If you believe the media, you have to think that most people are locked in their homes guarding their money and waiting for the government to save them. I know that a lot of people and businesses are going through bad times now but we never hear about many others doing well. It seems that we are all expected to accept the propaganda that we are helpless to take care of ourselves without some sort of bail out.
While most people seem concerned that they are getting the most value for what they spend, there are still many spending plenty to treat themselves. There are a lot of seminars being held around the country now and I keep hearing of long lines at the most expensive restaurants and the best rooms being already booked. A lot of planes are nearly full and resorts are still doing okay.
As a rule the businesses that are still doing well are the ones that do their best to over deliver value to their customers. Most people prefer to spend where they feel they are getting the greatest value regardless of the price. They are not just looking for the cheapest price but the best quality for what they do spend.
The businesses that are thriving are those standing apart from their competition in some positive way. It could be the price but there are still a lot of people paying high prices for what they consider to be the best value.
All businesses are not able to beat their competition with the same methods and different regions of the country present different challenges. However if you run your own business, consider options to increase the value of your service or product in the eyes of your customers. People are willing to pay more where they feel welcome and appreciated. Also try to think of ways to be different from your competitors that will increase your perceived value and trust with your customers.
Unfortunately there is no one answer that will work for everybody but keep in mind that there are a number of ways to appeal to your customers other than cutting price. Be observant of your local area to notice what businesses are doing well and what they are doing that sets them apart.
The effects of this recession vary greatly across the country and it is not a pleasant situation for most of us. If you are a customer, show your appreciation to the businesses that go out of their way to make doing business with them pleasurable. Whether you are an owner or customer concentrate on value for the best experience for everybody.
