60-Second Impact – November 2008
November 24th, 2008
You May Not Be Able To Beat The Economy, But You Can Outlast Your Competitors
- By the time you read this, Americans will have selected a new president and for the next month or so, the pundits will continue to analyze what went right, what went wrong and who voted for whom and why.
- The arrival of a new administration traditionally sparks optimism within the economy, but this year will be different. Retail prognosticators are forecasting a gloomy holiday shopping season. Is your business prepared to beat the odds?
- Going to battle against the recession is a no-win situation. But if you want to be the one standing when the smoke clears, you’ve got to have a plan to outwit and outsell your competition.
Why You Shouldn’t Lower Prices During These Tough Times
- It’s hard to resist the urge to lower the prices of your retail products or services during these times, but you must realize that if you do so, you are taking a risk.
- Despite eating into their profits, most companies lower their prices, hoping to bring in additional sales and keep their staff on payroll. This tactic may attract bargain customers, but they’ll most likely abandon you once you increase your prices.
- So, what do you do? Rather than lowering your prices, develop a way to increase your value. The reason people won’t pay your price is because there’s not enough value attached to the product.
- For example, a high-end steak restaurant, rather than lowering their menu prices, should be adding value by developing a promotion with a high-end retailer like Brooks Brothers.
- Discounting and dropping your prices is the penalty you pay when you’re not delivering enough value for the money you’re charging.
Record Numbers Are Visiting Newspaper Web Sites
- They may not prefer the paper version, but readers continue to flock to newspapers’ Web sites for fast breaking information and analysis of the news. Visits during the third quarter were up 16% over the previous quarter. (www.marketingcharts.com)
The 60-Second Close: Being There When The Dust Settles
- Some of the best-known companies in the country, in your region and in your neighborhood –- your competitors — may not have the endurance to make it through the next quarter. We believe you will succeed. But just as your customers have changed, your marketing needs to change as well. It needs to tell a story of trust and integrity — of something remarkable.
- Interested in learning more about how you can outwit and outsell the competition? Want to be there when the dust settles? Then call us. We can help you get there … faster than ever.
