to buy from you – or at least to find out more about what you are up to now. What you are doing next. What you are doing in your business. Etc.
This means building in loyalty programs. Membership programs (like the lobster story I have told many times before – a multi-million dollar business created in less than a year selling lobsters but in a whole new way). If you were to recreate your business for tv how would you keep them coming back week after week, month after month, year after year? Not an easy thing for most to answer but certainly worthy of some serious contemplation going into the new year.
Find ways to reinvent your business model moving forward into 2013.
There is a real opportunity out there for entrepreneurs like you and I to face this like a pro and come out at the end bigger, better and wildly more profitable.
To your success,