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Date Created: Aug 1, 2009 - 2:15:21 AM
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In a lagging economy it is good to know that online business may be able to respond more efficiently and effectively to the challenge.
First, the bad news.
• Consumers are looking for ways to trim spending.
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• Impulse buys are less common.
• Discretionary spending is subjected to a lot more thought.
• Consumers may be more driven by needs than wants.
• Many brick and mortar businesses may not survive the crunch.
Now, the good news.
• Online business generally has low overhead.
• Consumers may see value in purchasing online due to fluxuating gas prices and traffic issues.
• Marketing can be redirected to expose the quality and value of a product instead of focusing only on its cool factor.
• Consumers still have needs and may find those needs met online.
• An online environment can contract and expand more easily than a brick and mortar retail environment.
Every day news reports talk about the economy and the struggles many businesses are facing. Bailouts have been proposed and some have been extended. The term bankruptcy is a common phrase and one that most businesses are trying to exclude from their vocabulary.
One of the greatest reasons so many online businesses continue to succeed is the incredibly adaptive nature of the Internet. Your web presence can be altered quickly. Marketing strategy can be altered at will. You don’t have to worry about print advertising, billboards, television ads or radio spots. Since most online businesses rely on the web to provide advertising everything is subject to the immediacy of change.
As a business owner you can provide content that connects with the struggling consumer. You can extend a temporary price reduction to help consumers. You can offer low cost alternatives and you can certainly point out all the positives linked to your product or service.
More importantly, your web presence is not restricted to a geographic location. Your online business can and should be global in scope. It should reach out across a multitude of barriers.
Some businesses are working at finding ways to reduce or even eliminate shipping charges when possible to provide another quality level of service and support to consumers.
This scenario falls in line with the old saying, “Roll with the punches.” A slow economy may be unfair and is causing concern among many, but as a business owner you have a responsibility to your own family, your community and your customers to fight for the long-term success of your business. If you have an online store you have prime cyber real estate from which to reach out with a message of hope.
Focusing your attention on premier customer service will be important as you deal with establishing trust and empathy in the midst of what some may view as chaos. Now is not a time for fear, but a time for leaders willing to step up and help guide the way to day-by-day improvements in the economic landscape.
Economists will agree that consumers who are willing to continue to make purchases will do more to turn the economy around than those who refuse to purchase based on fear. Help your customer see the value of your product and they may remain loyal customers long after the financial dust settles.
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