Business Struggling? It’s Not Your Fault by David J Dunworth
(this article first appeard on Linkedi
Baby Boomers have been the drivers of the economy for what seems like forever, but they are either retired or heading for retirement. This aging consumer has fewer needs, controls their income for retirement, and as youth replaces the aged, the market is shifting. This new consumer is Internet savvy, relies almost exclusively on their mobile devices, and seeks instant gratification. This sway in where money is input into the economy makes things that more difficult.
More Bad News
Another thing that falls outside of your control is the rise in competition. Since the Great Recession hit most large companies shrunk their workforces, making money tight for expenditures in general for a huge segment of the population. Many of the unemployed went into business for themselves as a means to “control their own destinies,” just to keep some money coming into the household. This rise in competition has created new technologies and shifts in buyer habits. Traditional marketing was all about pushing marketing messages out to the consumer, which has now reversed course. The consumer is now in charge of the buying cycle. They search the Internet about information, reviews and location for the best products, customer friendly service and convenient access. They determine when and with whom they will share their money. Local search is what is happening now.
A Digital World
The Internet is 25 years old, and the number one factor in Internet technology is the notion of CHANGE. Marketing has been turned completely on its head, so all of the old rules and techniques are out. Marketing Strategy is IN!
Dear Small Business Owner:
If you haven’t noticed, competition is fierce. It’s not your fault that you are a small business struggling to grow. After all, you work hard in your business every day. Long hours, tight margins and simply not enough customers make for sleepless nights. It’s a common small business dilemma. It’s not your fault. The downturn in the economy in 2008 is still affecting most parts of the country, even though the government tells us we have been Recovery Mode for more than four years. It’s not your fault not everyone has recovered. The consumer didn't get any bailout. It’s not your fault that people have less money to spend.
What is in Your Control is Another Matter.
With most consumers using local search to locate and access the goods and services they need, you have to adjust your marketing, or else your business will go the way of the dinosaur. If you haven’t kept up with technology and marketing, it is almost a guarantee that your business will suffer and die.
Bad News
Another economic change is the consumer demographics. The population worldwide is growing. The average consumer is younger and many have grown up in this digital age.