Time To Re-Evaluate Your Market Niche

There are offline businesses going into bankruptcy everywhere. In a time of prosperity, people rush to buy the latest electronic gadget or to get the latest bath accessories, one for each change of the season. So, your market niche may have done well when the economy was doing well, but now you've noticed a down tick in purchases. What's going on? Don't assume that this is a product of the economic recession; instead, be proactive and try to determine what factors are affecting your sales. It could be the economy, but it could also be various other factors: A shifting demographic, poor sales strategies that don't work in a downturn, or bad or no advertising campaign.

 

Shifting Demographics

 

When you set up your business, you probably had a good idea of what demographic you wanted to serve. With the recession, the demographic you serve may have had shifts in their income level or even living situations. Take a look at the boomer generation. They are experiencing an epic shift in their income as they retire, with battered retirement accounts from poor market results. Even though you could rely on this demographic to purchase certain products and services as they continued to dominate the market, this may not be true in the future. So, you need to re-evaluate the demographics that you are serving in your market niche.

 

Sales Strategies

 

Running the same promotions with worse results? That's not really surprising considering that the psychology of the market place has changed dramatically and that the consumer may not be in a buying mood for a while. Before the recession, status was a great psychological trigger to use to create a buying opportunity. The same trigger is somewhat meaningless in a downturn unless you are marketing to the very rich.  The biggest strategy for the downturn is going to be value offers; you need to make sure that many of your strategies reflect a trigger for value.

 

Bad or No Advertising Campaigns

 

The immediate impulse of business owners in a downturn is to stop throwing money at advertising since there are fewer buyers. This is a mistake and can be a self-fulfilling prophecy for poor sales later on. So, if you haven't evaluated your advertising campaign, you need to do that now. Look at where you are advertising, what psychological triggers and sales strategies you are using, and whether you can provide value offers that put you ahead of the competition during this tough economy.

Expert Strategies For Getting The Most Out Of Online Shopping

Though some people still like to shop at the mall, some people live in the country and don't have easy access to one. Others just don't enjoy the experience. Some people also like to save money by shopping online, or they enjoy the wide array of products that are available on the Internet. The tips in this article can help you get the most from online shopping, saving you time and money. Many stores online have the same products, so it is worth it to do a little comparison shopping. The competition is fierce and retailers compete ruthlessly based on price, to your benefit. If your shopping for the best price, only consider the prices from sites where you feel comfortable making a purchase. Even the lowest price isn't a good deal if you end up being scammed or cheated. Have a reputable anti-malware program on your computer if you browse online shopping sites. Major shopping sites are frequently targeted by hackers and other shady types who try to steal your personal identification or get into your accounts. Pay attention to the warnings that are provided by your security software; if you see any suspicious activity, report them to your website's webmaster. There is no reason to provide your SSN when shopping online. No website should require this number to order anything. Leave immediately if you are asked to provide this information- the site you are on is a scam. Leave this site, and find one that has a better reputation. If you have a coupon, you can get an extra discount from many stores online. You can easily find these deals by searching the name of the retailer followed by "coupon code" in your favorite search engine. Examples include free shipping or a percentage off the cost if you just key in that simple code. If you can wait, save large purchases for the holiday season. Certain holidays will make sites have a lot of sales in regular stores, but online stores are participating most of the time as well. Some sites not only discount but provide free shipping too. When you are looking for online shopping opportunities, restrict your search parameters to those stores that only have an Internet presence. This doesn't mean Google is not a good choice; however, you may get more results than you can actually use. Shopping search sites can help you find the product and compare prices all in one page. Prior to shopping online, search sites offering coupons, such as coupons.com. You can save a lot of money with the manufacturer and retail coupons you will find there. However, to obtain these great coupons, you must ensure you search for these coupons prior to shopping. As you may already know, shopping online can be a very enjoyable and even addicting experience. You have lots of items in a virtual space that you can get to with a few clicks. Once you learn about online shopping, you will save not only money, but also time.     http://mrgarrette.mysiselpro.com/LC1

Listening: An Online Business Skill To Increase Consumer Demand

It used to be that only certain professions and businesses had to really listen closely with empathy to their client's needs. Retail businesses in more prosperous times weren't in the business of playing counselor, coach, or advocate. That's all changed as consumers around the country are struggling with a bad economy, causing them to change their previously unquestioning consumer mentality to one of careful frugality. In an environment like this, the only way to customize your marketing and business strategies is to pay close attention to your customer's needs and try to meet them.

 

The Big Three Components of Consumer Demand

 

Many of the issues that customers are going to face in this recession are the same: Reduced income, increased expenses, and solutions that don't meet their immediate needs. As we know from business theories, consumer demand is comprised of three components: Income level, personal preference, and price. There is not much a business can do about customers’ falling income levels. There are some things that can be done with pricing; however, downward pricing can create a risk to the bottom line profitability of the business, so the only other way to influence consumer demand is through preference.

 

Retailers Phasing Out Choices

 

It makes sense for big retailers who must carry inventory to phase out choices that aren't in wide demand and to cater to mass tastes. That's where online businesses can have an edge in this economy as they can offer the choice without necessarily inventorying it. If they listen to many of their customers who are having difficulty finding a particular solution that can only be bought online, they can offer this and raise the demand for their services by using this strategy.

 

Understand The Nature of Consumer Demand

 

Yes, people will have less to spend and become more frugal, but this doesn't mean that consumers will naturally gravitate to the cheapest choice. In fact, value becomes more important as the length of the recession is anyone's guess. A purchase that lasts longer is of better value than a great product that crashes, breaks, or looks worn a few months down the line. Consumers are becoming more sophisticated on buying not only things that solve their personal problems and preferences, but they are now demanding that they stand up to the test of time. If you can meet both of these needs, you will have clients for life, long after this recession is over.

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MLM Strategies

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