Finding Business Opportunities Where Others Fail to Look

The consensus among the business owners who joined the HIGH VOLTAGE Business Breakfast meeting last month was that right now, there is a tremendous opportunity to be the business that stands out via relationship and support.  Now is the time to assess how to differentiate and now is the time to do it. 

An attitude adjustment might just be in order for many business owners right now.  While the sky may be falling for certain sectors, it really isn't for many others.  People just think it is.  Someone made a curious statement that had us all pause.  This person said, "No one has defined 'recession'.  What is it really?". Good question.  After our pause (with our mouths hanging just slightly open as we pondered this), we came to further consensus that perhaps a recession is a catalyst: a catalyst for innovations, a catalyst for new paradigms, a catalyst for action.  A recession is a time of opportunity.  And what's the suggested attitude adjustment?  Be positive, and flexible  -- this supports your ability to respond to opportunities.

So, back to the thoughts on relationship and support.  What do you think your customers are thinking now?  What is their experience?  How is this altering their buying behaviour?  What opportunities exist here for your business?  Another general consensus over breakfast was that customers are responding to the 'sky is falling' messages and seem to be experiencing fear:  fear of being over extended and fear of spending.  Businesses seem to be experiencing denial -- a flat out refusal to admit that this may actually be the best time to change things up in their business operations.  The only response seems to be to tighten the marketing budget (oops...not necessarily the best thing to do when you need to find ways to communicate new messages to scared consumers).  The question that savvy businesses are asking themselves is, "How can we support people who are in denial or fear?"  and "What can we do to support people in feeling like they are making wise and informed decisions?"

A good chuckle went around the table when we realized that business owners now have to wear yet another hat -- that of the psychologist -- so as to assist our customers in working through their emotions.    How do you do that?  Communication (don't cut that marketing budget just yet).

In a Management Tip bulletin put out by Harvard Business Publishing yesterday, the following suggestions were made for how to communicate with customers in a tough economy:

Be empathetic -- without being pathetic.  Forgo messages implying customers should help you reduce inventory.  Instead, tell them about well-deserved bargains.

Offer real assistance -- not happy talk.  Companies that can make their promises tangible can gain an advantage.

Adjust to your customers' changed behaviours.  They are probably at work longer, shopping for discounts and eating out less.  Bring the conversation to them.

Address people's attention deficit.  Time-starved, on-edge customers value advertising/messaging that's quick and to the point.

Say something.  Research shows that most companies that "go dark" during a downturn damage customer relationships.

So, back to the main point of this article:  where do you find opportunities?  From your customers, of course.  You would be surprised how many businesses we ask, "Well, what do your customers say?"  only to discover that they aren't talking to their customers.  Rule #2 in marketing:  don't make assumptions. (Rule #1 is to talk to your customers.)