I have a friend in Florida who owns six Subway franchises. He is rolling in dough, whole wheat and greenbacks. He loves the recession. He’s remodeling his house (prompting a South Florida contractor to keep banging hard). Dollar stores are also doing a gang-busting business. The health industry is also thriving, but they are in a world of their own (as long as there is no cure for disease and aging). Supermarkets are full. People are cooking, not dining in restaurants. In fact, anyone who sells a life staple or offers a low-cost product or service is happier than a pig at… you know what. For the rest of us… this economy sucks
But only if, during the good old days, your business had been on cruise control and got complacent, fat, and lazy, and saw your customers as dollar signs and not people. Without naming names, some marketers are clearly suffering much less than others, because they cared to look deep into their customers’ eyes and not just plumb the depths of their wallets. Call it building relationships, call it caring about your customers, or just call it staying in business, earning big bucks, taking vacations, and buying new (Japanese or German) cars even in a recession. While I can’t give you, for obvious reasons, a precise 5-point strategy for achieving this type of recession insurance for your particular business… I can give you the general plan.
Top 5 Ways to Keep Your Prospects Loyalty and Their Wallets Open
First, a note of caution: Lowering your prices can of course help, and may even be prudent. But that’s a short-term fix, turning your service into a commodity. In effect, by lowering your prices, what you are doing is training, and even compelling, your customers to shop around. Remember, price is what your customer pays, value is what your customer receives. Emphasize value and the customer will pay your price. And you do it this way…
one. Allay your customers’ fears:
Right now, your customers are looking more and more like deer in headlights. They are watching too many pessimistic news programs. You’re hearing about industry giants that once went bankrupt, closed doors and put thousands of people out of work. They may even know some. And frankly, they fear being next. So they hold on to their money; Worried that the good times will never come back. Frugal and conservative defines them. Food and shelter are their greatest concern to almost the exclusion of everything else. Your job then is to lift your head, open your eyes and sing.“The sun will rise tomorrow.” Help them understand that change is the only constant in life, and this economic collapse too shall pass. Show them that the light at the end of the tunnel is getting closer, give them hope and put your arm around their shoulders. Then infuse them with some good old fashioned religion, lift their spirits and get them dancing in the aisles – bring excitement and happiness back into their lives.
2. Confirm your suspicions:
Conspiracies, real and imagined, abound in times of economic stress. Your clients see danger everywhere they look, wondering who is really there to watch over and protect their best interests, and who is there to fleece them out of their dwindling income. Do not deny the reality that your customers perceive. Don’t argue or ignore your fears. Get on his side. Put yourself in their shoes. Recognize that the quickest way to bond and, more importantly, become an advocate on behalf of your clients is to first accept and validate (within reasonable limits) their point of view. Then, once you’ve shown them that you understand and agree with them, you’ll have a much easier time persuading them to agree. his perspective. Change their allegiance from fear and suspicion to bravery and trust, and you immediately become their champion and protector. After all, it’s much easier to close a deal, make a sale, even to a skittish and suspicious customer, when they trust you. you-and see in you a kindred and kindred spirit.
3. Justify your failures:
Don’t make your customers feel like losers. If they haven’t reached their goals yet, pat them on the back and show them why. There is a big difference between criticizing and criticizing. Be a coach, a mentor, help them see why they stumbled and fell, and how they can get up and get to the finish line. Never blame only your shoulders. Show them that many factors, often out of their control, contributed to their failure, just as other factors, equally out of their control, will determine the shape of their ultimate success. And yet, with your expert help, show them how you can decrease the number of failures they’ll face and increase their chances of success, no matter how you define them.
Four. Throw stones at your enemies:
This is too easy, and a prime of the number 4, above. Identify the immediate threat or obstacle facing your client’s well-being, happiness, and success. Join them in a justifiable hate fest. Heap contempt, ridicule, and ill intent on the perceived obstacle. And then move on quickly. Don’t wallow in that shallow pool, but splash around in it long enough to gain your customer’s attention and trust. Then, once you’ve made common cause with your client (sharing the same enemy and clinging to shared goals) and working together to achieve them, you’ll be accepted into your team and into your inner sanctum: a trusted confidant.
5. It fosters their dreams:
Isn’t that what it’s about? Dreams and their realization. Without dreams, what are we? Our dreams define us. Our dreams are our life’s work. Some dreams are big, some are small, but they all need more than just illusions. They need the mechanism to make them come true. What you market and sell is not made of metal, wood, plastic, gigabytes or an intangible service: they are dream makers. They are magical and they are real. And for your customers, your products or services are their best shot at reaching the stars. Don’t mislead your client into believing that you can achieve the impossible or that the impossible can be achieved. But if your product or service can really make your customers’ dreams come true, don’t hide the truth, but proclaim it, demonstrate it, and deliver it. And when you do all of the above, with style and grace, truth and honesty… Your business will thrive in any economy.