June 4, 2009
News & Opinion: How to deal with hard times from Jay Abraham
Jay Abraham is a world class marketer and CEO of Abraham Group, and he has written a book. The Sticking Point Solution is perfectly positioned for our current economic times.
Lately, Todd and I have been asked time and again about books that could apply to our economic situations. Jay Abraham has a list of actions in his book he calls "The Bottom Line," which suggests that we:
- Take stock of the psychological impact of the downturn on your competitors.
- Set up an offense and a defense. Offensively, look for weaknesses and hidden opportunity. Defensively, stop doing anything that isn't working.
- Begin to safely and conservatively test new approaches, such as joint venturing.
- Measure your marginal net worth numbers. Once you determine how much a long-term customer is worth, you'll know how much you can invest in attracting first-time buyers and converting them to repeat buyers.
- Now is the time to make deals with the media to get the word out about your business. They're primed to give you special treatment, because they're losing business too.
- Offer your competitions' salespeople a better deal, and get them on your team.
- Negotiate friendly takeovers that benefit you and your competitors. But be sure to approach them with empathy and respect.
- Make offers that are irresistible: Offer guarantees. trial periods, add-on products, and deferred payment plans. Provide even more support than usual so your clients feel comfortable about committing.
- Penetrate new markets while your competitors are busy focusing on their narrow niche.
- Remember that not all buying stops in a downturn, even a severe one. If you can tap into the transactions that are still alive and well, you can not only survive but thrive.