So Why Do Some Call It Economic Recession While Others Call It Opportunity! Part Four
Whether there’s a so called economic recession going on or not, your customers and clients, but especially your best customers and clients love to save money, do they not? And as you previously discovered in part three, there’s a very good chance that at least one or two of the upscale home owners and or renters, will probably be okay with purchasing some really nice high end state of the art home entertainment equipment, although it’s slightly used, correct?
Because remember, it recently got repossessed, for non payment. That’s why the savvy appliance retailer is more than willing to sell that $10,000 dollar system for (either) their actual cost or a range of anywhere from 10-25% above their actual cost. The eventual buyer is still getting a huge discount and the equipment is still in totally excellent overall condition!
And any and all warranties and or original guarantees will still be honored. So in exchange for spending $4,700 dollars for a state of the art $10,000 dollar home entertainment system.
These upscale home owners and or renters, are more than willing to accommodate the appliance dealer by doing at least the following three things!…
Economic Recession Or Not The First Line Of Business Is To Earn A Profit!
Picking up where the last paragraph left off. These upscale buyers readily agree to provide a video (and or) audio testimonial, and liking the appliance dealers Facebook fan page and provide a nice review on Yelp or a similar site.
But here’s the next phase. The savvy appliance retailer will develop a short but extremely detailed survey/questionnaire. They’re interested in discovering if these buyers own their own business. And if they do, what boards and or associations do they belong to or if they sit on any local or regional administrative boards etc.
(Or if they personally know and or are related to or frequently socialize with anyone that does!)
For example, let’s say one of these upscale home owners that (just so happens) to be a local dentist with two thriving offices and earns a high six figure income, they just happen to be one of the administrators and part of the editorial board that publishes the monthly industry newsletter! Bingo!
The savvy appliance retailer is more than willing to become the associations (in house) resident appliance retailer and give all it’s current and future members lifetime VIP new customer discounts of 30% off any and all purchases!
And any time they come to any of the appliance retailers stores and brings a new customer over 18 with them, they automatically get an additional 10% off their purchases, for a grand total of 40% off their total bill and no minimum purchases necessary!
In exchange for this huge benefit, the association will gladly give the savvy appliance retailer a free quarter to full page lifetime advertisement space, as long as they have their agreed upon arrangement!
Creatively Tapping Into Associations And Affinity Groups Can Be Extremely Lucrative!
Think about how that one simple marketing strategy can and will potentially pay off big time!
As new and current members of the association need or want state of the art appliances of any kind! They see the lead generating ad each month in their industry publication.Not to mention all the other members constantly bragging, tweeting and posting on Facebook, what great deals that got on this & that!
Plus, the retailer will be sure and give every administrator/editor the hookup! They also get lifetime VIP discounts in exchange for their thumbs up on the appliance dealers Facebook fan page and their video testimonials!
Entrepreneur, economic recession or not, would you not agree that simply by networking with the most influential individuals and associations and offering up the right kind of price reduction incentives ,can help grow business, quicker than a rabbit farm on a hormone diet. Don’t you agree?
Please list at least two simple spin off concepts (in the comments section below) that you can apply to your business, product or service in the next 30 days or less!
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Hey Mark – – I really agree with you on this topic. I need to go back and read your other installments but from this article alone you seem to share the same beliefs as me. I think when it comes down to it comes to showing the prospect/buyer/client/lead that you care about their situation and want to help them make it better. Show you are a selfless ad are for their better interest 🙂
Kyle Nelson recently posted…These People Are Kinda A Big Deal
Right you are Kyle!
And judging your last post, where you paid homage to those all stars,
some of whom are my coaches and mentors as well! That’ proof positive that we both
get it!
Thanks for stopping by! I truly appreciate it!
Well said Mark! It really all comes down to attitude. One of the most valuable business lessons I learned was at a hotel I worked at years ago. I live on an Island and at that time our visitor industry was practically held hostage by United Airlines because they offered the bulk of the flights here. Then the unthinkable happened – they went on strike and tourism tanked. But one day my boss (the GM) got a call from someone trying to get a deal on a hotel room – I sat there as he put the guy on hold under the guise of checking availability even though we were virtually empty – after a few minutes he picked up the phone and said all we had available was a junior suite but he would extend a 10% courtesy discount and the man booked the room! It’s that old thing about creating a sense of scarcity!
Marquita Herald recently posted…Expectations and Self Fulfilling Prophecies
That’s a really cool story Marquita!
We both know that cash money talks loud, but especially during a temporary economic downturn. LOL!
BTW, I love the way you describe the visitor industry practically being held hostage by United Airlines.
That situation seems to mirror the typical employee that for any number of
reasons, unexpectedly has their hours from their full time job and or career reduced.
They are literally held hostage to their economic situation. And sometimes their employer!And we both know all too well,
that’s not a good situation to find yourself in.
But as are most things in life. There is (thank goodness) a viable way out! Thanks so much
for sharing that true life story!
And for your continuous support and extremely kind words of encouragement!
I truly appreciate it Marquita! You & hubby continue to enjoy your great weather and and have a great weekend too,
while your at it!