The Economy: What You Can Do About it from John Labunski
It’s a common and perhaps natural response to become fearful when things around you change, especially when you don’t have much control over what’s happening. Given the turmoil in the real estate and financial markets, this dynamic is playing out today in the lives of millions. Even as I write this blog post, I’m mildly anxious that my net worth is shrinking day by day.
In the current housing crisis, few places have been hit as hard as Phoenix, Arizona where home foreclosures are rampant. It seems that the media reports on it daily, with the only hope in sight being a fix by the federal government. And it’s not just housing. Almost everything is losing value these days.
I’ve always had an enormous amount of compassion for those who face difficult times, even as I’ve faced my own. And as I’ve anguished over life’s crises, whether spilled milk or a lost job, I’ve previously felt like I was somehow being wronged, or deserving an exemption of crisis. However, I now see these times as an opportunity to grow, deepen my gratitude and simplify my life.
Instead of wasting time and energy complaining, blaming or feeling immobilized, this can be a great time to take some action to improve the quality of your life.
1. Turn off the television. If the political information overdose wasn’t enough, the economical news combined with the blood and guts in primetime might just push you over the edge. Instead, read a book, work on that project you’ve been putting off or engage in a fulfilling hobby that does not involve the TV.
2. Reach out and touch someone. Reconnect with old friends, hand write a letter or volunteer. Since most people are in the same boat and concerned about life, building and solidifying your personal “community” can go a long way in garnering mutual support.
3. Downsize and de-clutter. Getting rid of “stuff” is something I’ve always enjoyed. Junk belongs in one of two places – with the junk dealer or the landfill. And the good stuff you have to give away; that can go to help someone who is less fortunate than you right now.
Although you don’t control the economy, you can focus on productive and positive things that improve your life, while avoiding the negative “noise” that is all around you. When you do that, you’ll have more energy, confidence and enthusiasm to do the work necessary to survive and thrive.
Author: Dave Lindbeck
Posted by John Labunski
Marketing in a Slow Economy
Author: Michael Montague
A declining economy affects many businesses. Many times these businesses cut the marketing and advertising dollars first in an attempt to trim the budget. Sometimes this is justified, but most of the time it is a huge mistake.
When the economy is slow, it is the perfect opportunity to reach new prospects and grow your market share while your competition is doing nothing. Most likely, much of the clutter and noise in your market has cleared out, and you will have a much stronger voice. When the economy turns back around, and it will, you will be in a much better position than your competitors!
However, in a slow economy, it is more important than ever to squeeze every last penny out of your marketing and promotional dollars. Taking a more targeted approach with your advertising effort is the key. Use your broad format advertising dollars from print, television, or radio and use it in a marketing campaign where you can track results and focus on a key demographic. If you are still purchasing media, now is the time to lock in long term rates, as these entities are hurting and will likely accept a low rate with a long term agreement from you.
Explore a referral marketing plan where you have absolutely no risk. Qualify your referrals so that you’re not spending a dime unless you’re getting additional business from a referral. Now is the perfect time for this, as your customers want a reward, and you want another customer. Referrals often increase your market share, because your customers will think of people already using your product or service. All you need to do is come up with a worthy referral gift, start calling your customers, and ask for a referral. Once again, qualify all referrals before you reward them. A referral is deemed qualified when they have spent an appropriate amount with you.
Do you have hunters or gatherers on your sales staff? In tough times, you are going to need people who seek out the new business, cold call, and work your prospects effectively. It is more important than ever to keep your sales teams focused, so explore ways to incentivize and reward them for hitting goals. While all other companies are making cut backs, show your employees that you’re still willing to reward those who perform. This easy step will motivate your team, raise morale, and will ultimately drive your sales higher and higher. Once again, this in an expense that pays for itself with low risk, as you spend nothing unless a sales goal is achieved.
Form partnerships with compatible companies. Opportunities to save money are everywhere, you just have to ask. Chances are that at least one company you know is interested in a co-op campaign or event driven marketing activity. After all, everyone needs new marketing opportunities, and they are looking to save money just like you!
When the economy turns around, there will be winners and there will be losers. Have you positioned your company to be one of the winners?
John E Labunski John Labunski Safe Investment