Why A Bad Economy Is Good For Business
By Guest Blogger, Mary Schmidt, Marketing Troubleshooter
You've probably already got the answer: Because it forces people to get creative, work together, think way outside the box. (and, yes, being laid off could end up being the best thing that ever happened to you.)
Last night, I did the Nob Hill Shop 'n Stroll here in Albuquerque. Nob Hill is a historic stretch of the old Route 66 that is chock-full of locally-owned shops and restaurants.
The main reason I was there - on a cold, shivery night – was because the owner of Que' Bonita (a make-up boutique) offered to help us raise money for Duke City Civitan, giving us a table on which to display bed linens we're selling. Another local woman biz owner is giving us a deal so she sells more sheets and we're raising $ for causes such as Roadrunner Food Bank. (Every dollar we raise – they can turn into $9 worth of food.)
We sold five sets of sheets before we left (which means about $900 worth of food) – and the shop owner is keeping the table out for the rest of the month, so she call sell more for us. I'm going back for a makeover (which means I'll spend money); my friend, a loyal Que' Bonita customer, bought several things last night…and we're all looking for ways we can help each other do more, both for biz and the community.
Not once did the shop owner ask, "What's in it for me?" She already knows that what goes around, comes 'round n' 'round.
And, as we were strolling (um, make that walking briskly – baby, it was cold outside!) I noted lots more signs of creative thinking….flyers in stores promoting groups of businesses; deals on gift card purchases; special, simple & sensible holiday pricing (10% or 20% off the entire store – versus biz killers like "EVERYTHING MUST GO at 75% off!") – so I felt good about getting a deal, and I know the store owner is still making some money.
So, what are you doing with your fellow biz owners? (Yes, even your "competition.") We are all in this together.
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