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[H729]How Bad Will Economy Get

by Scott Lindsay, Sco

First, the bad news.

Consumers are looking for ways to trim spending.
Impulse buys are less common.
Discretionary spending is subjected to a lot more thought.
Consumers may be more driven by needs than wants.
Many brick and mortar businesses may not survive the crunch.

Now, the good news.

Online business generally has low overhead.

Consumers may see value in purchasing online due to fluxuating gas prices and traffic issues.

Marketing can be redirected to expose the quality and value of a product instead of focusing only on its cool factor.

Consumers still have needs and may find those needs met online.

An online environment can contract and expand more easily than a brick and mortar retail environment.

Every day news reports talk about the economy and the struggles many businesses are facing. Bailouts have been proposed and some have been extended. The term bankruptcy is a common phrase and one that most businesses are trying to exclude from their vocabulary.

One of the greatest reasons so many online businesses continue to succeed is the incredibly adaptive nature of the Internet. Your web presence can be altered quickly. Marketing strategy can be altered at will. You don't have to worry about print advertising, billboards, television ads or radio spots. Since most online businesses rely on the web to provide advertising everything is subject to the immediacy of change.

As a business owner you can provide content that connects with the struggling consumer. You can extend a temporary price reduction to help consumers. You can offer low cost alternatives and you can certainly point out all the positives linked to your product or service.

More importantly, your web presence is not restricted to a geographic location. Your online business can and should be global in scope. It should reach out across a multitude of barriers.

Some businesses are working at finding ways to reduce or even eliminate shipping charges when possible to provide another quality level of service and support to consumers.

This scenario falls in line with the old saying, “Roll with the punches.” A slow economy may be unfair and is causing concern among many, but as a business owner you have a responsibility to your own family, your community and your customers to fight for the long-term success of your business. If you have an online store you have prime cyber real estate from which to reach out with a message of hope.

Focusing your attention on premier customer service will be important as you deal with establishing trust and empathy in the midst of what some may view as chaos. Now is not a time for fear, but a time for leaders willing to step up and help guide the way to day-by-day improvements in the economic landscape.

Economists will agree that consumers who are willing to continue to make purchases will do more to turn the economy around than those who refuse to purchase based on fear. Help your customer see the value of your product and they may remain loyal customers long after the financial dust settles.

The current economic climate is as bad as it's been in eighty years. Even the most optimistic business outlook would express caution. Will you have to close your business or lay employees off? Will your budget be cut? The media sure does a great job sensationalizing the economic conditions. According to CNN things look bad out there. When times are good anybody can sell. It's at times like this that you find out if you are a sales professional or simply an order taker. The fact is things are never as bad as they seem.

Here's the good news. Chances are your competitor is obsessing about the economy when he should be out proactively marketing. Now is the time to market your products and services. If you are marketing a product or service to another business, telemarketing is especially effective in a bad economy. However it must be done professionally and consistently. In better economic times, maybe you could afford a fluffy direct mail campaign, print advertisement, radio or TV spot. While these methods are ok for long term brand awareness, they typically don't produce quality results and short term ROI. What you need is a live human being capable of explaining your value proposition. You surely can't just throw your hands up in the air and stop marketing. This tactic will doom your business to failure. You have been handed a unique opportunity to capture the business that is out there because your presence is now more dominate than ever.

If history is any guide, even the worst economic conditions don't last forever. The economy will eventually recover and level off. This is the time to pick up some extra customers from your competitors. While they're cutting their marketing and sales budgets you can acquire their customers, and pick up business that will lead to significantly higher profits when the market returns. It doesn't have to cost you more than you're paying now. In fact, focusing on growth can be cheaper than hunkering down and waiting for everything to be like it was. When the economy is a little gloomy is the time to market your products and services. A professional B2B telemarketing company can help you secure market share at a unique time.

Don't become a statistic of businesses that quickly went under because they chose to stop marketing. Get out there, stay out there, and come out on top.

Copyright (c) 2008 Grindstone Inc.

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About Author

Both Scott Lindsay & Brian Augustus Parnell are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.

Scott Lindsay has sinced written about articles on various topics from Payday Loans, Computers and The Internet and Mens Health. Now you can or incredibly fast at HighPowe. Scott Lindsay's top article generates over 1830000 views. to your Favourites.

Brian Augustus Parnell has sinced written about articles on various topics from Telemarketing. Grindstone Inc. provides professional B2B telemarketing services including lead generation, appointment setting, and direct telesales services.