What To Do in a Recession

Companies across the board are scrambling to retain any resemblance of what their enterprise consisted of mere months ago. What your business used to count on for years seems to be as reliable as keeping a full scoop of dry sand in your hand. Those norms once so common have melted away to the point where you are questioning even the very foundations of your business model.

Instead of scrapping the many years of the expense of capturing the market share you had; instead of totally abandoning your focus on your niche that you have been servicing so well, you need to find the way you can salvage all that hard work! Especially for those business owners large and small who have survived the start-up failure time frames of three years.

Keep in mind that those customers you have worked so hard to attain haven’t gone away; they are just spending less in this economy. They are still your champions, they still find value in what you offer them; they just have slowed the frequency in which they buy from you. Important all the more if the niche you service has quick turnarounds in the replenishing need of the product or service.

So, those of us in that boat, what are we to do to even simply maintain the levels that we are currently experiencing? If they are just not enough to sustain our operations for much longer, how do you get it to start sprouting and growing once again?

The answer, however complex on the outside it may seem, on the inside it is the easiest to address. Just ask yourself, with limited funds for the many needs you have, which establishment would you spend your money at? One that has what you need, or a business that has what we need AND we feel welcomed and appreciated? If everything were even-stevens in quality and price, to which one would you go?

It is those businesses, which survive and thrive in times like these, are the ones who stand out, keep their products and services ever in front of the clientele. In all, who are best apt to keep Top-of-the-Mind Awareness in the minds of their customers. It is how you do that vital task that will determine if you survive or fail in this economic climate.

The following are only a few ways you can do just that:

• Communicate how you value them by offering them real value – This value cannot be ‘chincy’ either. The perceived value is what will represent in their minds how you prize their business. If you give real value that will be reflected in your response to your offer.

• Go the extra mile, just because! – How does it feel when someone else goes the extra mile for you? Do it, because they are who they are, your bread and butter! When they feel truly valued they will get away from the price factor and get deeply into the loyalty factor.

• When they are in the office/store give them a compelling reason to come back. – Now it isn’t all about pumpkin cookies and cider, this is giving to your customers’ logical side the mental ammunition when the next decision comes down to using their already stretched dollars with you or your competitors. Make pointing out what they receive by doing business with you, simple, and compelling. Even if it’s the message only that you value them higher than others with which they can do business.

• Establish methods for feedback. – You always feel more connected when those you do business with asks for your opinion, your customers are the same. This is a great way to gauge your efforts to reach out, and the honest feeling of those who do business with you.

All of this is designed to do three main things. To keep you in the front of the mind when the money spending decision occurs; to deepen the ties that bind us, from proprietor to customer increasing the loyalty to what your business represent; creating additional touch points for you to reach out to those who you depend on for your company.

By successfully accomplishing this with a Customer Appreciation Campaign, you will be able to realize the stabilization of your income and the increase of your bottom line from the lean months you’ve experienced recently.

Find out more about a customized Customer Appreciation Campaign by clicking here!

In Business Paradise

Somewhere up in the wild blue yonder there is a place once known as Business Paradise. Could there be such a place? I’ve no doubt it could, you have heard about it’s sister country Disneyland haven’t you? Well, in this blissful land, where inventory counts itself and the accounting books always balance there is what is called the Super Brand.

This Super Brand is well known in the land of Business Paradise, although almost no one has seen it up close and personal. Those who are in the land (or the occasional visitor to it) aspire to be a part, in the least, of its inner circle. All bestow their fullest of admiration, each in their hearts are envious of its station. Those in the land of Business Paradise, or those traveling through all seek after whatever they can find about the Super Brand, in the magazines that say they have the exclusive photos of it; the rumor rags who say they have the scoop from those close to it; even a few set themselves up as the pretended manager of the Super Brand when they really haven’t been in its vicinity at all. Whenever the Super Brand name is mentioned, everyone’s ear perks up to hear.

The realm of Super Brand hardly anyone is familiar with. Rare is he who are and the ‘old timers’ spin the tales of their experiences with their claim to glory and the little morsel that the Super Brand allowed them to have. Its timeless, ageless and by all respects faceless to most in business.

All in business have heard about this ‘Super Brand’. We wonder how we can get our widget or whatzit to be the next “latest and greatest.” But how is a Super Brand created? What components need to be present to allow it to happen? Is it just kismet or happenstance or can a Super Brand be orchestrated to being? How did prior companies who enjoyed such a high status do it? (Coca-Cola – IKEA) Once there how can you sustain it? (Cabbage Patch Dolls – Wicker Furniture)

All good questions, and not because I put them to the proverbial paper. No matter who your target market is, or how large the segment may be I am here to let you know that a Super Brand is both orchestrated (certain things need to be present for it to have success) as well as happenstance or fate.

How can it be both? In the next entry I will tackle what components need to be present for success. Here and now we have to be mindful of what is happening in the world to have teeth to spread and build into being Super. To catch the imagination, the express train of wholesale adoption of purchasing and use of the product or service it needs to be of the ‘here and now’ and have universal application.

