Think about the above statement again and you will discover a powerful marketing tool during recession times: You need to sell your product or service as something the consumer needs, or as something that will be an investment (the pay-off is that the product will improve their lives in some way).
Forget “luxury” items ads. Until the stock market us up (way up) and unemployment is down (way down), unless you are selling to the uber rich, very few consumers are dropping bucks on luxury items these days.
Take a look at Lowe’s, Wal-Mart, Best Buy, shopping malls, and even local grocery stores. Everywhere you go merchants are cutting back on high-ticket inventory items. One New Jersey car dealership even recently offered “buy an SUV and get a car for $1.00” promotion to move expensive gas-guzzlers.
Services and Products that are Always in Demand
Novelty items come and go, so it is never a good idea to rely on long-term success with just fad ideas. Be sure to also develop product lines and services that can provide consistent and more predictable income than trends and fads.
Even when the economy takes a dive, there are still certain industries that remain strong because the need and demand for services is ever-present. Consumers may be willing or able to spend less, but certain industries serve major life events that happen every day.
Consumers always need goods and services for:
- Babies and Children
- Health and Fitness Buffs
- Weddings and Brides
- Funerals and Loss of a Loved One
- Special Occasions
- College and School
No matter what you are selling it will sell better if you can convince people they need or will benefit from your products and services. If you can tie your business marketing strategies into major life events and needs (not as a status symbol or "bling") you will have a better chance of selling your products in a very stale market.