Subscribe in a readerShut up and look where it’s working. What to sell now nobody’s buying?
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It seems many businesses forgot that the marketplace is made of human beings.
Well, not you. You know this.
Since it’s composed of people, their market evolves constantly. And because people’s needs are varied and change… well, I know it sounds corny, but… Change is in the very nature of “the economy”.
So these businesses that lost the habit of listening to their market… Lost the habit of observing and tracking their market’s actions – so they can constantly adapt their offers… Seem a little lost today.
Most are now very busy whining instead.
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What has got to with you?
Well, as a small business owner, or soon to be one, what do you currently focus on? Honestly?
- On all the negative economic news. Everything that no longer works – or not as well as it used to?
Or
- On finding where people currently spend money. On the current underlying emotions and indications of new or resurfacing habits in your marketplace?
YOU choose!
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The first one is the easy option. But it won’t lead you down a successful path.
It simply shuts your mind to new possibilities – to seeing the opportunities that exist at the moment.
The other requires to shut up.
And yes, to exert consistent effort to observe and adapt to follow your marketplace.
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Recently, I nearly cancelled my subscription to the Financial Times. Because all the articles were just focused on every economic difficulty they could report.
But I chose to stick with it, applying a very specific “filter” to my reading.
Every day, I’m now on a mission to find snippets of information on who’s doing well today. On what works today.
Oh, you won’t find this on the front page.
It’s usually buried in a small, seemingly insignificant, article – way past the first few pages.
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And this weekend, I found an interesting little nugget:
An article excitingly titled…
“Sewing Machines Make Comeback”.
Without going into detail, since last summer, retailers specializing in haberdashery, knitting, and craft products report sales up between 2.5% and 11% year-on-year.
Same for magazines on these topics. Yes, magazines.
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“But I’m not into sewing machines, craft, or knitting!”, I hear you say.
Let’s open our mind for a moment…
The key points here aren’t about sewing machines.
They’re about new and resurfacing habits:
- Consumers now reject “throwaway society”.
- A whole make-do-and-mend culture is re-emerging.
- People want “useful pastimes… [and] different ways of getting pleasure from their leisure time, as well as saving money.”
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Now, how can YOU adapt this to your existing business?
Or use it to start a new venture based on these patterns?
Off the top of my head, you could:
- Focus on the long-term benefits of your products/services – the investment side vs. the short-term aspect of the alternatives.
- Tie in your products to home-based or “leisure” activities your market can perceive as useful.
- Emphasize the good feelings your client will experience buying from you as he perceives himself as a responsible spender.
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While people used to want to impress their friends and neighbors with status purchases…
The new “bragging rights” in this new economy may be proving their resourcefulness and frugality.
Just my 2 cents.
(And no more, I’m a responsible spender!)
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Talk tomorrow,
Yann
:-)
Yann,
Some very good points…there is an old Native American saying that says the further man’s feet get away from the earth, the less respect for the earth that there is. Do you suppose the same could be applied to business? I mean, it took a certain amount of disconnect to fly in a private jet to ask for billions of bailout dollars.
Just a thought
JC JC
Yann,
I like your 2 cents. Make total sense to me.
I think you are on to smoething .
Lynn Lane
http://www.Warriorofsuccess.com
Yann, THis is such good advice for life and business. People’s habits do change when circumstances change…
Seize the Day,
Rob
Sales Eagles Soar Above the Competition!
Personal Asset Protection For Small Business Owners
was JUST talking about WHAT is selling in this economy today.
Toilet paper and food.
Interestingly enough I am intrigued to look at the grocery stores which have OTHER SERVICES in their sort of lobby, aka foyer area. A credit union (how I picked which credit union to join, it was in the foyer of Albertson’s 7 mins from where I live). Dry cleaners (I so RARELY even USE dry cleaners when business casual is de rigeur these days.)
The are reconstructing an area up front. I will be intrigued to see what surfaces.
Best regards,
April Braswell
Dating Expert and Online Dating Coach
Your post reminds me of the great line from the Peanuts cartoon (I think!) “When life gives you lemons make lemonade.”
There are always opportunities – even in the bleakest economic times – for those who think out of the box.
Great post!
Pam
Great Minds, Great Wealth: How to Raise your Return, Reduce your Risk, Cut your Cost
Yann, No one really wants to listen to complaining. We can improve our customers days by focusing on the positive side of things. Mark
Marketingscoops
Yann
your post reminds me of a line from Ron White.
“if life gives you lemons find someone who life gave vodka and have party!” Which really means if your product or service needs help JV with someone whose business complements yours and you will both come out ahead.
Don Shepherd
Central Oregon Expert
Hi Yann,
Great article about focus! Whe the sky is falling you can make an aweful lot of money by focusing on where the need happens to be or on who has money to spend and market to that segment with your product or design a completely new product
Like your thinking!!
Duane
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This is an incredibly valuable article. I like the way you’ve managed to look beyond the obvious and made some really useful distinctions for us.
Loved it.
JJ Jalopy.
Life Coaching and Home Business Advice with JJ Jalopy
Behavior is a function of personalities and environment.
So when the environment changes, we behavior differently even though we still have more or less the same personalities.
John Ho
Numerology Expert Helps Understanding Personalities for Better Influence & Persuasion (WordPress Blog)
Numerology Expert Helps Understanding Personalities for Better Influence & Persuasion (Money Page)
Another great post. people are simplifying these days and it just those kinds of markets that we should be looking into if we are smart and quick.
Kind regards,
Anthony
http://www.anthonylemme.com
I like taking the other view. Good points here Yann. Oh, and I love my sewing machine, I use it all the time. LOL
Lisa McLellan, Babysitting Classes – Babysitters, Nannies, and Au-pairs
Sewing is coming back. Yippee! I’ve been predicting it for about a year. I sew and I pay attention to the magazines that have been appearing on the newsstands. Glad to see that I was right on regarding the craft. Your point about using the tidbit of news to see where trends are headed is solid.
Pat
Business Owners Fast Track to Internet Profits