Well I sure hope not, because as an entrepreneur and business person, you need to be focused on how to increase your business. You need to get your head out of the sand and not use the excuse that the economy is in a recession and that’s why your business isn’t doing well.
I just went and saw the most motivating and inspiring marketing mind ever. His name is Dan Kennedy. He’s so many light years ahead of businesses because of how he thinks, it’s a little bit scary. He’s the one that’s said many times, if you’re smart and you know how to market and who to market to, you can make money in any economy and you know what- I agree with him and I am doing it!
I had the pleasure of being able to see Dan Kennedy live, last week in New York- for FREE. This was a rare appearance and I have to say if you have the opportunity to see him speak, go see him, he’s so refreshing and has such a fascinating outlook on business. He was speaking at an event and promoting his new book, No B.S. Marketing to the Affluent: The No Holds Barred, Kick Butt, Take No Prisoners Guide to Getting Really Rich. He focused his talk around if you’re not doing well right now, it’s not because of the recession, it’s because you’re not getting people excited enough about buying and doing business with you. He also said it could be because you’re not as agile to change your business with the times. I’ve said this numerous times before- in a recession, you need to shift who you’re selling to- focus on the people who are least affected by the recession and that would be the mass affluent. I also had the pleasure of speaking with him at the break and it was a real treat for me and inspired me to make some much needed changes in my own business.
In this crazy world of business you need to be agile and ready to able to move with the world, however it turns- tragedy vs. opportunity. He also said a number of other fascinating things that I want to share with you-
- The number of competitors in a market place doesn’t matter. You simply need to craft a business with over laden with value and marketing services. Create a unique market place and niche- promote your key benefits to your niche.
- Done for you is best- gone are the days of teaching people to fish- give them the fish- now!
- Price is controlled by value of the product to the buyer. A good example is if you’re selling one of a kind jewelry pieces- ensure you’re going after the customer who values and appreciates this unique factor.
- Business isn’t bad- it’s just that follow-up really sucks.
Lastly, before I go- I had to share these with you- Here are the 6 secrets to increasing your profits in today’s recession-
- Always have good, better and best categories- give your prospects 3 tiers to buy from. They will always buy according to emotion, not logic.
- Raise your prices now- we all are not ever charging enough for our products and services. Plus in a recession you can make up for the loss of volume by increasing your prices.
- Target better customers- go after the mass affluent- sell to people who rarely make their decision based on price.
- Never do what everyone else is doing- 99% of businesses do things a certain way and it’s always usually wrong. Be part of the 1% to break out and do things differently.
- Have immediate up sells when you get a customer- e.g.- sell them a tie when they buy a suite, etc.
- Multiply your customers with post sale follow-up – send a thank you letter, or send a thank you and up sell later. Always, always follow-up with your clients and customers.
So take these 6 things all the way to the bank. Put away the newspaper, in fact, stop reading or watching the news altogether. Focus on the positive aspects of your business and your life and work towards being incredibly successful and happy!