One of the things that we know about recessions is that people are more inclined to watch their cash and make more judicious purchases. We also know that for a small business to be successful, they can’t be the price leader. In fact, as I’ve said many times, the price war is over and small business lost. So don’t fight that war - even in a recession.
So how does a small business leverage its brands, maintain price levels that produce adequate gross profit and still put enough rocks in the box to keep the doors open - in a recession? Three answers: 1) Value, 2) Deliver value, 3) Deliver more value.
Someone who knows a lot about building and leveraging a small business brand, regardless of the economy, is my friend and outstanding Brain Trust member, Tom Asacker, author of the new book, “A Little Less Conversation.” Tom joined me on my show recently to discuss the whole brand/value/delivery strategy, and I think you’ll benefit greatly from our conversation. Take a few minutes to listen and, as always, leave a comment or question.