With daily media coverage of the turmoil facing most of the world’s economies, how come certain businesses, of all sizes, from all industries are flourishing?
It’s not about price
Whenever times are tough, people think harder before they make a decision. This doesn’t mean they buy the cheapest.
The fact Apple products have repeatedly smashed their sales records, is not because they are cheap. Apple products are almost always far more expensive than budget alternatives. Apple have seen record growth throughout the credit crunch and recession, because they provide what their customers consider amazing value.
Google and the race to the bottom
If you think you can undercut your way to success, you are probably in for an costly disappointment. Google has made it easy for your prospective clients or customers, to find the lowest price for almost anything, in seconds.
Only one person in your industry, profession or location can be cheapest and the price shopping, fee-sensitive people who hunt for the cheapest deal, will spend as long as needed, to get the lowest price or fee.
An alternative approach, is to increase your value, rather than lower your fees. If you are the only person in town, who can do something YOUR way and YOUR way has value, you can strive during a bad economy.
For example, I have a client, who has used this approach whilst working with me and he’s seeing a 45% increase in revenues this year, after enjoying an increase of close to 200% last year. His profits are even higher. Another client has increased her fees several times over the past 2 years and has smashed every income and profits record, in a business, which is in a hugely competitive industry.
With 2012 just weeks away, it’s a great time to plan for the year ahead. With every prediction suggesting that the economy is unlikely to improve significantly, if at all, I recommend you take a value-based approach. If you wan to know exactly what to do, read this. You can enjoy an outstanding year in 2012, so long as you do the right things, correctly!