It really seems to depend on your source. According to the Los Angeles Business Journal and Intuit, Small Businesses saw a slight increase in December. Add to that the fact that consumers are paying more now than they were last year for basic goods and services, and the fact that transportation costs have soared significantly over the last three months (we are told due to the middle east unrest). So where does that leave companies that are trying to project their potential sales growth in 2011?
Consider what we know about circumstances where income is lower and prices are increasing and you can count on even more value added buyers. Not only in the consumer market but also in the business to business market. Many companies are running lean and they are hesitant to increase those costs unless they have buyers in hand. That type of hesitation can lead to a self-fulfilling prophecy of caution and buying postponement and stagnant growth. The aggressive business owner will have to rise above the fear and make a bold stand investing in their brand and stressing the benefit of buying their product today over waiting until later. There are many tools you can use to make this case:
Promotional Values: Where buying today leads to a bigger discount or a points benefit that will pay the purchaser later.
Seasonal Advantages: Stressing the advantage the purchaser will have over their peers if they have your product in hand while the rest of the competition is still waiting for their order due to a lack of optimism.
Ego stroking: Reminding the company that as a leader, the steps to grandeur are rarely well worn. In other words why would you follow the competition? If you want to have the competitive advantage, the road is less worn.
Financing: Beneficial financing that allows the purchaser to enjoy today what they can take their time to pay for over time.
Quantity Purchasing Discounts: Make your product more attractive with a larger purchase commitment over time. This allows you to have more cash flow and to schedule your personnel more efficiently. These larger contracts come at a lower profit point per product but can become a steady income stream that will keep you going longer than the competition. It also ties your customer into your company where they are less likely to change providers until after their longer termed commitment is completed. You will want to make sure you satisfy those valuable contract customers. At the same time, you will also want to work on finding the more profitable specialty market who will buy fewer products but at a more profitable price.
If you are looking for a marketing direction that helps you step above the competition and thrive in a market that others are treading water in, you need to consider your advantage and promote it over the next thee months in a big way. Does that mean spending a lot of money? No. But it does mean reinforcing the logic over time with the target market you are most likely to succeed with. Seek out other leaders and get your message in their hands ASAP. This can be accomplished with email marketing, branding, direct mail and online social media campaigns. The narrower your market, the more efficient you can make your campaign. For help with your strategy, contact us.
