How To Market In A Dire Irish Economy
Knowing how to market in this dire Irish economy is not only a MUST to prevent your
business from taking a nose-dive, or worse, going out of business altogetherit is also the perfect time for you to stand out from the crowd and expand your business.
You see, no matter how bad the economy, there are always going to be people looking to invest their money into products and services.
And the only real difference between a good economy and a bad one is your prospective customers will become more frugal in economic down times.
The Irish are no longer as free-spending as they were in the boom they are now looking for products and services offering the best value for their hard earned money.
Note I said "best value" and not "the cheapest".
In fact, as counterintuitive as it sounds, it is far easier to increase your prices and attract more hungry customers than you can deal with in a tough economy.
The Irish people are still looking to spend money; however, they are now choosing the services and products they invest in more wisely because often they have less money to spend.
This does not mean you have to risk putting yourself out of business by slashing your prices like your competitors may feel inclined to do, because slashing your prices is only going to make you work harder for less income!
The businesses who cut their prices are either blindly following their competition (who have no idea how to market their businesses), or they are afraid they cannot make sales unless they reduce the cost of their products and services.
But remember...
Your best prospects are not looking for the cheapest deals Rather... they are looking for the best value deals.
Of course, if you are offering a product or service that is exactly the same as what your competition is offering, then it is highly likely they will go and do business with who has the lowest price.
However
If you concentrate on separating yourself from the competition by establishing yourself as the only viable solution, then... your prospective customers and clients will have but one option YOU!
So how can you do this?
Well there is an almost infinite number of ways you can make yourself stand out from your crowd and attract an unlimited amount of customers and clients; however, the easiest and most important thing you should do is to position yourself as the expert in your industry and build a solid relationship with your prospects.
And the easiest way to do this is by specialising yourself in a niche within your industry, thus making yourself incomparable with anyone else.
For example, if you are in the auto servicing business, you may wish to specialise in a certain brand of car, or deal with certain types of clients.
You should also give an unrivalled level of service, e.g. by offering a "collect and drop off" service for your clients who have their cars serviced by you. This would allow a mechanic's clients to have their cars collected from home, or even their place of work, so they don't have to miss out on their leisure time or lose money because they have to take to time off work.
The mechanic could then over-deliver to cement himself into the heart of his client by having the car washed, waxed, fully valeted and perhaps leave a bunch of flowers and a box of chocolates on the seat now that would be a service!
Can you imagine how your customers would feel if you treated them like this?
Do you think they would look for an alternative and cheaper service, or do you think they'll find it almost impossible to stop themselves telling their friends and relatives about how great you are?!
And it is not just the car-repair businesses that can over-deliver and win the hearts of their prospects like this.
Every business, is a "marketing business" So the principle is the same you just have to look for an angle that fits your niche.
And don't worry about the extra work involved in the beginning, or the extra cost
In the car-repair business, in example above, the extra cost would be the fuel for picking up and dropping off the client's car and over-delivering with service. However
But the cost is a drop in the ocean when your consider the higher fees you can command, not to mention your advertising costs will be drastically reduced if not virtually eliminated when you have an army of delighted customers telling all their friends and relatives how awesome you are!
So no matter what business YOU are in, get thinking of ways you can stand out from the crowd to make yourself the only viable solution to your prospects, and remember
treat your current customers and clients with the utmost respect and start to over-deliver to them, because not only is it the right thing to do
they are your best and cheapest form of advertising!
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