By John Gifford
Publisher and Editor
Everyone has written an article about how to cope with, withstand, thrive during, or ignore the current econonic situation, so I might as well write one of my own.
There are 3 focus areas I am going to highlight as they relate to the economic downturn:
1) Use of like-minded groups to help you weather the economic storm
2) Targeting the affluent demographic
3) Not every lead is a good lead
It is important to think positively, while the media (not Indy Smallbiz) focus on bankruptcies, lowest quarterly earnings, and other dire and dour projections.
It is also necessary to focus on most efficient strategies for your business and actual opportunities that are placed before you by the slowing economy (higher interest by persons in risk management, whether insurance, investing, or health).
Finally, the sluggishness and lassitude induced by the doom-sayers has to be counter-acted by continuing to do what you need to do. It is important for you to be a member of a group that has these three goals in mind. A group that you meet with that focuses on actionables, that looks for the positive opportunities, and which holds everyone accountable is a necessity. I am not talking a particular brand name group, but a monthly, if not bi-weekly group, is needed during this pessimistic period.
When I think of the current economy, I look for places where there is still money. The metaphor I will use for money will be snow. In Rocky Mountain National Park in Colorado in the Winter and on into April, everything is covered with snow. As we move into May, much of the snow is melting — that is the start of our economic downturn (“money is melting”). As we continue into June and July, the melt continues.
In August, we have the greatest meltdown. Still, in those high, narrow ravines where the sun almost never reaches, snow is still present — this corresponds to the affluent. These relicts of wealth, the affluent, may have less money now that before, but they still have a lot. If you have a business that can target the affluent with products or services that are a business within your business, you may be able to find snow in the ravine — money — even in August. Especially if you have a clever means of marketing or packaging it — affordable luxury. Or, package it with a “green” slant (induce guilt) or combine with a charity for an event for marketing. Look for where the snow still is, and you may be able to make a snowball, or even a snowman (snowperson).
Even in a difficult recession it pays to maintain your differentiation, rather than accepting all customers (granted, there may be a little fudging around the edges). By making clear who you are may go far in maintaining your existing customers, because they see you are a specialist uniquely equipped to meet their needs. By maintaining focus and providing add-ons to your existing customers, you are able to hang on to them, and may even sell them additional products/services.
Furthermore, your likelihood of receiving referrals will be enhanced. When the economy improves, your business will be even better because you have been defining your brand carefully and increasing mindshare during the down periods.
I would like to call your attention to the Business Seminars and Events Calendar on page 17. If someone has a Small Business-related seminar, please email me the information at
johng@indysmallbiz.com.
On page 9, we have the first of the Blog of the Month, which is written by Robby Slaughter. Each month we’ll reprint an online blog. If you wish to nominate someone’s particularly
interesting blog piece, again email me at johng@indysmallbiz.com
The Jeffrey Gitomer Seminar on Nov. 7 was very enjoyable and would like to thank Jeffrey for his cordial treatment of the Staff of Indy Smallbiz. Starting with this issue, we are proud to have exclusive rights in Indianapolis to run Jeffrey Gitomer’s Column. Also, thanks to Sara Riggenbach of his staff for work in bringing about the collaboration with Indy Smallbiz.
John Gifford can be reached at
johng@indybiz.com.
