How to Make The Most of Any Economic Climate!
Q: We Keep Hearing How People Can Make a Lot of Money During a Recession, But How? What Do Successful Business Owners Do Differently to Take Advantage of Any Economic Cycle? L. Brighton Boston, Massachusetts USA
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. 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 needs 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 yeses then you have a good niche marketing idea and you should test it. If you don’t get all four yeses 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 services 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 foreseeable future, but that may actually 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 relieve supply chain issues. Not only will this potentially significantly reduce your customer service headaches, it also strengthens your local economy. We recommend you start by contacting your local business groups or Chamber of Commerce. 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.
Something Special to Help You Get Started!
To help make everything we have talked about a bit easier for you we have created a free tool for you we call our Business Growth Blueprint and you can get yours right here. If you have a different resource, that’s okay. In your Business Growth Blueprint we 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 voila, you have identified your first potential partnership! Creating your own unique pathway to success can be worth its weight in gold as far as generating sales and growing your business. If you would like to find how you can start generating more sales this week just click here now!
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More Success Tips!
If you are looking for more practical hands-on help we have two other resources for you. First, we have created Business Genesis and our Small Business Toolkit for small business owners just like you to help you start and grow your own successful business and meet today’s challenges head-on with confidence. You can find yours right here.
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