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Selling to a Belt-Tightened Customer
By Bizbox
In case you hadn't heard the news, the economy is not so hot at the moment. But what are you supposed to do about that? Unless you have a time machine on hand, you are for a while going to be peddling your wares to a consumer who has rarely been less open to purchasing them.
But even economic bad times present an opportunity that the savvy marketer can exploit, says the Brooks Group. The central insight of a recent blogpost there is that the economic downtimes can be a boon to the seller that figures out how to take advantage of conditions that, in a normal situation, are decided disadvantages. Think of the lean times as a sieve, or filter, in which companies with poor fundamentals that good times propped up may not make it to the other side, but in which those businesses that are run they way they should be will not just survive, but even prosper.
-Build on existing customer loyalty with gifts, exclusive offerings, and the like.. They may be buying less overall, but you can coax them to buy more from you.
-Advertise your expertise. If people have less money to spend, they'll want to be extra-sure that what money they do spend is being spent as wisely as possible.
-Double-down on reliability. Being a trustworthy partner in a business relationship--no matter the goods or services being exchanged--is of course always of paramount concern. But it's even more important during downturns, when customers will have absolutely minimal patience for delays, screw-ups, and the like.
Whether this is just a temporary downturn or a broader...let's just call it "r-word" (it rhymes with "secession"), there are always buyers. Will you be the one they buy from?
Comments (0)August 1, 2008 11:13 AM
