Q. How Do I Keep Perspective on the Big Picture Especially During a Recession?
A: Companies that have a longer term strategic plan (3+ years) have a significant competitive advantage in challenging economic times. They have already gone through the exercise of indentifying/prioritizing key initiatives and know where to apply their limited resources. (i.e., $’s, people). They already have a clear vision for the organization (i.e., what will the company look like in the future)? In most cases, a recession may slow down the rate at which a company moves forward, but more often than not, a depressed economy does not change the direction that a company should pursue. Bottom line, in a recession, stay the course – cut your expenses but do not change you direction.
Here are a few resources to help you focus on the big picture and overcome the recession blues:
Do you know who your customers are and what they need and want? Do you notice trends in what people are buying, or how and where they are buying those goods?
Determining the marketability of your business is done when writing a marketing plan. This valuable exercise helps you to explain the products and services that you are selling, who your customers are, what the overall market looks like, who the competition is, and your strengths and weaknesses. You will also include how you are planning to promote your products and services in your marketing plan.
This requires research. Here are some ideas that will help you identify who your target market is and why they will buy from you and not your competition.
1. Consider whether your business offers a new solutionto an old problem or complements an emerging trend. Always think of ways to increase your business by knowing what your customer needs and wants.
2. Understand who your customersare and why they will buy from you. Identify all of your potential customer and make sure your company is visible to them.
3. Understand the benefitsthat your product or service offers. How much money will a customer save by buying from your company? What do you offer that is different from the competition? Knowing the benefits will help you generate ideas for all promotions. If gives your customers a reason to buy from your company.
4. Understand the industry and determine if there is a growing demand for your products or services. Are their economic factors that may impact your market? All publicly held companies have annual reports that are public information that can be found on their corporate website. You will find out what the annual sales are in that particular Industry. You can also find information online from the trade associations and government agencies. (more…)
Not for shoes, but for knowledge of your competitors.
If you don’t, know that they are shopping you. You shop to know what the competition is doing so you can use that information to separate yourself from the others in the industry. If you are doing something innovative, you better believe they will be copying it shortly. The key to getting customers is to be remarkable and you are not remarkable if you don’t stand out. Be sure savvy competitors are shopping you by the web, phone and in person.
A: Companies that have a longer term strategic plan (3+ years) have a significant competitive advantage in challenging economic times. They have already gone through the exercise of indentifying/prioritizing key initiatives and know where to apply their limited resources. (i.e., $’s, people). They already have a clear vision for the organization (i.e., what will the company look like in the future)? In most cases, a recession may slow down the rate at which a company moves forward, but more often than not, a depressed economy does not change the direction that a company should pursue. Bottom line, in a recession, stay the course – cut your expenses but do not change you direction.
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