Monday, September 5, 2011

Monday Morning Marketeer, Ten Tips for Not Participating in the Next Recession

No Recession Series: 
Experts are saying that we are headed for another recession. Many of you are concerned that we are not out of the first one.  I say, what recession? And if there is one, I am part of a growing number that refuses to participate in the academic and media manufactured recession.There are businesses out there that are thriving since the onset of the last recession and mine is one of them. This series of eight is dedicated to giving you information from myself and others who have refused to participate in the last recession and are definitely not participating in any future ones, real or manufactured.

A friend told me this morning that experts are prediciting another recession on top of the old one.
So I started to do some research on Another Recession in 2012 and this is what I found:
On July 2nd in a Telegraph article by James Quinn
Jim Rogers predicts a new recession in 2012
Jim Rogers, the market sage, has warned the global economy is just two years away from another recession, but remains ill-prepared to cope with the after-effects
However, he said that due to the extraordinary measures already adopted by central banks and governments around the world, the arsenal of available tools to combat the next recession is somewhat lacking.
Well hell, then I guess it’s up to us, the average every day entrepreneur to get ready. 

Get out your parachute, you don't
have to go down with the
From Pajamas Media, Ed,  June 14, 2011
“David Rosenberg, chief economist at Gluskin Sheff & Associates, says there is a 99% Chance of Another Recession by 2012,” in an interview with the Bloomberg news service, as spotted by Mike Shedlock, a registered investment advisor with a column at Townhall:
Bloomberg: How Certain are you that we may be headed for a recession
Who cares what the emperor is wearing.
YOU dress for success!
Rosenberg: I think that by 2012, I would give it a 99% chance. I say that because as an economist, you have to be part historian. When you have a manufacturing inventory cycle recession, they are usually separated 5 years apart. But when you have a balance sheet recession, credit contraction, asset deflation (for example residential real estate), the downturn tends to be separated every 2 to 2.5 years. … Economists call this a soft patch. It’s not like this is a soft patch. Basically, when all the stimulus is gone, you get to see what the emperor looks like disrobed. It’s not a pretty picture.”
Business can grow during
a recession.

