If you’re like most of my clients, colleagues and competitors, your business has — in some way — felt the adverse effects of the current economic climate. More than ever, we have to find ways to prove our value to customers and prospects. As daunting as that probably sounds, the solution may be as simple as tweaking your business model — if only temporarily. Consider this old adage:
When times are good, it’s good news for the shoe salesman.
When times are bad, it’s good news for the shoe repairman.
The point is: when consumers can’t afford to spend a lot on something new, they’re more inclined to spend a little less to spruce up something they already own. In that reality lies an opportunity for savvy marketers.
I’ll explain what I mean, using my own business model as an example. In tough times, many companies are inclined to cut advertising from their budget — even though that’s when it’s needed the most. So how can GO Direct counteract that faulty reasoning? Simple …
We become advertising “repairmen.” We offer to review clients’ past and current advertising materials with a fresh eye, and suggest ways to improve or “polish” them. Rather than provide shiny new concepts, we add a new flair to a client’s existing work — a stronger headline, a snappier letter intro, anything we can think of to make it work harder and increase results the next time around. All at a lower cost than a whole new advertising campaign. That’s called a “win-win.”
What about you and your business? Does the shoe metaphor fit? If so, I’d love to hear how you’re turning economic challenges into opportunities.