I.M'ers: Who Else is Refusing To Participate in Economic Downturn?

12 years ago

Interesting thread. For me it's PPC and really focusing on bringing more "buyer" traffic. No matter what the economy is doing there will always be buyers out there looking for something. My focus is giving them just that. Looking forward to hear some other responses.

Regards,

Michael

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The Niche Man 12 years ago

Originally Posted by mikeveli20

Interesting thread. No matter what the economy is doing there will always be buyers out there looking for something.

Regards,

Michael

Good point. That saying is motivational for any marketer who watches too many negative news reports. Thanks for share.
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nicholasb

12 years ago

I didn't even realize we were having an economic downturn. My income has increased every year since 2006. Many people are just using it as an excuse to be lazy in my opinion.

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TopKat22

12 years ago

Originally Posted by nicholasb

I didn't even realize we were having an economic downturn. My income has increased every year since 2006. Many people are just using it as an excuse to be lazy in my opinion.

I'm with you!!! And the clients I've helped with offline and a little online marketing have had best every sales and net income years during this whole time.

I always say, it is about YOUR own economy, regardless of what the overall reported economy conditions are reported to be.

There are always those who do very well in a downturn and those who do terrible even when the "economy" is supposedly doing well.

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The Niche Man

12 years ago

Originally Posted by TopKat22

I'm with you!!! And the clients I've helped with offline and a little online marketing have had best every sales and net income years during this whole time.

I always say, it is about YOUR own economy, regardless of what the overall reported economy conditions are reported to be.

There are always those who do very well in a downturn and those who do terrible even when the "economy" is supposedly doing well.

So, are you turning up the notch anywhere in your business or marketing?

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The Niche Man

12 years ago

Originally Posted by nicholasb

I didn't even realize we were having an economic downturn. My income has increased every year since 2006. Many people are just using it as an excuse to be lazy in my opinion.

Well in that case share what you're doing. Maybe someone can learn from your example (not withstanding the lazy).

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nicholasb 12 years ago

Originally Posted by The Niche Man

Well in that case share what you're doing. Maybe someone can learn from your example (not withstanding the lazy).

basically just selling information products through ppc and affiliates, I also sell high end coaching services at $4,500, I always have plenty of clients and customers.

It's a great way to build a solid ad reliable income no matter what the economy is doing.
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Dwayne Morrison

12 years ago

Originally Posted by nicholasb

I didn't even realize we were having an economic downturn. My income has increased every year since 2006. Many people are just using it as an excuse to be lazy in my opinion.

I've got to agree with you there Nick. Lots of people don't think its wise to start a business especially in times of a recession. I'm in the process of getting my business ramped up; some of my friends think I'm crazy, I call it perseverance and will power.

Regarding the laziness aspect, I won't say it's necessarily due to laziness why some cant get where they want to go immediately because the fact is everyone has their legit circumstances as to why they can/can't do certain things, but I definitely do believe anyone can profit in any economy and I also believe that no matter what situation someone is in, you can always get out of it, someway, somehow.

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The Niche Man

12 years ago

Originally Posted by nicholasb

I didn't even realize we were having an economic downturn. My income has increased every year since 2006. Many people are just using it as an excuse to be lazy in my opinion.

I agree with you to a certain point. But I don't think most people are lazy. Many just haven't found the right strategy, plan or passion to get them started.

As Dan Kennedy said, it's the shiny object syndrome. Lazy people don't usually jump from one product to the other like many people are doing. I call that determination, not necessarily laziness in all cases.

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OhioWriter

12 years ago

There will always be people buying things. I am focusing more on self-improvement and ways to improve your life, since so many people are feeling a bit down.

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tpw

12 years ago

Consumer buying behaviors have changed. If you want to be successful during an economic downturn, you only need to adapt your business to the newly-found needs and wants of consumers.

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The Niche Man

12 years ago

Originally Posted by tpw

Consumer buying behaviors have changed. If you want to be successful during an economic downturn, you only need to adapt your business to the newly-found needs and wants of consumers.

Good point, adaptation, being adjustable and flexible is a must-have now.

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Bruce NewMedia

12 years ago

For the most part, I don't see any big drop off in business online. Some of my offline clients have been hurt the last 2 years...but those who have changed the mix of what they're selling are doing OK- some VERY GOOD...

This is much about mindset and having a forward-thinking outlook. If you see looming clouds all the time, you'll instinctively start to cut back and fear will rule all your marketing decisions.

..and what TopKat said is also true, "There are always those who do very well in a downturn and those who do terrible even when the "economy" is supposedly doing well."
_____
Bruce

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The Niche Man

12 years ago

Originally Posted by Bruce NewMedia

For the most part, I don't see any big drop off in business online. Some of my offline clients have been hurt the last 2 years...but those who have changed the mix of what they're selling are doing OK- some VERY GOOD...

