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After The Impulse Buy: Take Steps Now To Profit From Economic Recovery
Economists generally agree today that while the global economy is far from fully recovered, business activity is picking up again and the slow march towards growth is underway. We at Lounge Lizard have seen the signs as well - increased business spending, a general revisiting of marketing messages and strategic directions, and building plans for capitalizing on increased business activity. But the signs also indicate that this recovery is one of a unique nature.
At the end of June, the U.S. Bureau of Economic Analysis announced that personal savings rates had risen in May, to 6.9% of after tax income. That's the highest American savings rate in over 15 years, continuing a trend that began at the end of 2008. The economy of the credit-purchased impulse buy is giving way to deliberate, well-considered investment - a trend that extends beyond consumer spending and into the spending practices of businesses at every level of the global economy. It's a significant shift, and one you can't ignore: a more fiscally conservative spending sensibility requires a more effective, more credible marketing strategy.
So how can your business thrive online in life after the impulse buy? This is what we recommend.
Sell a perspective, not a product. Of course you're selling a great product or service. What matters, however, is that your product is superior because your company's particular outlook on the nature, trends and future of your market is better than the competition. When you sell a product, you're selling a one-time purchase. But when you sell a perspective, you sell a way of thinking - and you pave the way to long term customer loyalty and repeat purchases. Focus your message on winning hearts and minds, and your products will sell themselves.
Be brilliant at the basics. What businesses want most in a fiscally conservative spending climate is bottom line value and a vendor who excels at just getting the job done. Focus on your core business practices: communication, production, delivery, customer service. Be clear, direct, focused and sharp. Dazzle your customers with your mastery of the everyday tasks, and make sure they know that your first priority is their most important business.
Think countercyclical. When the economy slows down, people stop eating out and restaurants lose money - but people still eat. They simply shift their buying to the local grocery, and the sales of canned foods go up. The economic term for that is "countercyclical": markets that become more profitable when the rest of the economy begins to shrink. Be the wiser alternative. How can you help your clients save money, get more value, or otherwise win a better advantage in tough times?
Prepare for the turnaround. No recession is forever, and the signs right now do indicate that the foundation for a stronger recovery is setting into place. Now is the time to lay the groundwork for the next sustained growth uptick. Redesign your website, reconsider your message, take a good look at your marketing strategy and use this chance to get your business into position. Recessions tend to drive the weak out of business, but they leave opportunity for the strong in their wake. Be ready to seize those opportunities.
Never is well-considered marketing strategy more important for a business than in the early days of an economic recovery. Don't blindly stick to what worked in years past: march forward with accurate intelligence of the market dynamics at play today. We can help.
Lounge Lizard Worldwide builds strategies that get results.
Call our offices today! 1-631-581-1000
If you have already established an online presence for your business, it may be time to think about starting a corporate blog. Blogs are a great source of PR, and an excellent way to reach out and interact directly with your clients. All of the new content you are producing will do wonders for SEO, and any inbound links your articles receive will increase your search engine rankings.
Sell Your Business with Online Video.
Since the creation of Youtube, online video penetration has been growing by leaps and bounds every year. As more and more internet users embrace video on the web, you should be thinking about how this might apply to your business. Video is a great way to send a visual message, be it a screencast, tutorial, product demo, or a personal message from your executive team. Remember, it's more than just a medium for entertainment!
Talk to the Lounge Lizard Tech Heads today to discuss how online video can change the way you do business.
Call our offices today! 1-631-581-1000
Lounge Lizard provides basic website hosting and maintenance packages starting at $249 per month.
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Being The Considered, Wise Choice
As your customers closely examine their spending, making vital strategic decisions on how best to allocate their resources this summer, so should you consider the most appropriate marketing strategy to reach and support them. By taking deliberate steps towards being the wise and considered competitive option, you can establish a beachhead now on the coming economic turnaround - and secure a powerful future for your business and your interests.
Would you like more information about anything you've read in this newsletter? We would love to hear from you - give our offices a call at 1-631-581-1000 today.