Once Inspired

No doubt, the current economic situation is inconvenient for all of us. With reduced spending and everyone trying to cut costs, how is anyone supposed to make any money? Well if you can’t convince the consumer to spend, you can certainly place yourself ahead of your competitors so that when spending is on the cards the consumer will come to you first.

If everyone is saving more than they are spending, what does that mean for the economy? It’s certainly not all sunshine and hay. That’s precisely why it is up to you to ensure that you are a credible company that the consumer can trust. In these desperate times people will only buy from a credible company.

There are three reasons for reduced consumer spending. Firstly, people and businesses won’t buy what they can’t afford. There is no confidence in purchase during these desperate times. Fear fills the consumer. Consumer uncertainty is your worst enemy. That is why it is up to you to educate the consumer. A consumer who has accurate information is a confident consumer, and if you are the company responsible for instilling confidence in the consumer they will look to you for information in the future. All of which will add to your credibility.

Secondly, if the consumer cannot pay cash for it they might not buy it because paying interest makes someone else rich. Right now the consumer is selfish. They have worked hard for their money and they will spend the necessary minimum where they can. A penny saved is a penny earned.

Finally, there is also a lot of debt hanging over the heads of many and spending has taken a back step because of this.

What you need to do is the following:

• Leverage existing satisfied customers
• Ask for referrals
• Back off on the pressure selling
• Focus on the best selling opportunities
• You need to sell:

·           Reliability

·           Peace of mind

·           Safety

·           Security

(People buy benefits, not features)

• Become a problem solver
• Know something about your prospect. This impresses them and improves your credibility.

Indirectly this recession has had a negative effect on company credibility. The consumer was previously happy to simply make a purchase based on convenience; the “convenience” store is now nothing more than convenient. Instead, the consumer will now make sure that they make their purchase from someone they trust. It is up to you to make sure that you are the company they trust.