The Marketplace Is Changing…Is Your Small Business Ready?

It’s the start of 2010. And business as usual isn’t so usual (or busy, or profitable) for many entrepreneurs AND corporations.

The collapsing economy and credit industry, tanking real estate values, and soaring unemployment have had a huge impact on consumer behavior over the last year. Disposable incomes have gone the same way disposable goods are headed.

Gone are the days when you could just charge stuff on your credit card then forget about it. And there’s no guarantee the home you own today is going to be worth a dime tomorrow (so much for borrowing against equity).

We’re seeing a return to frugality as people on ever-tightening budgets cut out the wants in order to pay for the needs. People are even (gasp!) saving money again.

On top of these obvious signs of changing times there’s also been some less than obvious—but just as powerful—changes going on under the surface. And these are having a serious impact on businesses.

1) Women’s buying power is growing. Many of us ladies are in charge of budgets and buying decisions. If we’re not in charge, chances are good we at least have a say in the big purchases. And we don’t like to buy, or be sold to, in the same way men do.

Many women are seriously disenchanted with the over-hyped hard-sell techniques that have become the norm. We want good reasons to buy—and to buy from you. And we want to know we’re really getting what we need and expect.

Yet when we find something that’s truly helpful or wonderful we’re happy to buy it if it isn’t shoved down our throats. And we’ll be the first shout about it from the rooftops too.

2) People really are thinking greener. It doesn’t take long to realize that buying something used, keeping items longer, and repairing versus replacing is often better for the environment—and your wallet. Or that organic food and gardening is good for body and soul.

Businesses that support this new ethos—from consignment shops to makers of green and recycled products—are likely doing fine right now.

3) Building relationships is critical. Most everyone wants to make sure they’re spending their money wisely on items that will last or have lasting value. And they don’t want to be taken advantage of.  That means prospects really do want to know, like and trust you before they buy from you.

So it’s more important than ever to work on building deeper relationships with your community of prospects and clients.

As a marketer (and if you own a business you’re a marketer) you need to consider how these changes are going to affect your business. And what you need to do to make sure your business keeps thriving in the days ahead.

If clients and sales aren’t coming in the way you’d like, I highly suggest you ask yourself the following questions. Then use your answers to help you change your business for the better.

1) What is the single, biggest problem my ideal client has right now that I can help solve?

Once you know that answer, focus on that first and foremost—whether you’re looking at your mission statement or your next product, sale or promotion.

2) What is the one thing/feature/benefit that makes me different from my competition and is of great value to my ideal client?

If you don’t know the answer then you probably aren’t giving people a good enough reason to buy from you instead of the other guy. Study your competition to figure this out, then highlight your competitive advantage in everything you do.

3) What could I be doing to market my business that I’m not doing because I don’t have the time, money or know how?

Most online marketing is either easier to do or cheaper to hire out than you think (Virtual Assistants are the bomb for this kind of work!). It’s a terrific way to build relationships. And the bang for the buck is huge if you go forth with a solid strategy.

Nowadays you need a Website for sure, and a blog is ideal. From there options are endless including: podcasting, videos, social networking, social bookmarking, micro-blogging and more. Of course, never forget the power of greeting cards, print newsletters and direct mail.

4) How can I streamline my delivery, offer more value, or provide my products or services in a new way in order to better serve my ideal client?

Make it easier to want, buy or consume what you sell and more people will. Simple as that.