And that’s just the online news which I’m exposed to. I don’t want to imagine what the TV news or newspapers are reporting right now…I don’t get either personally. We did get the local newspaper for a while, but I found it so useless that I called them up and told them to stop sending it. Even though I had paid in advance I didn’t want a refund. I just didn’t want to have to collect them anymore.
If you listen to the news, it all seems to be doom, gloom, and despair. Unemployment is rising. Business owners are shutting their doors. Taxes are going up.
No wonder people have to buy anti-depressants. They’ve been watching the news!
But there is another side…one they don’t talk about very often.
Some businesses are booming. The question is whether you’ve chosen to participate in the recession or not. Because it doesn’t have to be a recession for you.
Successful new businesses are starting right now in the middle of the recession. Others are using this opportunity to expand. Your competitors may be pulling back on advertising. That’s good news because it also means the rates on advertising are dropping. Right now is the perfect time to negotiate for better rates on any of your paid ads.
Look at past recessions and you’ll see that major companies were often birthed right in the middle of the recession. For example Revlon, the cosmetics company, started in 1932 in the middle of the Great Depression. Microsoft came out of the recession in 1975. And look at Google, the big dog online, they were the survivor who basically consumed the internet through the dotcom bust while their competitors disappeared.
Will you stand strong and use this time to grow while your competition disappears?
Online we have an advantage that brick-and-mortar companies simply can’t match…lower costs of doing business.
It’s tough right now if you operate on razor thing margins. People are price sensitive on items they buy regularly. They can see the price increases, yet at the same time costs for many of the supplies businesses use have increased.
Hopefully this is not the position you find yourself in. But even if it is, you can still find ways to release NEW products…and reach new markets.
That’s a second danger that many people ignore in times like this. They may be in a business that’s dying…and they sit there waiting with hope for something to get better.
For example, now is most definitely not to the time to simply run a video rental store. With Netflix and other online video delivery services, this business is dying. No matter what happens and if the economy improves, business is not coming back to the local video store. They need to find a new business model.
Your changes aren’t likely to be this radical…but there will be changes.
How are you using this time to change and expand your business?
What new products and services are you offering?
What new forms of advertising are you experimenting with?
And here’s the major misconception I keep hearing from people…they believe the solution is to sell lower priced products and services.
That may work for some markets, but it’s NOT the answer for the majority of markets. As hard as it is to believe for someone who is going through troubles themselves right now, not everyone is hurting.
Affluent customers are still buying. And they’re paying premium prices if it solves their problems.
The math is still the same. You want to solve desperate problems for customers who are willing to spend the money to solve those problems.
They may ignore minor problems. They may put off little desires. But they’re still buying products that solve their urgent, desperate problems.
If you’re not selling to a market where this is true, how can you change your focus to make it true for you.
I remember hearing from Mark Victor Hansen a long time ago, “If people aren’t buying what you’re selling, it’s because you’re not selling what they’re buying. They’re always buying something.”
Big desires and big problems equal the big opportunities…especially right now.
Businesses are growing right now IF they’re willing to make the changes necessary to thrive today.