Any economic recession involves a weeding out process. Darwinism is truly still alive and well and never more so than in an economic downturn. Businesses that either naturally have certain traits or move quickly to develop them will survive, those that don’t, won’t.
What are those traits of business survival? Price competitiveness, value ands the third is a bit more esoteric—genuine care and concern for your customers. Understanding the importance of price competitiveness is easy to understand. In a recession people and businesses have less income and usually have to make their dollars stretch that much further in the process. Businesses that don’t adapt to this fact will be left behind by the Wal-Marts of the world. Now being able to reduce your prices for your goods or services is a matter of efficiencies, expenses and profit objectives. Price competitiveness may simply mean creating your own “dollar menu” of your products and services. A tier of products and services that give your clients the substance of your offerings without necessarily the full content.
Value has to do with are you giving your customers more for their money than they are even expecting. Whatever your product or service may be, you can give people value for their money. If you’re selling widgets, give a detailed manual on the many uses of your widget. Call your customer and see if they are having a good experience using your widget.
Demonstrating genuine concern for your clients is also a part of providing value. Demonstrating value however stops short of showing concern. It is actually felt by your customers and makes them feel as though you actually care about their success. You are not just trying to make money off of them and forget about them. As an entrepreneur you must ask yourself if you truly fell that way about your clients. If you genuinely do fell concern for your clients, you will survive this time period of great economic turmoil and come out on top.
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