Growing in a recession? Impossible surely? Business expert Henry Baker Ressession Slayer writing in Promotions Buyer has some interesting ideas on how you might just pull it off.
Most small businesses are fighting for survival. However, looking to just survive is unlikely to be enough. “Grow or die” has probably never been truer.
How can small businesses grow in a recession especially when companies large and small are struggling?
The 1940s to the 1960s saw history’s biggest baby boom. There are around 50,000 people hitting the ages of 45-65 every month. Within ten years there will be more people aged over 65 than there are under-16s, and boomers own and control 80% of the UK’s wealth. They have 30% more disposable cash than the under-50s. They’ve grown up with a different set of attitudes, aspirations and desires to those of their parents.
Banging your head against a brick wall of prospects, customers and clients heavily hit by recession is wasted effort. Instead, go looking for those affected least and last – the affluent. It takes a lot longer for an affluent person to be affected by the recession. Also selling to the affluent can attract much higher prices and margins.
Baker says “It’s not 100 times more difficult to sell a designer handbag for £1,000 than it is to sell a simple clutch bag for £10. It’s not even twice as hard. In fact, with the right audience, it can often be easier. The thinking is that affluent buyers tend to complain less, be better repeat buyers and refer friends, any business looking for serious growth over the next five, 10 and 20 years should take steps to serve that market now”.
Baker recommends three areas for change:
• Change your Who – define and deliberately look to attract the right affluent demographic for your business.
• Change your What – don’t just sell simple products and services. Instead, look to create memorable customer experiences.
• Change your How – carefully consider how marketing can be used to attract the affluent. Special attention needs to be given to affinity, language and presentation.
He concludes, any business in any industry in any location can easily make changes and position themselves as a provider to the booming affluent market. So capitalise on this growth opportunity now, before your competition beats you to it, or the recession takes its toll.
Obviously how a company attracts, engages and keeps these customers will be different for each organisation. However, this baby boomer demographic will respond to gifts that are high quality, aspirational and desirable gifts. Sales promotion, corporate gifts and premium incentives always has a place in the marketing mix and The Corporate Gifts Company specialises in business gifts that will appeal to the discerning baby boomer generation.
Here are some great items such as;
• Napkin Ring Set of 4 – Perfect to dress a beautiful table.
• Classic Chrome City Business Card Holder – Very practical item and high perceived value.
• Silver Finish Deco Clock – Great to stay on the desk – classic and timeless.
• Cufflinks – Perfect for an elegant shirt and very desirable.
• Sterling Silver Letter Opener – Useful and very cost effective product.
• Silver Plated Handbag Mirror – Perfect luxury handbag accessory.
• Chrome Rocket Rollerball – An a-temporal product.
• Carlotta Journal – Premium Grained Leather – Beautiful journal – very good quality.
• Photo Frames – Ideal to admire your favourite photos.
The Corporate Gifts Co has 18 years of experience of supplying high quality business incentives, call our sales team today on: 0845 430 2902.
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It all comes down to customer service in this economy.