Why is a bad economy good news for you?
Well, let’s think about it for a moment.
What happens when businesses are hit with a bad economy…
Typically what you will see is that your competition is struggling. They are having trouble keeping their business going. Customers are leaving their business and new business isn’t coming in fast enough to keep up with the amount of bills that are piling up.
Now you’re thinking how is that good news for you?
It means that you can now take advantage of those customers who are leaving your competition and if you’re a smart marketer, you can get those people to now come over to your business.
Your competition is constantly looking backwards at their business because of the slow economy. Meanwhile, you are looking forward.
And we all no what happens when you have two people and one of them is looking backwards while trying to go forward and the other person is just looking forward.
Nothing happens. They get stuck.
But what exactly does getting stuck in a business mean?
My definition of getting stuck is when a business doesn’t see monthly, quarterly or yearly growth…then that means your business is stuck.
If your business has or is currently experiencing these things then your business is stuck, and what you will have to do is work on ways for getting un-stuck.
So that brings us to the million dollar question..how do you get your business un-stuck?
First off the surest way to start the process of getting your business un-stuck is to gather up the numbers
Break down the numbers not from just month to month. But also year to year as well as by categories. Things like how many new leads are coming in, average sale, average product source etc.
You should also look to install a system in place that can create predictable results for your business in a sustainable and continuous manner.
What’s needed is for you to keep enhancing and advancing so that you can look at your business 90 -100 days from now so that you can engineer growth.
From there you need to incorporate growth thinking into everything that you do.
It doesn’t matter how big or how small you might think the matter is. You’ll need to look at how it relates to you growing your business.
Is it easy?
But it’s necessary to get your business unstuck.
So how can you take advantage of your competition if they are stuck?
The easiest thing to do is for you to demonstrate your value to your competition’s customers.
But unlike you’re competition, you don’t do that just by lowering your prices.
The smarter way of going after your competition’s customers is to go after their minds.
Let me explain.
We all have a mental process that we go through when it comes to making a buying decision. When you understand that the buying process comes before money has exchanged hands, then you simply need to better understand how that process works.
Then when you understand how their mental process leads them to make a purchase, you can put together your marketing materials so that it fits in with that process.
When you can do that then you’re on your way to legally stealing you competitions customers.
Can you legally steal your competition’s customers in a bad economy? Is there a stealthy way to leverage your competition’s misfortune into a benefit for your business? Learn how it can be done. Leave a comment below stating that you want to learn how.