Opportunities in a Recession
It’s kind of gloomy out there isn’t? Businesses are folding and jobs are being cut, there’s no end to the bad news in the media. In the midst of this all however, emerge some winners. It might take a long argument to convince you otherwise, so let’s do a little exercise.
1) High unemployment rate. Any winners?
Schools and institutes that offer training will see a greater uptake in their courses as people take the opportunity to upgrade themselves.
2) The automobile industry is hit really bad. Any winners?
Yes, since less cars and being bought but people still have to get around, we’ll start looking at alternative means of transportation. Operaters of public transport services may gain from the increased number of commuters and low fuel prices (since there is lesser demand due to lesser cars).
3) Cinema attendence goes down. Any winners?
Families that have “invested” in wide screen TVs last year when they were cheap will enjoy a good return on their investments this year. KFC was quick to team up with Video Ezy to offer a free movie rental with their home deliveries. In-home entertainment looks like a promising alternative.
In every level of society, some businesses lose while others gain from these losses. Think about your company, will you lose any business, and if so, to whom? If there are alternatives, is there any way you can reposition your products or services?
When everyone else is thinking about losing, you could think like a winner and emerge through the tough times as one.
Still unconvinced? Here’s the long argument.
This Year, Internet Marketing Will Be About Value
Not that it should have been otherwise previously, but with the current economic situation, businesses will find their clients less willing and able to spend like before. The lead conversion cycle will be longer as clients have to take more time to consider alternative products and services and to find justification for spending.
Instead of taking a hard-sell approach and in the process irritating your clients, use this period to nurture leads by providing more value. You clients and visitors will appreciate the fact that during tumultuous times, suppliers and associates are providing valuable content and resources that may help them to reduce costs, increase productivity or make smarter decisions. It is also a good period to educate clients about products and services and developments in your industry.
Once we tide over the tough times (which we eventually will), you will have gathered a large pool of visitors to your website who are ready to convert to clients.
