Is inflation hurting your business, Donnie…
… or is it making your business better?
Here’s a few ideas that can move you in a positive direction:
1) Entertainment, Experiences and Escape are still a priority for virtually every segment… regardless of financial difficulties.
In case you hadn’t heard, Disney just had its best quarter ever. Its theme parks are making more money even though there are fewer visitors than there were pre-pandemic.
Revenue from legal gambling (which I guess is a form of entertainment and escapism) in American casinos and other legal gambling outlets “smashed all-time records.”
CEO of sports betting platform DraftKings said he sees zero impact from inflation. Revenue is up 68% year-over-year.
If you can offer the 3 Es as part of your product or service, great.
But if nothing else, add entertainment value to your marketing and make it an experience!
2) Your clients need you MORE now, not less.
You can help them make more money… save their relationship (which is strained by financial concerns)… get healthier (which is hard when you’re stress-eating)…
And you can come up with a way to give them the entertainment, experiences and escape they’re desperately looking for.
In good times, your ideal clients didn’t need help as badly. But now, even though they may be anxious about the economy, they really need to get results.
Position your business as THE solution your should-be client needs (including entertainment, experience and/or escape) – and promote your offers confidently and consistently.
People ARE spending money. They’re just being choosy about where and with whom.
3) Raise your prices – or at least add a premium version of your offer.
Once you implement Idea 2 above, it’s clear you have something people gotta have… and they’ll be willing to pay
Disney theme parks KEEP raising prices. It’s a major reason why they’re bringing in so much cash even with fewer guests. (Maybe fewer guests is a good thing.)
Keep in mind, it’s not just marketing. Disney delivers a memorable, share-worthy, braggable experience. You need to do the same.
Also, higher prices are attractive to clients who are less price-sensitive. Clients who make decisions primarily based on price (in your industry at least) are probably not the best clients for you.
Oh, and boosting your prices helps you fight off inflation, too.
Here’s to putting more dollars in your pocket!
P.S. You can’t control the economy. But you can control your response to it. It’s time to be proactive and aggressive. Let’s get it!