| Joseph P. Kennedy, American executive, | | | | 6. Consumer Pampering - Develop an entire |
| businessman and father of John F. Kennedy once | | | | campaign around the economy and let your |
| said, "When the going gets tough, the tough get | | | | customers know that you understand what they |
| going". These are words of inspiration for all of us | | | | are going through with activities that pamper. One |
| as we face an economic environment that is | | | | of our clients in the retail industry offered coffee |
| unstable. As Americans, we have been through | | | | and donuts in his store in the morning and chair |
| tough times before but with perseverance, hard | | | | massages in the afternoon on his weekly "Day of |
| work, attitude, and the love of the American | | | | Pampering". Sales jump on the day he offers |
| Dream, we have endured as a nation. The cost of | | | | these little extras. |
| energy, the upcoming presidential election, the | | | | 5. Exchange Service and Cooperative Advertising |
| war, a volatile stock market, and a downturn in | | | | - Many companies are engaging in cooperative |
| the housing market are all factors that are | | | | advertising to help cut marketing costs. Consider |
| causing American businesses and consumers to | | | | working with a firm that offers complimentary |
| operate in an environment of fear. But my | | | | services and design a marketing campaign that |
| challenge to all the readers of this newsletter, and | | | | benefits both organizations. |
| there are thousands of you, is to seek the | | | | 4. Mystery shop - Rapidly changing times call for |
| opportunities in all of these factors that, on the | | | | constant monitoring. One client of ours increased |
| surface, can be perceived as negative operating | | | | the number of telephone mystery shops they do |
| conditions. Opportunities exist all around us if we | | | | each month knowing that more customers will be |
| only take the time to think creatively. As a | | | | making use of the phone to get information as a |
| market research firm, Market Viewpoint recently | | | | way to save on gas. |
| did a survey of consumers to find out what | | | | 3. Go Green! - More and more customers are |
| factors contribute to the decision to make a | | | | looking for ways to do business with and invest in |
| purchase. The top factor, constituting 20% of the | | | | companies that are environmentally aware. |
| responses, was price and value. This comes as no | | | | Develop a plan and communicate your approach |
| surprise as more of our income is being put into | | | | to your target market. One of our clients uses a |
| our gas tanks. Consumers are being more | | | | catchy little "green" tag line on all of their email |
| discriminating when it comes to spending and they | | | | signatures to let their customers know they are |
| want to be assured that they are getting the | | | | doing their part against global warming. |
| most for their dollar. Companies who take the | | | | 2. Be aggressive with your marketing - This is no |
| time to point out the value added component of | | | | time to cut back on the marketing budget. |
| their products or services in their advertising and | | | | Studies have been conducted that show |
| sales presentations will do well. Seventeen percent | | | | businesses that cut back on marketing during |
| (17%) of those responding in our survey want | | | | economic downturns make less revenue that |
| variety and choice, with 13% craving convenience | | | | businesses that don't. |
| and access. The remaining 50% of the responses | | | | 1. Hire and maintain a staff that is knowledgeable |
| fall into the smaller categories of cleanliness, | | | | with people skills - Consumers want to feel |
| security, comfort, atmosphere, etc. | | | | respected. If your staff rates low on product |
| From this survey, we also came up with the top | | | | knowledge, you will lose consumer confidence. Hire |
| 7 best practices for challenging times: | | | | creative, talented people who can connect with |
| 7. Freebies - People love getting free "stuff" - | | | | your customers one-on-one. |
| Some of the things you give away may be things | | | | True leaders emerge from difficult situations. Be |
| from your stock room that would not sell but | | | | innovative and creative. Manage wisely what you |
| customers might appreciate getting them for | | | | can control and you will ride the wave to the next |
| free. Don't forget to make use of coupons and | | | | upswing! |
| discounts. | | | | |