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Block's Blog

Doing Business in a Tough Economy

10/20/2008

2 Comments

 
With everyone's ears glued to the the economic news these days, you're probably wondering how you and your small business are going to make it through. Here are some thoughts I shared in a recent class I gave on pricing:
  1. Do your homework: know your customers and competition. It's always important to understand what's happening in your market, but it's even more important now. The economy's affecting them too, and you need to revise your strategies to meet these new needs and opportunities.
  2. Focus resources where you hold the strongest position. Spend more time and energy where you'll get the biggest return. Think about your strengths and who could get the most benefit, and concentrate your marketing dollars on them.
  3. Rework * Resize * Package. Refine your offering to meet the new needs of the market. Offer bite-size samples of products or services; people are even more price sensitive now. They'll want to be sure before making a purchase. Don't discount, but add value to your offer.
  4. Go for the add-on sale. Come up with complementary products or services you can sell in addition to what people are already buying.
  5. Promote aggressively where others are not. People run scared and scale back their marketing efforts during bad times. If you're in a position to do so, do the opposite. And remember, there are many low-cost ways to promote.
  6. Get creative. We're not just talking layout and colors here. Re-think your business model. Are there opportunities or partnerships that have opened up because of the current state of the economy? Everyone's struggling -- now's your chance to contact that person who seemed out of reach.
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2 Comments
truckbed liner link
1/6/2018 01:25:12 am

Thanks for taking the time to discuss this, I feel strongly about it and love learning more on this topic. If possible, as you gain expertise, would you mind updating your blog with extra information? It is extremely helpful for me.

Reply
Contact sitewired for more info link
12/30/2020 05:15:44 am

Web hosting in general is a service, similar to Internet hosting service, where an organization is able to make and maintain their own website that is accessible by the World Wide Web. Web hosts are organizations that provide space on their servers, or ones they have leased from someone else, for personal usage as well as for sub-letting. So in a nut shell, organizations, small or big, require their own web space for communication purposes, both intra-organizations as well as, inter organization. On the other hand web designing deals with designing of a web page, a website to be precise, for an organization. While web hosting deals with providing space and an operating system according to a company's needs, web designing is more about graphics and largely helps in creating a layout for the website.

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  • Home
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