Don’t know about you but personally I don’t care about the emperor robed or disrobed or how he dresses.  What I care about is what I am going to wear to “Not Participate in the Recession.”  I will tell you that the first thing I am looking to is to see how I am mentally and physically dressed to do battle with what these “experts” are predicting.  Predictions are just that, predictions, a little bit of knowledge and the rest is smoke and mirrors.  Only God and you can determine your future, so I think we should get busy proving that we personally are having Resurgences rather than Recessions.
Don’t Participate in the Recession Series
10 Ways to Draw a Line in the Sand and Refuse to Participate
1.  Don’t absorb the news, yes listen, get the information, then turn it off.  If you go to another
Broadcast and it says the same thing, turn it off again.  Better you should TV Ellen
Degeneres, at least she is funny and upbeat.  Also when you hear the commercials
About the recession that says, “Additional details at 11PM, don’t get sucked in, it’s just a rehash of the old stuff.”  Do, however, listen to press conferences and messages from the president.
This is history and you will want to be able to tell our grandchildren, “I knew he was right.” Or
“If he would have asked me, I could have told him that wouldn’t work.”  Trust me in these tough
Times you will rarely get the opportunity twenty years from now to say, “That’s why I voted for him.”  Hopefully it’s not the president, just the times.
2. Find a good positive mentor who has also decided not to participate in another recession.  Stay in close touch with that person because I can assure you that the media will bombard you with as much negative stuff as they can muster.  Remember, they are in the business of making money and the majority adage is:  “If it bleeds, it leads.”  That stands for bodies and the economy. And the media will convince you that the economy is bleeding bullets.
A mastermind could be your saving
3. Also join a good mastermind group.  Being an entrepreneur is a lonely business and sometimes just staying up late to forge new ways and ideas of doing things is not enough.  You’d be surprised how fresh, non-compeitive eyes will help you to solve difficult challenges and find new ways to shore up old business and bring in new.  My No BS Mastermind has been a God-send to me and is responsible for my business actually thriving in the “first recession” of this decade.  We all refused to participate and all of our businesses are thriving.
4. Build a strong fence around your clients.  Remember as I’ve said in previous Webinars, “Your best client is probably also your competitor’s best client.”  Understand if you are concerned and you are a very positive person. (You must be because your are listening to or
Reading this, or both.)  If positive person that you are, you are concerned, then your clients are also.  Find ways to help them keep focused, on track and not panic.
5.  That means keeping in touch.  Ways to do this: 
a.  Newsblasts with helpful business tips, maybe even something that you are doing.
Encourage your clients to “swipe and deploy” as the Glazer Kennedy system advises.
Your customers may just be waiting for
the help you can offer.
Let them know they can find some way to tweak what you are doing and they can do it also.
b.  If they are close by, then stop by and visit, put it on your calendar, You don’t want
To show up one day to discover they are out of business.
c. If they are not close by put it on your calendar to call them.
d. While you are there ask them how you can help their business.  Remember this may not always be a way for you to make money but a way to keep your good customers
in business.
e. Look to your sphere of influence to see who can use their services.  Make a habit of referring them potential new clients. When you become a resource, you will discover that clients come back to you also.
6. Become a resource.  This makes sense in any economy.  When someone needs a plumber, a dentist, an attorney, be the first to respond with contact information.  If you become a resource to others and for others those same people will do business with you or refer people to you.  Keep a good data base filled with current vendors who can help others.
7. No business owner is an island and business does not exist in a vacuum.  In many instances just the very exercise of taking your eyes off yourself and your challenges will help you with the ones you may be facing.  Spend a couple of hours each week figuring out how you can help someone else and in the process you may find yourself helping yourself.
8.  Show up in your community not just online but in person.  Your budget may get tightened up for paid events but there are so many free things out there that you can do to keep yourself in the eyes of those who are doing business.  Business does not stop in a recession, it just gets more selective.  Show up and you have a better chance of being selected.  My mother used to say, “Out of sight, out of mind.”
9. Don’t be in a rush to cut your prices.  Guess what?  There is a competitor out there in a bigger rush to go out of business than you are.  Instead:  beef up your customer service, add benefits to your product, add a new twist.  If you are old enough to remember the nickel candy bar or even
the quarter candy bar, what’s the first thing the manufacturer’s did before they raised the price?  They began selling a special edition larger candy bar.  Then when you got used to buying that “better value” candy bar, they raised the price and went back to the old candy bar.
So don’t decrease your prices and if you must run a sale, run and “added value sale.”
10.         Get back to basics.  These are:
a.  Great product
Getting back to basics can
increase your sales and save your
b. Great support
c. Excellent customer service
d. Superior customer relationships
e. Being a resource in the community
f. Revisit old clients
g. Look for new ones and finally,
Heres’s a bonus tip:
When you know a competitor is going out of business, sympathize!  Give a call, offer to service their remaining customers.  But go beyond that, make arrangements to give them a percentage of any of those customers who come over to you.  Be sure to get a home address and phone number so that you can actually do that.  So many people when they go out of business still have loyal followers and when they can’t sell the business, these people will fall by the wayside.  Also it’s tough starting over when a business fails and you may become their saving grace.

Watch for upcoming E-book on this subject, “Choosing Your Customers, Marketing to Them for Life.”
Additional information at:
Expected release date October 1, 2011.

You can listen to a fifteen minute audio version similar to this blog at:  Ten Tips for Not Participating in a Recession
This blog post can be reproduced in its entirety with the following information:
© Joanne Quinn-Smith 2011, Monday Morning Marketeer™ 412-628-5048

Or on its unique radio channel at:
Joanne Quinn-Smith is the Creative Energy Officer of Dreamweaver Marketing Associates in Pittsburgh,Pennsylvania and an expert on Web 2.0 Branding.

No comments: