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2 Critical Marketing Strategies For 2009 For Small Business Owners

By Kaye Dennan

Republish: EasyPublish™ Published: 13Feb2009 Word count: 546 Viewed: 243 time(s) Get Free Content For Your Site

A marketing strategy that small business owners have always been encouraged to understand is to sell what the customer 'wants' rather than what the customer 'needs'.

During the more difficult financial times that the world has been experiencing since 2008, it has become obvious that customer buying patterns have changed.

Customers have to make more economical choices, and they also have to choose items that will last, rather than purchase the look or color that they may prefer to buy. They have to make sure that the items they buy will last the distance, and usually this means that they need to be more practical than fashionable.

There has always been the distinction between what your customers want and what they need. In other words, your customer may need a low fat cooking book, but want to buy all the latest chocolate recipes.

Because of the world financial crisis of 2008 your customers will, more than ever before, be looking for quality, best price and lasting power of your products.

Even though your customers may still have the same income, the same day to day expenses, we have all become aware of the fact that our financial situation may change in the year ahead. Because of this people are spending less, saving more, and buying better.

THE SOLUTIONS

Purchasing

Have a look at your products and at the products you will be purchasing in the near future. Make sure they fit the criteria we have outlined: quality, durability, perhaps not so fashionable, and the best price for the product.

Before purchasing check what your competitors are offering and at what price they are selling their items. Before you see sales reps, find out what they are going to be offering you, and at what price. You want to be informed about your competitors' prices before they visit you. If they do not want to tell you prior to their visit, tell them not to bother coming, or alternatively tell them to come if they like but that you will not be ordering until you can check out local selling prices.

As a small business owner you have the upper hand, more than you ever have had before. Suppliers need your trade, so do it on your terms.

Buying To Run Specials

Firstly, only run specials when you are trying to quit a certain line of stock, and in this case do not advertise it, because if you have it still sitting on your shelf you may have limited customers for it, and therefore any advertising you do will not meet your wider range of customers. Just do in store promotions to get rid of it, or get rid of it as an add on in an advertised promotion.

Secondly, with your marketing campaigns, only sell stock that you have been able to purchase at a reduced price. As a small business operator you cannot afford, in today's business climate, to be selling good stock at reduced profit. Query your customers, find out what their most purchased items are, find a supplier who will talk reduced terms and deliver on your terms (maybe extended payment so you can set up your marketing campaign with the knowledge you have stock on hand to sell), and plan your marketing strategy.

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