It’s usually a product that catches on to the public consciousness, grasps a hold of their imaginations and catches fire in volume and sales. It has worked for the most inane type of things, (remember pet rocks back in the late ‘70’s?) and is often centered on entertainment of some sort (the karaoke machines of the early ‘90’s… who in their right or sober mind does karaoke?). Can be also centered on the technological, or the cutting edge of society.

If it only happens for a season (6 months or so) it’s a fad, if it happens any longer than that it is named a trend. If it happens to be a hot seller for any longer than 2 years it’s a perennial best seller and tend to create an industry for the Super Brand trailblazer. We have numerous examples of the industry creators, the automobile, personal computer, cell phones, chewing gum, teddy bears all had their newness moments and all caught on to the public’s Want List.

Take for instance the playing a movie in your home concept of the late 1970’s. Before then, movies, unless you were rich enough to have a theater put into your house was something you went to the Cineplex to experience. The whole industry was set up to bring them in the doors in droves and to get the crowds coming in by the thousands to get at the millions of dollars they we spending to be there.

Then along comes this machine (in the beginning it was like $400 to have, now you can get one for $50) that you could hook into the video input of your TV, (two screws on the back that usually held the antenna connection) and plug that puppy in and get a movie and popcorn from the insta-popper from the stove.

At first the movie industry (because of their way of thinking) balked at this and wanted to shut these beta and VHS manufacturers down. I do believe there were a lawsuit or two to try and do just that. But they saw that not only did this elongate the life of the movie in the public’s eye (the ability of seeing the movie over and over again) but they could make additional money on the tapes sold. All they had to do is promise that movies would not be available instantly when they came out on tape (wanted to get them at the theaters and then at home). Creating a whole new industry, and tangent industries off of that.

So what makes a product ready to be caught by ‘Happenstance’? There are several factors. One is that the emotional state of the population is ready for it. Such was the case of the teddy bear… 1915 it was a toy bear, which wasn’t selling too well. One hunting trip and a former President named Roosevelt later the Teddy was added and has been a best seller ever since.

Another factor is that it perks the people’s curiosity, such as the cell phone. Once a brick (almost literally) that had a special holster and reinforcement to have around now is just as big as a credit card and nearly as thin! A convenience that has nearly put the public phone out of business has now nearly become the personal computer in a pocket. In fact a personal computer company Apple is on the forefront of this with the iPhone.

Another is universal application. The cars, the toaster, the microwave oven, all are perfect examples of this. Yet another is the Wii made by Nintendo. The gaming console is small, underpowered and inadaptable to other technical uses. But same as it’s offering of the hand-held DS, it is beating the pants off the shelves from its Sony Playstation counterparts. The design, the interactivity, and the games being offered have all played a part in keeping it a Super Brand.

What all these have in common is a very smart person or persons were able to read what the public was in need of or desired to have at the beginning of the gestation for it and were able to put the financial and logistical wherewithal to get it to the market. Yes, all these long lasting products have had a bit of ‘happenstance’ but most of them have had to had a great deal of work put into them before they were ready for the market.

For an analysis of your invention, or product is ready to be a Super Brand, give me a ring at joe@averagejoecitizen.com

Messaging a Must More Than Ever

Target Marketing Effectiveness

The economic outlook that is coming out on a daily basis is bleak. You keep hearing that Black Friday for retailers, while initial numbers looked up, actually were down from last year’s numbers. You are hearing major retail chains, Mervyn’s, KB Toys, Linens and Things going out of business completely, with others scaling back. Big ticket, small ticket items alike, are not selling as well or in such abundance as years previous.

Get Your Messaging Right

There is a lot of fear with the consumer, and a lot of trepidation with business owners across all industries that the fear could paralyze commerce in such a way as to completely cripple your company. However the news is currently, there is a way to be able to ensure your business’ viability in the marketplace.

Keep Marketing Your Business!

Simple I know, but it has been proven time and time again that those who are constant with their marketing, their advertising and messaging are able to capture greater market shares than to contract into a cocoon and wait out the financial storm. (Proctor and Gamble, Chevy, Zenith in the 1930′s)

Of the utmost importance now is the effectiveness of those dollars you are spending, and how well your messaging hits your target market segments. Although the solution is simple, it will take more brain power, with the proper metrics and measures in place so that you can substantiate what you are putting out in the public forum.

Proper Marketing Analysis of your current or potential customers: their traits; the trends they follow; the value systems they generally have; their motivations to buy AND be loyal to your product or service. It is crucial you hit all these tangents on the proverbial ‘head’ to get that harder earned dimes and nickels of those who are keeping your doors open.

Branding properly to the clientele, you can draw from that Branding Equity and solidify them better in the usage of what you are offering.  Find out more in the sections Metrics & Media , and Next Level for more details on how do to be most effective in the turmoil of today’s economic times.