Not what you think they want… but what they need!
The marketplace is changing. Yes we are having a recession, and revenues are down everywhere we look. Unemployment is soaring and millions cannot afford to spend a thing other then on necessities.
We do however make daily spending decisions, all of us. There are many who are doing well. There are many with disposable income who are making daily spending decisions differently they they ever have on the past. Now asking themselves if they need to purchase this item or not, even if they have more then enough money and income to warrant the purchase, the questions are being asked. People are changing their habits and spending less, more carefully and with specific purpose and clear intent, as well as demanding a good price.
For the first time in years more people are saving money, while others are facing record breaking foreclosures and the loss of their homes and jobs. All of which is resulting in less discretionary spending.
It is a confusing time.
The consumer must believe he or she is getting a good deal, or the wallet will not come out. Quality is vitally important, more so then ever, less is better and precision shopping, as well as the perception of a good price…that’s the new equation.
Figure out how to interpret this for your product line or service for your market and success will return, revenues will appear and profit will be available.
Thus my tree service client, for example, is cutting dangerous limbs overhanging wires, roofs and walkways and fertilizing valuable trees, protecting the investment and adding cord wood to his revenue projections, even investing in machinery to support it.
My glass installer client is installing solar panels following the large investment made in his area by a significant stimulus package award for such innovation and new technology, and getting him new innovative work.
No longer selling what they believe the market ‘wants’ but what they determine the market requires, needs, and then only at a reasonable price.
Likewise marketing tools are changing dramatically and rapidly with hard traditional pounding advertising, print advertising, newspaper advertising falling by the wayside as social networking invades the media. Following what the market place is demanding not what the marketers think the consumer wants.
We are watching the collapse of the auto manufacturing industry because they refused to make and sell what the marketplace told them they needed, thinking they new better what the consumer wanted…..wrong again, and look what happened.
The business world is changing, the consumer is changing. Less is better, frivolousness and excess is out.
Figure out how to ride this new wave and get in front of your competition. With such radical change occurring it is a hugely opportunistic time with great rewards for effective entrepreneurism.
Its a new playing field and anyone who can adjust to the new rules can play and win.
Figure out how your business fits into this new paradigm, and then how to attract your customer base with new marketing tools. It is what the consumer wants…give it to them.
That’s today’s challenge
