Finding Opportunities in Pessimistic Times
One of the smartest questions for business owners to ask themselves is; have my customers been affected by the global economic crisis? If the answer is no then fantastic nothing to panic about (unless you want to add more stress to your life then fill your boots!) If the answer is yes again don’t hit the panic button just yet. It’s important to analyse your customer base for opportunities. To ascertain your exposure to risk answer these marketing questions
Business to Business
- What industries are my customers in?
- Have those industries been affected by the global economic crisis?
- Which industries have been affected in the positive?
- Which industries have been affected in the negative?
Employment Agencies have had slow times in recent years they are looking at a boom period ahead. Government spending is up, are your customers in line to receive some of that spending?
- In what areas are your business customers cutting back on?
- What things are still important to your customers?
- Do you offer these things?
- Can you offer these things?
The values of a business customer haven’t changed they are looking for ways to create value, save money or make money. If your product can guarantee that – they will still buy.
Business to Consumer
- Which customer groups have been affected by the global economic crisis?
- Has the impact been positive or negative?
- In what ways have they been affected e.g. lost their job, lower mortgage, cheaper fuel, reduced superannuation etc?
- How does this impact on what they spend with you? e.g. my product is a ‘non essential item’ their income is down from two to one
- What are they still spending their money on? Why?
- What are they still buying from you? Why?
Consumers are still spending. As always they are looking for value for money so it is important to communicate how you provide value. Consumers are interested in reducing pain, creating pleasure, saving time or making money. How does your product help them achieve this? If you are not able to answer these questions AP Marketing Works can help you. So please get in touch.