Marketing in a Slow Economy
“A recession is when your neighbor loses his job; a recession is when you lose your job”—old economist’s proverb
As independent photographers we can’t get fired or laid off but that doesn’t mean we can’t lose our job or our business. I may not know the correct economic terms to describe this business cycle that we’re experiencing but I know that some of my friends—if not my neighbors—have lost their jobs and are having a helluva time finding another one. You’ve probably already noticed that many potential buyers are hesitant to spend any money in this economy. As independent business people we need to add value in order to shake that cash loose from those dusty wallets and purses.
One of the easiest and least expensive changes to make is better service. Look for ways to streamline procedures making sure customers get their products and services faster, then tell everybody about it. This step can not only help spark sales in this economic slump but when things get better—and most economists expect that to happen “real soon now” you’ll be positioned to deliver higher volume in less time. More productivity always translates in more profitability.
I’ve always found that when you’re working on any kind of marketing program, something good always seems to happen. Sometimes it’s attributable to these renewed marketing efforts, other times it’s indirect, but no matter which way clients comes in the door, a savvy photographers is always glad to take their money.
Here are a few other suggestions that can help you make more money today: Increase your product selection by adding to the low end to increase volume and at the high end to attract new well-heeled buyers that are looking for the best. Offer a money-back guarantee. Show you have confidence in your product offerings and prospective clients will enough have confidence to throw some of their money at you.
One of Farace’s immutable laws is that when cash gets tight; it’s time to step up your marketing efforts and while you may not think faster delivery or a guarantee is part of anybody’s marketing plan, I believe anything that helps clients spend money is marketing. The corollary to this law is that when cash is readily flowing; it’s still time to step up marketing efforts.