Entrepreneurs – polish up your skills!
Learn to love the low end. In these dark economic days consumers flock to discounters like Wal-Mart and McDonald’s. Increasingly value conscious consumers and hungry low-cost competitors mean that innovators have to learn how to love low-end business.
That doesn’t necessarily mean that you have to slash prices. Rather, you have to figure out how to deliver what consumers in lower-end segments consider to be of value. It also means that you need to find volume in sales to make up for some of your loss in higher end services.
Practice Innovation.
Basic innovation can be managed like any other corporate process — use your common sense! Ask yourself and your team what sells and what doesn’t. How can you get in front of past customers and have a productive conversation? What can you offer as a motivating offer or new product to bring in new customers? Then take these ideas and find where they fit within your product lines and services.
Take those innovative products to market and tell your customer why they are valuable to them… they will buy.
This economy or any other disruption demands that every company get creative and learn to appeal to a lower end client. When you figure that out, focus on the delivery of the message to those most likely to buy your products and services. — your existing and new customers.
Questions? Give a call!
Michele
