The Economic Shift and What it Means to You
I've recently taken up tennis. So far it's been a great way to meet some of the guys in the neighborhood and get a little exercise at the same time. Also, although I didn't think I needed it, the tennis has come along with lessons in humility - at no additional charge.
The humility comes from playing doubles where strategy is as important as shotmaking. Doubles' partners need to move together to cover the court. Unfortunately, this doesn't come naturally to me or the other guys on the team. We move in a herky jerky fashion - trying to make up in athleticism what we lack in coordination. As a consequence, we waste a lot of energy and we get beat by more strategic although less skilled players.
The economy is causing a seismic shift in consumer spending patterns. For example, while people are spending less money, they are still buying clothes - albeit in different stores. The Saks customer is spending more time at Nordstrom. The Nordstrom customer can be found at Macy's whose customers are making more appearances at JC Penney. You'll find the JC Penney customer at Wal-mart and the Wal-mart customer at Goodwill. The Goodwill customer might be cruising yard sales.
Another example is in the food business. Those who used to go to Ruth's Chris might be satisfied with Long Horn. If you like Mexican maybe you'll drop down to Mo's from the full service place you normally frequent. Five Guys becomes McDonalds and if your big night out was McDonald's you might be spending more money at the grocery store.
Advertisers who, at first, pulled back all of their spending are beginning to understand that there are opportunities in this shifting economy.
The economic temblors have advertising sellers scrambling like rookie tennis players - trying to make up in effort what we are lacking in strategy. We need to start thinking before running all around town asking every two-bit player to buy our super-efficient "packages". How can we convince advertisers to take advantage of the shifting habits of the consumer? Which advertisers will benefit the most by getting out there and encouraging consumers to shift to them?
Spend some time with a few of your associates and do some brainstorming. Think in a linear fashion to determine your next steps:
1) If people are spending less money at restaurants they are
2) spending more money at grocery stores which means they are
3) eating at home more often. As a result
4) they are what?
You might come up with a whole list::
A) They are preparing more meals
1) They are running their dishwashers more frequently and using more water
2) They are discovering they don't have all the pots, pans and utensils they need
3) They are beginning to appreciate the joys of paper plates.
C) They are spending more time at home
1) Watching more TV
2) Watching more DVD's
3) Playing more games
4) Reading more books and magazines
5) Spending more time on the internet
After doing this for two or three categories you'll be able to come up with a directory of prospects who might like to hear the half-baked ideas you've dreamed up.
The economy is tough - there is no doubt.
But, we are tougher!
Selling is convincing.
Selling is persuading.
Selling is strategic thinking followed by swift, determined action.
We can do this! Let's go!
The humility comes from playing doubles where strategy is as important as shotmaking. Doubles' partners need to move together to cover the court. Unfortunately, this doesn't come naturally to me or the other guys on the team. We move in a herky jerky fashion - trying to make up in athleticism what we lack in coordination. As a consequence, we waste a lot of energy and we get beat by more strategic although less skilled players.
The economy is causing a seismic shift in consumer spending patterns. For example, while people are spending less money, they are still buying clothes - albeit in different stores. The Saks customer is spending more time at Nordstrom. The Nordstrom customer can be found at Macy's whose customers are making more appearances at JC Penney. You'll find the JC Penney customer at Wal-mart and the Wal-mart customer at Goodwill. The Goodwill customer might be cruising yard sales.
Another example is in the food business. Those who used to go to Ruth's Chris might be satisfied with Long Horn. If you like Mexican maybe you'll drop down to Mo's from the full service place you normally frequent. Five Guys becomes McDonalds and if your big night out was McDonald's you might be spending more money at the grocery store.
Advertisers who, at first, pulled back all of their spending are beginning to understand that there are opportunities in this shifting economy.
The economic temblors have advertising sellers scrambling like rookie tennis players - trying to make up in effort what we are lacking in strategy. We need to start thinking before running all around town asking every two-bit player to buy our super-efficient "packages". How can we convince advertisers to take advantage of the shifting habits of the consumer? Which advertisers will benefit the most by getting out there and encouraging consumers to shift to them?
Spend some time with a few of your associates and do some brainstorming. Think in a linear fashion to determine your next steps:
1) If people are spending less money at restaurants they are
2) spending more money at grocery stores which means they are
3) eating at home more often. As a result
4) they are what?
You might come up with a whole list::
A) They are preparing more meals
1) They are running their dishwashers more frequently and using more water
2) They are discovering they don't have all the pots, pans and utensils they need
3) They are beginning to appreciate the joys of paper plates.
C) They are spending more time at home
1) Watching more TV
2) Watching more DVD's
3) Playing more games
4) Reading more books and magazines
5) Spending more time on the internet
After doing this for two or three categories you'll be able to come up with a directory of prospects who might like to hear the half-baked ideas you've dreamed up.
The economy is tough - there is no doubt.
But, we are tougher!
Selling is convincing.
Selling is persuading.
Selling is strategic thinking followed by swift, determined action.
We can do this! Let's go!
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Posted by TRohrer1 at 2/25/2009 3:14 PM 
Categories: General
Tags: sales loudmouth economic shift sales selling techniques
Categories: General
Tags: sales loudmouth economic shift sales selling techniques
This is so true. It's so easy to be influenced by the negativity of the economy blasting at us 24/7, and as sellers we can say "OMG, OMG, what do I do now that 3 of my restaurant accounts have cut ad $$ in half ?. We can become immobilized with the fear, or do what Tim suggests and take a look at where the economy is taking us. I justs read an article where John Wieland of Wieland Homes is taking it to the streets, literally, in his "Wiebago" until 101 homes go under contract. "It's impossible, what an outlandish idea", some may say. I think it is a smart idea. It created top of mind awareness in the people that read the article. Each town he travels, the event will be noted in the local press. He's taking lemons and turning them into lemonade. I have some ideas of creating a marketing event around this promotion to get even more people out to buy homes.. So I plan to visit John in his Wiebago.
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