How to Grow Your Business in a Down Economy
As most people have probably heard, the economy in the United States and across the globe seems to be in a bit of turmoil. I can’t speak for everyone. But I’m not exactly sure what to believe regarding these “bad” economic times. Yes, people are facing difficult economic times, there is no denying it. Yet at the same time people are doing very well. That forces me to ask the question, “Why are some people doing really well and others struggling?” The answer is pretty complex. Today I’m going to share with you one universal factor successful businesses and events employ in bad economic times. In the last three months I’ve worked with three events that posted record attendance numbers. According to many people that's near impossible in these economic times. Wanna know how they did it?
A Little Background
Event organizers and businesses that are very savvy about their marketing and promotions can protect themselves during down economic times. My close friends and associates have seen their businesses thrive over the last 6 months. One friend more than doubled his monthly sales in October. Many people think, “The economy is down, he can’t do that!” My friends are from the most diverse group of businesses you can imagine, including the event industry. Many of their products or services would be considered non-essential to most consumers. I'm not saying this to brag, but to impress upon you that others are doing very well in troubled economic times. Don't let the other people or the economy dictate your business growth.
They Delivered MASSIVE Value
Nobody is taking all of the world’s money and hiding it. People are just far less likely to spend. You need to be more creative with your marketing approach. All of my friends who are thriving during the current economic hardship are doing some specific things in common. They are delivering massive value with their product or service. You need to be able to prove that what you have to offer is going to do the consumer some good or deliver a desired benefit. Ask yourself the question, “What can I do to prove the value of what I have to the consumer?” You have to be able to get them to open up their wallet and spend their hard earned cash! This isn't an easy task. If you can figure out how to deliver the value of your product or service during bad economic times, just imagine what you can do when the economy is thriving.
P.S. - A Side Note on the "News"
Here is a personal recommendation that will allow you to see the world a little differently. It is important for you to know that I'm am a recovering news junkie. This suggestion might seems a bit "woo-woo," but you'd be amazed how down you can get watching the news. Do yourself a HUGE favor, stop watching and getting wrapped up in the news. It is psychologically and financially counter productive. In my opinion the news has become an over dramatized editorial for the network you watch. Both political sides do it and it's really annoying. If you have to get your news fix, I'd recommend reading, not watching your news from a unbiased source. Or, ask a friend who isn't going to editorialize the news. I've been on the news diet for the past two months and it has allowed me to do some great things with my business. You'd be surprised what you can do if you aren't wrapped up in the world's over dramatized woes.
Want to get more great info? Check out the articles below:
- Why Well Planned Events Fail
- How to Get Them To Your Event
- Getting Them to Buy Tickets Early
- Turn Your Event Into an Experience
- Leveraging Your Sponsor's Digital Resources
- The Event Promotion System
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