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Good Times...Bad Times
Posted 10-06-2008 at 04:33 PM by Keith Boisvert
Aside from it being the title of this post and a Led Zeppelin song, I think it is applicable to today's social climate.
I am not going to sit here and lecture on whether the country(US) is in a recession, depression or just chugging along nice and steady. I will however make some observations on local businesses in my area, and how it effects me.
As most of you know, I still work on occasion for a local electrician. Lately I work less and less, partly because I am busy, and partly because he has lack of work.
Actually, let me rephrase that. He has work...but no way to do it. For example, because of our economy, the supply houses that we buy parts from have stopped lines of credit short. So where we once could purchase $10,000 a month in parts and get invoiced, we now can only take $5000. Usually this would be great as it would keep you on your toes, but when it stops mid month and you have jobs scheduled...it hurts.
Couple that with businesses stringing out payments for work 45-90 days because they are having the same issues...it causes a major problem.
It is unfortunate that we as a society rely on credit so much, and most of us don't realize how much our daily lives are based around credit. From our employers to the stores we shop in, everyone relies on credit it some way.
Now, take that online. We, as IMers at heart, have the capabiity of making money that is instant. I can't think of hardly any instances where we rely on credit. Granted, I am sure some buyers use credit cards for purchases, but I am talking about having paying customers 30 days out on an unpaid bill...or us not paying a bill for 30-45 days. You don't pay your hosting...it's shut off. Simple.
So I am very thankfull for the IM field, as it really does not seem to be effected the same way that the "offline" world is.
So, back to our offline clients or potential clients. Times are tough for them. Understanding how their money works is important. Remember that they are facing the same things most are...less credit...same bills...extended recievables. Cash flow is flowing...like syrup in Vermont in the dead of winter.
So, think about how you can help them. Payment plans, monthly billing...maybe extending your billing cycle to 45 days(still offer incentives for prompt and early payments). Talk to them about their advertising. Taking advantage of the current money situation is always an option...their advertising messages can reflect current times. Thats the advantage of a website...it can be changed instantly.
For example, a local italian food restaurant...How about suggesting to them a new menu item as an appetizer. They can send out emails to their list for Fridays appetizer special of "Economy Bites". Bite sized meatball appetizers wrapped in (whatever)...Free with purchase of any Dinner.
Or a bicycle shop. Advertising a sale and using current events in the copy. Something along the lines of "Gas prices got you down? Tired of hearing about the 'crisis'? Time to hit the trails with a new xxxx mountain bike and get away from it all."
Well, my copy sucks
, but you get the idea. USE the events to their advantage. For a decent copy writer being able to really nail a visitors emotional buttons right now should be a piece of cake!
Ok, my long drawn out post is done.
keith
I am not going to sit here and lecture on whether the country(US) is in a recession, depression or just chugging along nice and steady. I will however make some observations on local businesses in my area, and how it effects me.
As most of you know, I still work on occasion for a local electrician. Lately I work less and less, partly because I am busy, and partly because he has lack of work.
Actually, let me rephrase that. He has work...but no way to do it. For example, because of our economy, the supply houses that we buy parts from have stopped lines of credit short. So where we once could purchase $10,000 a month in parts and get invoiced, we now can only take $5000. Usually this would be great as it would keep you on your toes, but when it stops mid month and you have jobs scheduled...it hurts.
Couple that with businesses stringing out payments for work 45-90 days because they are having the same issues...it causes a major problem.
It is unfortunate that we as a society rely on credit so much, and most of us don't realize how much our daily lives are based around credit. From our employers to the stores we shop in, everyone relies on credit it some way.
Now, take that online. We, as IMers at heart, have the capabiity of making money that is instant. I can't think of hardly any instances where we rely on credit. Granted, I am sure some buyers use credit cards for purchases, but I am talking about having paying customers 30 days out on an unpaid bill...or us not paying a bill for 30-45 days. You don't pay your hosting...it's shut off. Simple.
So I am very thankfull for the IM field, as it really does not seem to be effected the same way that the "offline" world is.
So, back to our offline clients or potential clients. Times are tough for them. Understanding how their money works is important. Remember that they are facing the same things most are...less credit...same bills...extended recievables. Cash flow is flowing...like syrup in Vermont in the dead of winter.
So, think about how you can help them. Payment plans, monthly billing...maybe extending your billing cycle to 45 days(still offer incentives for prompt and early payments). Talk to them about their advertising. Taking advantage of the current money situation is always an option...their advertising messages can reflect current times. Thats the advantage of a website...it can be changed instantly.
For example, a local italian food restaurant...How about suggesting to them a new menu item as an appetizer. They can send out emails to their list for Fridays appetizer special of "Economy Bites". Bite sized meatball appetizers wrapped in (whatever)...Free with purchase of any Dinner.
Or a bicycle shop. Advertising a sale and using current events in the copy. Something along the lines of "Gas prices got you down? Tired of hearing about the 'crisis'? Time to hit the trails with a new xxxx mountain bike and get away from it all."
Well, my copy sucks
, but you get the idea. USE the events to their advantage. For a decent copy writer being able to really nail a visitors emotional buttons right now should be a piece of cake!Ok, my long drawn out post is done.
keith
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