| I am not an economist, but as an entrepreneur | | | | either table service or food quality. |
| relying on the spend of other entrepreneurs I | | | | So why would business owners result to panic |
| would have to say that faith in the economy has | | | | marketing? Struggling firms are doing what they |
| not yet arrived. Everyone I speak with says | | | | believe is 'what ever it takes' to generate cash |
| things are great 'considering' and yet I watch as | | | | flow. But I question the judgment of pursuing |
| they hesitate to hire, market or invest in their | | | | cash flow that eats into profitability. It might |
| companies. A few cocktails later and I might hear | | | | prolong the death throws but will certainly bury |
| just how much their business has fallen off. | | | | you just the same, and maybe even deeper. |
| I also receive email, tweet and snail mail | | | | This type of economy separates business owners |
| marketing pieces that I refer to as Panic Pieces. | | | | from entrepreneurs. |
| They are emails screaming PLEASE BUY FROM | | | | Tough times call for tough choices. Cutting costs |
| ME or offering GREAT VALUE FOR LOW PRICES. | | | | and eliminating expenses are prudent acts of |
| The language used in these marketing campaigns | | | | sound business practice, just as increasing sales |
| smell of panic. As a potential customer I | | | | and marketing are. Actually, these are prudent |
| immediately pull back with a vision of a wild animal | | | | practices even in a strong economy. |
| trapped, wounded and who would certainly bite a | | | | Business owners selling below cost to keep the |
| helping hand. | | | | cash flowing might be executing a really bad idea. |
| I believe that if one sees a company willing to sell | | | | If your marketing looks like, sounds like and smells |
| off its inventory at reduced prices, one might | | | | like panic, you invite vultures not clients into your |
| jump in and reap the savings. If however, | | | | business. If these are not your best customers |
| someone is offering lower prices for their time | | | | then it might not be a good idea to send these |
| and expertise, then the value is immediately | | | | types of marketing messages. |
| questioned. | | | | An entrepreneur might take a different approach. |
| We are becoming smarter shoppers and bargain | | | | A hard analysis of their business model and |
| hunters for tangible items. Service however | | | | recalculate or even reinvent offerings. Maybe |
| remains one of those areas where you might | | | | survey customers to uncover unmet needs, |
| shop price and use that market information to | | | | discover problems they face and create solutions. |
| negotiate, however when it comes to making a | | | | If not surveys, then calculated informal interviews |
| buy decision, cost is often not the deciding factor. | | | | to uncover opportunities. |
| Service is something customers are unwilling to | | | | Make it a point to meet once a week with your |
| compromise. Restaurant week in NYC is a perfect | | | | sales and service teams, mentors, friends and |
| example when throngs of diners set out to | | | | even customers to brainstorm new revenue |
| experience the epicurean delights of the city's | | | | streams or new models for efficiencies to deliver |
| best restaurants at a fraction of the price. These | | | | your current goods and services. |
| diners knowing full well that they were getting a | | | | Now is the time to dream, not scream! |
| great discount still would not tolerate any slight in | | | | |