" 'UP-TIME' STRATEGIES
For Paralyzing Down Times""
© 2001 by Denise Corcoran
A business can **grow and profit** during a recession if it truly understands the changing dynamics of the marketplace. Crises tend to stimulate change in businesses and consumers alike. The key is to respond to such changes
in a timely and direct fashion.
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"You are never alone in tough times, but you can be alone in
exploiting them for opportunity. Your attitude must be
'Everyone else has its tough. How can I exploit my position?'"
Alan Weiss, Consultant/Author,
"Million Dollar Consulting Business"
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To identify these *new* opportunities, I recommend addressing the 5 "W's" as a starting point.
==>> WHO ... Who is doing the buying now? Although overall spending may be down, such trends cannot be generalized across all industries, segments or geographies. Buying behavior shifts, changes
and refocuses more than it declines.
The key is to DIVERSIFY, DIVERSIFY DIVERSIFY. Address industries and segments that thrive in downtimes. Examples include the pharmaceutical industry, outplacement, self-help (ie., self repairs). What new consumer, business or geographical markets can you address that are on the rise?
==>> WHAT ... What are the changing priorities of your target markets? Are there new products or services, or even a "repackaging" ... to address these new priorities right now?
==>> WHEN ... What needs must the customer have satisfied now vs later? What special incentives - eg., volume discounting or trial offers - will motivate the consumer to buy today? How about a 2-tier pricing structure (eg., the "no-frills" option and the "full-package" option) - to
address both price sensitive and value-driven customers?
==>> WHERE ... During a downturn, customers often rethink their buying loyalties. From what sources are your prospective customers currently buying? How can you make your products or services more accessible to your target market to buy?
==>> WHY ... The most important of all the 5 "W's" and the underlying driver of all buying behavior. What new goals effect your customer's buying decisions? What are their expectations of the future? How do such expectations effect their buying behavior today?
To take advantage of these changes, you must keep your finger on the pulse of the marketplace. Once you have identified the shifts, take an offensive position, keep a
visible profile and respond quickly with the times.
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COACH'S ACTION ITEM:
Scan newspapers and trade/popular publications regularly for clues regarding market shifts. Ask your current customers about their changing priorities and how you can better serve them during these times. In your
everyday conversations and networking, listen for subtle cues for new market or service/product opportunities.
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Denise Corcoran is a Master Business Coach, Strategic Consultant and Breakthrough Catalyst. Would you like to invigorate your mind, your
business savvy and your creative juices with paradigm-shifting, breakthrough strategies and principles of today's superior businesses? Then subscribe to our monthly ezine - THE EMPOWERED BUSINESStm.
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