My company is fortunate to be residing in one of only three major cities that have seen economic growth during the recession of the past few years.
Dallas Texas, Pittsburg Pennsylvania and Knoxville Tennessee have seen increased economic growth in the last 3 and a half years since the recession ended.
While that may sound great at first glance for these 3 cities in general, let’s look at what you can do to market your business so you can match or beat these success rates for your own business.
A great economy means MORE competition
The first thing you need to realize is that the more economically sound the economy is the more competition arrives to meet the demands of its citizens. While it’s never a bad thing to see positive growth in an area, realize that you have to step up your game to meet the marketing needs of your own business in order to see the same type of growth.
One quick solution is to build a website that get’s people involved with the introduction, co-creation and education about your service or product. Write blog posts and invite people to comment on them. There is power in social relevance and Goggle notices when you are talked about online.
Don’t forget to include any curated information via social media marketing from non-competitive sources that support you or your prospects needs. Facebook, Twitter and Facebook are only the tip of the iceberg when it comes to truly getting noticed above and beyond the competitor down the street.
With effort, you will soon be seen as the go-to guy or gal in your market and create the right kind of buzz that creates business growth.
A poor economy means you need to create MORE value
If the economy is producing lack luster sales in your neck of the woods, the LAST thing you will want to do is lower your prices. Studies have shown that lower prices are perceived by your prospects as a product or service of diminished value, especially if you had them at a higher price before.
Keep your prices the same or slightly higher and add more VALUE. Think about this carefully.
Maybe a distributor gives you free trial products to your salon of which you can increase the value of a purchased cut by giving this away when they purchase without adding any more to your overhead expenses.
Maybe you have a series of private online videos on YouTube that you send your client when they purchase another service from you. Other than your time, you have just created an evergreen educational product at no cost to you that gives an increase in perceived value to your prospect customer or client.
Also keep in mind that having a sale is different than lowering your PRICES. Sales can bring a quick boost to your monthly income without breaking the bank. DO NOT have sales at scheduled times. Mix up your sales times and dates to create anticipation and give sales a time limit to express urgency to purchase.
The best thing to do, regardless of a bad or good economic climate is to be consistent in your marketing. Combined with a well developed strategy, consistent online and offline marketing of your business product or service will carry you miles ahead of your competition with profit to spare.
I challenge you to write at least 10 different ways that you can leverage your skills and knowledge to create great content online and offline that you can share to your prospects and clients.