How Your Business Can Beat The Recession With Telemarketing And Consumer Trends
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No one is unaware that the world is in the grips of a global recession and with major retail companies like Woolworths going under, it is no wonder that most people are concerned. The prospects are not good for many retail companies as they are in a situation where the banks that were once happy to let businesses borrow money have turned round and said no. This is because retail business banking customers are now considered a high risk, which can cause huge problems for small shops as they rely on the banks for their cash flow. This means that many of these businesses have their money tied up in stock and this means they either have to drop their prices in order to sell the stock quickly or cancel undelivered orders from their suppliers.
A solution to the current global financial crisis is to try and persuade customers to spend more and this is why many companies are now trying to come up with business growth plans, utilising marketing like telemarketing and public relations, in order to survive recession and make their business stronger for the future. Many companies are now selling off a lot of their items at reduced rates so that they can free up some of their funds in order to pay off important bills and to keep their creditors at bay. The problem with this is that many shoppers will now wait until prices have come right down, rather than spending money now when the businesses need it. This means that shoppers tend to only spend money on necessary items and products that they require everyday.
The signs are showing that consumers are becoming cleverer with their money. A recent poll said that Manchester restaurants and takeaways were still doing well and that the reason for this was because consumers were still ordering takeaway deliveries but were going for the cheaper option. Rather than using big brand names such as Dominos they are opting to go to local Manchester restaurants because these cost around 20% less.
It would seem that shoppers are still happy to spend money but they will only spend money on things that they can rationalise, this means that they will spend money on bills, food and health products as well as gifts at certain times of year. Consumers will also still spend money on special occasions such as weddings because these are often a once in a lifetime experience and are you going to be the man that denies his daughter the Castle Wedding she has always wanted. Consumers are also prepared to spend money on gifts for weddings especially when it comes to jewellery like Ladies Cufflinks.
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