When the economy is depressed there is a trigger that sets in that causes business owners to look for ways to save nickels and dimes as well as encourage potential customers to release a few.
Then, if that doesn't work the business owner simply looks for ways to bring in more nickels and dimes.
Of course "nickels and dimes" is a euphemism for extra cash.
In a climate of recession business owners might opt to reduce prices hoping it will increase the overall number of sales.
The premise is this - if the demand isn't especially high you decrease the cost of supply thereby prompting an increase in demand.
People are looking for value and exceptional service.
When they find a cost effective solution to their needs that is coupled with great service and perhaps a few perks they will likely view the business as an ally in the midst of their economic pain.
As a business owner your hope is to maintain profit and perhaps increase it a bit if possible.
Sometimes insisting that you keep things, "Business as usual", can't do this.
This will require a different mindset for marketing and a different strategy for sales.
You may need to be more proactive in marketing your product.
Take it to the people.
In other words make yourself present where others may be discussing your industry.
Add blogs and forums to your marketing strategy.
Develop social media and make your product more personal to prospective customers.
Deal in smaller quantities if needed in order to derive sales.
Face it, when the economy is tight the consumer rules more than you may have expected.
In the Christmas buying season of 2008 virtually all retail stores dropped prices significantly to elicit purchases that might help them offset potential loss.
Black Friday was simply the kick off to a greater degree of discount.
These retailers understood they couldn't just sit back and hope there season would end merry and bright they had to go after nickels and dimes by making quantity the primary emphasis of their sales push.
The bare bones thought process behind this idea is that selling product at a larger than normal discount may be preferred to selling nothing at the normal price.
There does need to be some balance here, however.
You do need to take into account associated costs that need to be considered along with an acceptable profit margin as well as existing overhead.
It is possible to sell an item for less than it cost to purchase it (when all other factors are included) and in the end price yourself out of business.
When it comes to service oriented business sometimes this will mean going the extra mile by doing more than you need to or providing a secondary service at no extra cost.
These added touches can provide reason for cash conscious consumers to think of your online business first when they need what you offer once more.
Get creative by thinking of ways to either reduce prices or provide more than your customer expects.
Perhaps the shifting of nickels and dimes will be enough to carry you through tough times.
Then, if that doesn't work the business owner simply looks for ways to bring in more nickels and dimes.
Of course "nickels and dimes" is a euphemism for extra cash.
In a climate of recession business owners might opt to reduce prices hoping it will increase the overall number of sales.
The premise is this - if the demand isn't especially high you decrease the cost of supply thereby prompting an increase in demand.
People are looking for value and exceptional service.
When they find a cost effective solution to their needs that is coupled with great service and perhaps a few perks they will likely view the business as an ally in the midst of their economic pain.
As a business owner your hope is to maintain profit and perhaps increase it a bit if possible.
Sometimes insisting that you keep things, "Business as usual", can't do this.
This will require a different mindset for marketing and a different strategy for sales.
You may need to be more proactive in marketing your product.
Take it to the people.
In other words make yourself present where others may be discussing your industry.
Add blogs and forums to your marketing strategy.
Develop social media and make your product more personal to prospective customers.
Deal in smaller quantities if needed in order to derive sales.
Face it, when the economy is tight the consumer rules more than you may have expected.
In the Christmas buying season of 2008 virtually all retail stores dropped prices significantly to elicit purchases that might help them offset potential loss.
Black Friday was simply the kick off to a greater degree of discount.
These retailers understood they couldn't just sit back and hope there season would end merry and bright they had to go after nickels and dimes by making quantity the primary emphasis of their sales push.
The bare bones thought process behind this idea is that selling product at a larger than normal discount may be preferred to selling nothing at the normal price.
There does need to be some balance here, however.
You do need to take into account associated costs that need to be considered along with an acceptable profit margin as well as existing overhead.
It is possible to sell an item for less than it cost to purchase it (when all other factors are included) and in the end price yourself out of business.
When it comes to service oriented business sometimes this will mean going the extra mile by doing more than you need to or providing a secondary service at no extra cost.
These added touches can provide reason for cash conscious consumers to think of your online business first when they need what you offer once more.
Get creative by thinking of ways to either reduce prices or provide more than your customer expects.
Perhaps the shifting of nickels and dimes will be enough to carry you through tough times.
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