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What to do in a down economy


Nice little widget from Jim Blasingame’s Small Business Advocate radio show.

I was on Jim Blasingame’s radio show this morning and the big topic of the show was “what to do in a down economy?” First, we aren’t in a down economy unless you listen to CNN, your business isn’t dependent upon the consumer confidence index, you just need a few more ideal customers, and second, you do the same thing you do in a rockin economy – target, differentiate and raise your prices – have a listen Jim has a great following.

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  • http://www.lifesworkgroup.com Matthew Scott

    John,

    I love this radio show. I believe part of the key as a small business owner is being a solution to an un-met or underserved problem.

    This is one way to “recession-proof” our business.

    Once again, the power of finding and serving a unique niche and constantly serving the right person at the right time with the right service.

    Matthew Scott
    The Life’s Work Group, Inc.

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  • http://www.yourvisibility.com/ Michael Jones

    John,

    This is a powerful interview reminding us to focus on our clients and serve them better than anyone else.

    This in itself will generate new business through word of mouth referrals.

  • http://www.mclellancreative.com John Gillett

    Great insights!

    Fear sells newspapers and ads on the news channels…the prospect of a “recession” is pretty scary for many folks, but as long as the business community keeps their heads out of the sand, the economy is too diverse to stuble for long.

    Keeping our eyes on customers and prospects rather than CNN is a key to busines prosperity.

  • http://www,salesleadmgmtassn.com James Obermayer

    Down economy or not, those that measure the return on lead generating dollars will always be more successful. We started the Sales Lead Management Association last year to deliver articles and white papers so that people who “wanna measure” know how to do it. In the last recession, those client that had a system for measurement survived, made forecast and grew faster when the economy came back. As I said in my last book,

    “The Rule of 45 is the basic premise from which you can measure the effectiveness of virtually all lead generation programs. It is a steady, reliable benchmark number that, simply stated, says that 45% of all inquirers will buy someone’s product.”

    James Obermayer, Managing Sales Leads: Turning Cold Prospects Into Hot Customers, (Mason, Ohio, Textere an imprint of Thomson/South-Western, 2007), and Racom Books, Page 10

    This happens in good time or bad.

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  • adam

    I have been doing a large amount of research on the whole topic. I would first off like to say that’s a good opinion, but I am going to have to disagree with you. you say the economy is not down, but in a small way it is. People are not going to buy anything with the price of oil and gas so high, they simply can’t afford it. smarter people are trying to save their money, so when the economy goes into recession(believe me it will)they wont be entirely broke like the rest of the nation. sorry to disagree but i just finished writing my senior paper on this topic like an hour ago, so i hope you understand my reasoning.

  • paul

    Right on, Adam. I’ve been in business for over 25 years, and I agree with you whole heartedly. If people and/or small business stop spending because they beleive that bad times are coming, I don’t care how many marketing dollars you have it won’t help you gain new customers. If you’ve been in business for any length of time, your existing customers are your best bet for staying power, and that’s where your energy should be focused.