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In times when the economy is in a downturn some business owners may conclude that there is the distinct possibility their business may be in jeopardy.
Sometimes a marketing problem simply requires a change in perspective. Many of the most successful business owners found enormous success by learning new methods of marketing in a depressed economic market.
If you own a custom car manufacturing company that charges hundreds of thousands of dollars for your vehicles I may not be able to help you, but for most online businesses a simple makeover in your marketing strategy may improve trust and sales.
When an economy is strong you can manage to market from multiple perspectives that may cater to satisfying a particular want. For the sake of this article I’ll call this indulgence marketing. This is marketing that provides the prospective customers with reasons why it makes sense to pamper themselves with a purchase they may not need, but also includes reasons why someone would consider buying the item either for the fun factor involved or because they have simply always wanted it and are convinced it is a purchase they can live with.
In a depressed economy or recession the instances of impulse buying decrees as individuals pay more attention to what they make and what they can spend. This is where indulgence marketing may be best replaced with practicality marketing.
In practicality marketing you shift the focus away from the sheer pleasure of ownership to the tangible qualities of the products. If the product you sell is durable make sure to focus on the long-lasting nature of the item. If you sell the product for less than anyone else make a big deal out of the ‘lowest price guaranteed’ aspect. If your product is more expensive than other products, but has proven to last much longer, focus on the total value for the money aspect of the product. Demonstrate that while it may cost more it will last longer and ultimately save the customer money in the long run.
If you can readjust your thinking to come in line with the altered needs of the average consumer you may likely discover an improved vision for your marketing plan.
In many ways your marketing plan needs to remain in flux. You will not always be able to effectively manage product presentation following only one marketing strategy.
Sometimes your marketing strategy will be dependent on the primary demographic you wish to serve. If this is an upscale and upper class individual with sizable cash reserves you may not need to worry as much about practicality marketing, but you may still need to give plenty of reasons as to why the purchase of your product makes sense.
If your primary purchaser has less disposable income then you will need to sell the idea of the practical nature of your product so it has the greatest potential to impact the consumer.
If your product is a great value and can make life easier then you will find many individuals, even in a depressed economy that may be inclined to make a purchase.
Adjust your marketing to the economy and allow your sensitivity to the real needs of customers improve their trust in you and your business. When the economy improves they may remember the businesses that understood their needs in difficult times. (source : articlecity.com)
Sometimes a marketing problem simply requires a change in perspective. Many of the most successful business owners found enormous success by learning new methods of marketing in a depressed economic market.
If you own a custom car manufacturing company that charges hundreds of thousands of dollars for your vehicles I may not be able to help you, but for most online businesses a simple makeover in your marketing strategy may improve trust and sales.
When an economy is strong you can manage to market from multiple perspectives that may cater to satisfying a particular want. For the sake of this article I’ll call this indulgence marketing. This is marketing that provides the prospective customers with reasons why it makes sense to pamper themselves with a purchase they may not need, but also includes reasons why someone would consider buying the item either for the fun factor involved or because they have simply always wanted it and are convinced it is a purchase they can live with.
In a depressed economy or recession the instances of impulse buying decrees as individuals pay more attention to what they make and what they can spend. This is where indulgence marketing may be best replaced with practicality marketing.
In practicality marketing you shift the focus away from the sheer pleasure of ownership to the tangible qualities of the products. If the product you sell is durable make sure to focus on the long-lasting nature of the item. If you sell the product for less than anyone else make a big deal out of the ‘lowest price guaranteed’ aspect. If your product is more expensive than other products, but has proven to last much longer, focus on the total value for the money aspect of the product. Demonstrate that while it may cost more it will last longer and ultimately save the customer money in the long run.
If you can readjust your thinking to come in line with the altered needs of the average consumer you may likely discover an improved vision for your marketing plan.
In many ways your marketing plan needs to remain in flux. You will not always be able to effectively manage product presentation following only one marketing strategy.
Sometimes your marketing strategy will be dependent on the primary demographic you wish to serve. If this is an upscale and upper class individual with sizable cash reserves you may not need to worry as much about practicality marketing, but you may still need to give plenty of reasons as to why the purchase of your product makes sense.
If your primary purchaser has less disposable income then you will need to sell the idea of the practical nature of your product so it has the greatest potential to impact the consumer.
If your product is a great value and can make life easier then you will find many individuals, even in a depressed economy that may be inclined to make a purchase.
Adjust your marketing to the economy and allow your sensitivity to the real needs of customers improve their trust in you and your business. When the economy improves they may remember the businesses that understood their needs in difficult times. (source : articlecity.com)
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