Ominous sounding, I know, but here is what is likely to affect your business and how to deal with it in the next 24 months.
Call it a recession, business contraction, market shrink, whatever you want to call it, we are long overdue for another one.
The last one was in 2008 and was mostly seen by those who owned houses and were invested in real estate. The last major recession before that (aside from the 9/11 business interruption) was in the early 90’s.
The are 52 MILLION Americans living today who were born AFTER 1982!
This fact means that the oldest of these 52 Million Americans (known as Millenials and Gen Z) were only 10 years old when the last major recession hit. They have not seen one up close and personal.
A recession is when your customers stop spending like “drunken sailors”, start complaining that prices are too high and start to shop around.
Simply put way too many clients these days are buying without thinking about the “cost consequence”. Ask yourself this, “does my client really grind me on price?” If the answer is “No” or “sort of” . Then they are buying like a Drunken Sailor.
If your daily conversations or emails with your clients have a distinct noise about them such as a lot of complaining, questions like “what is the absolute minimum” or “is that your best price?” , then chances are we are heading for a recession.
The worst is they stop calling or emailing. They go “Radio Silent”.
If your client has gone radio silent they may still be buying swag. Just not from you. They may be buying online!
In the “old pre-internet days” and before the new current “I am afraid to pick up the phone” days” a promotional products salesperson would pick up the phone, drop by, cozy up and charm the customer in staying with them and not looking elsewhere.
So the first and most obvious thing to do is to get more in touch with your clients and go on a charm offense. Make sure that when they constrict their business it is with your competition, not you!
Second thing is to market like a maniac. Have you grown complacent, lazy, indolent , slothful, work-shy, shiftless etc when it comes to marketing and getting new leads for yourself?
Stop it, send flyers, make calls, drop in, get jiggy with your own personal marketing brand. “Remember it takes 7 impressions to make an impression”.
In this age when your biggest competitor is online. ASI ranks 4-Imprint as the #1 distributor.
https://www.asicentral.com/news/magazines/counselor/july-2019/top-40-distributors-2019-no-1-4imprint/ You need to use different strategies and tactics to beat the big guys at their own game.
Promo Motive is your best weapon to defeat the internet monster and to tackle the coming recession. Here are the reasons.