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Ezine ready page
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Posted on November 9, 2008 by Michael Hawkins | Posted under Business
How To Profit From Recession Consumer Behavior
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Exactly what steps you need to take in your business in order to make it more recession proof, will naturally vary somewhat depending on your chosen niche and market. For example, companies dealing mostly business to business may find themselves in a slightly different position right now than those catering to the needs of household consumers. B2B businesses may be better or much worse of, depending on how much their primary industry is affected by the economic downswing. Selling to businesses might be better as there is generally much more money circulating in that market. But on the other hand, if your main business is supplying components to a bigger company that is now having great difficulties, you are going to be in for a rough ride. During bad times it is only natural for people to be more worried about their personal finances, and as a result spend less money. But that is not the whole story. It is not just that people buy less and save more, how they behave as consumers also take on various other characteristics. Here are some of the things that has been known to occur during a recession. - People DO tighten the belt and ponder every purchase with extra care. - People DO worry more and tread more cautiously, even if they are in fact doing quite well. - People DO put off buying that new car and may think twice before dining out All that was probably what you could expect, BUT people also - Most often do not want other people to see that they are struggling - maintaining a positive self image is very important - They will what they feel they have to for maintaining the public impression of wellbeing - They will seek out affordable pleasures that aspire to premium perceptions - For the above reasons, articles such as beer and various forms of entertainment can be top sellers during a downturn. The above are obviously only broad principles, that apply best to the broad middle class. Still, the trick to having your business outlive hard times like we're experience right now is to market in a way that will appeal to people even when they aren't likely to go on a spontaneous shopping spree. About The Author: Learn why Ebay selling could be a part of a successful concept, particularly during the financial crisis. Michael Hawkins digs deeper into this concept on his blog - Hawkins OTR. |
Tags: FINANCIAL CRISIS, CONSUMER BEHAVIOR, CUSTOMERS, RECESSION, EBAY, SELLING, BUYING, TRENDS
