Posts Tagged ‘recession’

Q3 Wrap-Up, Q4 Ramp-up

Tuesday, August 4th, 2009

photo_meeting1As the third quarter draws to a close and the economy is not as stable as predicted, it’s time for some reflection.  Call a meeting with your team to discuss how third quarter, and the year as a whole, has gone for everyone.  Relive roadblocks and successes, brainstorm strategies to finish the year strong.  Here are a few tips to remember during your Q3 reflection.  Keep these ideas in mind as your ramp your team up for fourth quarter.

Stay Focused on your Vision

During tough times, it can be easy to lose sight of why you started your business in the first place.  Reflect on the reasons that you began your business, the needs your business fills and the ways that your team fufills these needs.  Start out your meeting by writing the company vision and/or mission statement on the board.  Ask your team what this means to them and how they can bring your vision to life during the fourth quarter.

Learn how to handle tough decisions

In the current economic climate, certain risks cannot be avoided and difficult decisions must be made every day.  Take a moment with your team to reflect on some of the most difficult decisions and largest risks that had to be made over the past quarter and year.  Anticipate any difficult decisions that may need to be made in Q4.  Discuss how those decisions could be handled and the best and worst case scenarios of each option.

Stay positive!

Sure, third quarter brought some setbacks and the sunny economic forecast didn’t completely play out.  But, that’s no reason that your company can’t cross the year-end finish line in a blaze of glory.  Pump up your team to finish the year strong by remembering the best and worst of the third quarter.

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Posted in Management | No Comments »

Social Media: What is it and does it work?

Sunday, May 10th, 2009

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Businesses that survive, and even thrive, during a recession aren’t afraid to be innovative and take risks. At a time when your consumers and clients are pinching their wallets closed even tighter, it is crucial to establish a strong brand presence and highlight what makes your business stand out.

Enter social media.

 

“Social media” is one of today’s hottest buzz words. But, what exactly is social media? And are people actually using it?

Social media is a cost-effective online marketing and networking tool that takes the form of several online networking outlets. (Think Facebook, Twitter, LinkedIn, etc.) These networks are the newest portals to reach your target audience and capture their attention using the websites that they visit most.  

By connecting with your target audience on their wavelength, not only are you given extra (and mostly free!) opportunities to reinforce your message, but you’re also showing your customers that you understand what they like and can relate to them on a more personal level.

So, does this actually work? Here are some stats that may open your eyes to the perks of social media:

Still not convinced? Well, here are three tips to help you get your feet wet with social media.

1. Create a Social Media Strategyblogwebcopypluscom1

Like any traditional marketing campaign, you want to ensure that your brand message is consistent and accurate across all social media platforms.  By making a social media roadmap, you can understand what social media outlets attract your target consumers and where your opportunities are strongest.

2. Start small and build out

Rather than opening accounts on every social media platform and not utilizing them, begin by creating accounts that make the most sense for your brand. Optimize these accounts and, once you feel comfortable handling a few social media outlets, start to expand the scope of your social media.

3. Begin conversations

The whole point of utilizing social media is to interact with you target consumer and engage customers to learn more about your brand. So, don’t be shy! Get right in there and get the conversation about your brand started! 

During tough times it’s more crucial than ever to reach out to your customers and show them how your brand outshines the competition. Stay tuned for the Perks Consulting team to take you through today’s most popular social media outlets and give you tips on how to navigate the complex world of social media. So, get innovative, get creative and have fun with social media!

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Posted in Marketing, Small Business News | 1 Comment »

Selling Luxury During a Downturn

Friday, April 10th, 2009

12051704650knb5tAs discussed in a previous blog, women are willing (and in some cases a little too willing) to break out the wallet for beauty during troubled times. Still having trouble keeping your beauty business afloat? Here are a few quick tips about how to keep women looking gorgeous during a recession.

