How to Make The Most of Any Economic Climate!
Q: What Do Successful Business Owners Do Differently to Take Advantage of Any Economic Cycle? Linda B. Manchester, England
The first thing entrepreneurs do differently is not to wait for the economic recovery surge! An economic downturn or even a recession is a great gift to anyone who is looking for business growth opportunities. These challenging times have a way of weeding out the fluff from our lives and clearly defining our greatest needs. As it happens, these needs tend to be basic and ongoing even in a strong economy and these techniques work for any type of business.
Just a quick note, to help you implement into your own business what you are about to learn, we have created our Business Growth Blueprint and we would like to offer to you as a free gift. You can get yours right here. Open it up and we can get started mapping things out for you as we go.
How to See Economic Opportunities
For the wise entrepreneur they take advantage of these moments and establish themselves in meeting the greatest need for the greatest number of people. Not only does this build a customer base, it also builds brand loyalty. Think about it for a moment, who would you be the most loyal to? Someone who met your need only when times were good or someone who was there for you through the dark times as well? Below are five questions that will help you identify potential economic opportunities to bring real value to your target community.
- Ask yourself what is the greatest need of my customers?
- How can I meet that need better than anyone else is doing so far?
- How can I serve the greatest number of people?
- How will my product or service bring increase and benefit to the lives of my customers?
- How can I do this right now?
How to Identify Your Customers Emotional Needs During a Economic Recession
Identifying a potentially successful market niche begins with determining the emotional motivation of your customers or clients. Ask the following questions to clarify your niche market ideas and identify the ones that will be worth your time and effort to pursue. This simple test can save a tremendous amount of time and money. Here is how to get started.
Ask yourself the four questions below when considering a niche market. If you get four yes’s then you have a good niche marketing idea and you should test it. If you don’t get all four yes’s then you need to fine-tune your idea until you do. Use this test each time you are considering launching a new product or service and you will dramatically increase your chances of success.
- Is my customer or client experiencing an urgent need, worry, pain, or strong desire?
- Is my customer or client currently searching for solutions to their most urgent need or problem?
- Does my customer or client have few if any recognized options or solutions to their current problem or urgent need?
- Is there a large group of people (1 in 500) who are currently looking for a solution right now?
If you have been able to conclusively answer these questions the chances are you have a good idea with a viable market and an opportunity to grow a successful business. Now let’s talk about product or servies resources and building your brand. Given all of the challenges that Covid has brought our way the way we do business seems to have been changed for the forseable future, but that may acually be a good thing!
Unless you are creating digital products on your computer, we strongly recommend that you look to your local community for resources as a potential way to releve supply chain issues. Not only will this potentaiily significantly reduces your customer service headaches, it also strengthens you local economy. We recommend you start by contacting your local business groups or Chamber of Commerece. If you have any questions or concerns about this please feel free to contact us by clicking the Help tab at the top right of this page and send us a message.
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I hope this has given you a little guidance. If you have never had any experience in challenging economies before, I know that it can feel a little daunting, but I have the cure for that. I have created The Small Business Toolkit to help you. If you have a different resource, that’s okay. It’s just important that you do it. There is a lot more to it than what I can convey here, but I hope this has helped a little. In The Small Business Toolkit I have already done most of the work for you so all you have to do is just fill in the blanks to a few questions and wha-la, you have identified your target market and created your first marketing message! These two things are worth their weight in gold as far as generating sales and growing your business. If you would like to start generating more sales this week get your personal copy now!
To smooth your path and guide you on your way to building your own successful business, I would encourage you to get your own personal copies of Business Genesis and the Small Business Toolkit. Together they will help walk you through each step of building a successful business before you invest a ton of time, money, and resources. Both will save you years of mistakes, wasted money, and worry. I hope this has given you a little guidance. If you have a question of your own please feel free to post it in the comments below. Chances are if you are asking it, so are hundreds of others and that is why your question is an important one!
If you need more in depth help, please feel free to post your comments below or Contact Us Directly and send me your questions. I love hearing from you and about your business! If you think this post would benefit someone else, please feel free to share it with them and we would love to connect with you on Twitter. @SpectrumBizllc.