1. They are moving themselves UP the economic ladder and restructuring their services, products, sometimes the entire business, marketing strategies in order to attract with a more affluent customer.
Will people pay? Yes, they will as long as you provide good value and master the art of creating desire. Lowering your prices in a moment like this will probably lead you to business death. Remember: low prices = low profits= no future.
2. They pay attention to the fact that people use “small indulgences” to ease their financial pain and incorporate that into their existing business, or create a new one. You can incorporate services or products and position them as an affordable, deserved and enjoyable small indulgence.
3. They give customers something they cannot get anywhere else or provide for by themselves
4. They are able to create services people cannot live without. Here you find the membership models- Your cable TV is an example, some softwares that you pay monthly another.
5. Segment the conversation with customers. Talking to different customers in different ways, after all, their needs are different. Yes, it is more work, but it pays to do it this way. The one-message-fits-all approach doesn’t cut anymore.
6. Create new things. No one is doing that, so yours will shine a lot more.
7. Think about repackaging services and products to different niches.
8. Products that save people time, help them make more money or bring residual income sell well during these times. The “in a box” opportunity is included here.
Just don’t sit and wait, this will kill your business. Market more, more often. Are you using Facebook? Twitter? Dell just released a report showing they were able to generate $1 million more in revenue by just promoting their products on Twitter.
Can you create an special offer just for your followers? Yes, you can!