    1. Give your marketing a makeover.
    Think about the Dove “Real Beauty” campaign. This is a classic example of how marketing can make a huge impact on your business. By taking a simple bar of soap and packaging it in a big idea about how we view beauty, Dove was able to leverage powerful marketing to make a huge splash in the beauty industry.
    So, how can you apply this to your beauty business? Give your brand a boost. By repackaging your services, you can find new ways to add value to existing services.  And, endless technological possibilities provide us with endless cost-effective alternatives to spread the word about your services.
    2. Differentiate your beauty business from your competitors.
    Show your clients that your business is the one to choose.  Making your business stand out from the crowd is essential when times are tight.  Research of your competition and create ways to outshine them. Keep an idea of your target customer in mind and think about what they need but aren’t getting from your competitors.
    3. Create an environment of relaxation.
    With all the stress caused by the recession, what your clients really want is to relax. Make your spa the place women go to get away from it all. Try serving beverages or snacks to your guests. Play relaxing music. Use aromatherapy or candles.  Find ways to relax your clients by appealing to their five senses. This will show that you are attentive to their needs.
    4. Give guests goodies.
    What draws people in more than anything? Free stuff!  By giving your guests trial sizes of their favorite products, you will entice them to return for more. Make personalized recommendations to get clients hooked on your products and services. If you’re tight on products try giving clients a trial service, like a free five-minute massage.
     Create a weekly special, bonus or coupon.  Giving your clients a discount will draw in new customers and providing a “tenth visit free” card will keep them coming back.
    5. Network, network, network!
    Attending networking events is the fastest way to meet new clients and also provides you with an opportunity to talk about your services in-person. Everyone loves looking pretty, so the services you provide could easily be worked into a casual conversation. 
    Reach out to clients you haven’t heard from in a while.  With today’s internet-obsessed culture, very few people are actually picking up the phone to call clients. Giving your past customers a quick call allows you the opportunity to update them on new promotions or services, and it personalizes the customer service interaction.

spa_features_mastheadThe beauty industry is a great place to be during a recession, since people turn to beauty as a form of therapy when times get rough. In fact, careers in the beauty field were listed on HRWorld’s list of Top 25 Careers to Pursue during a Recession.

So, go the extra mile to remind your clients that just because times are tough doesn’t mean they have to look it.

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Posted in Small Business News | 1 Comment »

Why We Still Shell out for Lipstick During Tough Times

Friday, April 3rd, 2009

superstock_1491r-1038649In 2008, Americans spent $11 billion on self-help and self-improvement materials, including books,CDs and personal coaching.

Newsflash: We’re in a recession! 

So why are people still paying for products that aren’t the bare essentials? Because, in addition to selling self-improvement, these motivational materials are selling something that’s been missing from the global market as of late: HOPE. 

“[The gurus] aren’t selling you the features–they’re selling the image,” says Steve Salerno, author of Sham: How the Self-Help Movement Made America Helpless. “Whatever they think you’re deficient in, they’re selling the solution.  (Source: “What People are Still Willing to Pay For”, by Melanie Lindner, Forbes)

During dismal times, consumers are likely to keep buying products that get them through their day, the little luxuries that make us all feel a bit better. We turn to these “touchstones of emotion” that are with us through good times and bad.

lipstick1

Enter lipstick.

In a recent London Survey, four out of every ten respondents said, although they felt the need to cutback in 2009, they would rather scrimp on gas and electricity than their favorite beauty products. (Interestingly enough, Vaseline Lip Balm was the number one product British women can’t live without.) On our side of the pond, lipstick sales have historically shown a marked increase during times of economic unrest, and nearly doubled after the 9/11 attacks.

The bottom line: we really can’t live without lipstick.

What other products or services will you pinch pennies for?

     

 

 


 

 

       

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    Posted in Small Business News | No Comments »

    Economic Recovery: Are Small Businesses Being Left Behind?

    Wednesday, February 25th, 2009

    Although it’s no secret that we are currently in the worst economic situation since the Great Depression,  there has been little talk about where small businesses come into play. With a recovery and stimulus package of epic proportions being distributed, where is the small business piece of the pie?

    On February 17, President Obama signed the American Recovery and Reinvestment Act, a huge piece of legislation that is the boost that growing businesses desperately need.  The Act integrates the Small Business Administration (SBA) and its programs, incorporating the SBA into the solution instead of sweeping the administration under the rug.  More specifically, $730 will be provided to the SBA to and, taken directly from the SBA official press release, it will be distributed as follows:
    • $375 million for temporary fee reductions or eliminations on SBA loans and increased SBA guaranteed shares, up to 90 percent for certain loans
    • $255 million for new loan program to help small businesses meet existing debt payments
    • $30 million for expanding SBA’s Microloan program, enough to finance up to $50 million in new lending and $24 million in technical assistance grants to microlenders
    • $20 million for technology systems to streamline SBA’s lending and oversight processes
    • $15 million for expanding SBA’s Surety Bond Guarantee program
    • $25 million for staffing up to meet demands for new programs
    • $10 million for the Office of Inspector General

    Other initiatives planned to give small businesses a hand include: equipment expensing, hiring incentives, capital gains, and microloans.  The entire package has one simple goal: create jobs to stimulate the economy. In addition, Karen Gordon Mills has been confirmed as the new SBA Business Administrator. (To find out more about what this appointment means for small business, refer “Remaking America: Karen Gordon Mills, New SBA Administrator,” a previous Perks Consulting blog.)

    So, what’s the bottom line for small business? Change is just around the corner and help is, finally, on its way.

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    Posted in Small Business News | 1 Comment »