This is much about mindset and having a forward-thinking outlook. If you see looming clouds all the time, you'll instinctively start to cut back and fear will rule all your marketing decisions.

..and what TopKat said is also true, "There are always those who do very well in a downturn and those who do terrible even when the "economy" is supposedly doing well."
_____
Bruce

Thanks Bruce. Interesting take.

So, what would you suggest people do concerning the looming clouds many see?
A) Adjust to the looming clouds?
B)Deal with them (i.e grin and bear it)?
C) Ignore them entirely?
D) Other?

One last question, in your opinion, other than mindset. What do you think people who do well in a terrible economy do ... that others don't.

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Aaron Doud

12 years ago

I think times like this are a great time for people to make money and grow market share.

Less people advertising and the advertising costs less. Unless your business doesn't fit with today's consumers this is a great time to expand your market share. While your competition hides you can collect a bigger piece of the smaller pie.

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The Niche Man

12 years ago

Originally Posted by lordauric

I think times like this are a great time for people to make money and grow market share.

Less people advertising and the advertising costs less. Unless your business doesn't fit with today's consumers this is a great time to expand your market share. While your competition hides you can collect a bigger piece of the smaller pie.

So what areas are your personally expanding in, care to share?

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JasonChoi

12 years ago

I personally refuse to buy into this idea that there is an economic downturn. My life is still the same and opportunities still exist, just in radically different ways, and the key is to adapt rather than being stuck in the 'employee' mindset of working a dead end job which doesn't even pay all that well.

The fact that the Great Depression produced the most millionaires during that time in US history means opportunities are all around us right now. We just have to think outside the box.

And the fact is, businesses create jobs, which means by running a business and then outsourcing, you're giving someone a means to make money. Being an entrepreneur benefits everyone.

In other words, by being your own boss and eventually hiring people, you're actually helping the economy turn around one person at a time!

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J Bold

12 years ago

I was watching an old webinar replay with E. Brian Rose and David Eisner last night, and David Eisner made the point that while the worldwide economy is clearly in a recession, the internet really isn't.

The internet as a general whole keeps growing and growing every year in terms of businesses getting online, the amount of people shopping online, etc.

I'd agree with that, although some stats would really send it home.

But more and more people are buying online and even with their mobile phones online these days, wouldn't you agree? There's always something that is growing, just look for what is growing and get into that and you don't have to worry too much about recessions and depressions.

Mobile right now is growing so if you can find a market/niche within that where you can do good work and get paid, then the opportunities are certainly abundant there!

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DaveHughes

12 years ago

Look through the responses in this thread, and you'll notice something.

The people that aren't being affected by the "economic downturn", for the most part, don't care how everyone else is doing.

We spend far too much time judging our chances of success by how much success others are having. The ones that "don't notice" judge their success only against themselves.

Now, as Bill said, a really smart person will notice economic changes enough to adjust their business strategy to take the fullest advantage of it...that's just smart business.

Interesting fact: More millionaires were made during the Great Depression than at almost any other time in American history.

Now...what economic turmoil? :rolleyes:

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RylanClayne

12 years ago

I would echo what DaveHughes said I think its entirely true that a lot of us are guilty of looking at the macro-economic situation rather than thinking of our own micro-economic share in our local economy. If we were to focus more on this and less on the doom and gloom lethargy which I am afraid the mainstream media amongst others propagate then perhaps we would have even more millionaires now too.

The fact of the matter is our strategy for marketing may change but business growth and the fundamentals stay the same regardless of how badly our economy maybe doing at a particular juncture in history. In answer to the Op's question I currently am increasing expenditure in product creation, seo as well as list building activities. I think having a solid business plan (I wish I created it sooner) has given me a real focus at the end of 2011 and I think that is why I can spend on my core business objectives without worrying so much about the outer economic conditions. I really love this quote I read the other day regarding our current economic naysayers:

"Everything we hear is an opinion, not a fact. Everything we see is a perspective, not the truth." Marcus Aurelius

Originally Posted by DaveHughes

Now, as Bill said, a really smart person will notice economic changes enough to adjust their business strategy to take the fullest advantage of it...that's just smart business.

Interesting fact: More millionaires were made during the Great Depression than at almost any other time in American history.

Now...what economic turmoil? :rolleyes:

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Rach72

12 years ago

Some people see depression, others see a goldmine.

Some see Google Panda as a atomic bomb, some see it as the start of boom times.

Every business has its trials, every business has its opportunities.

Yes, there are those who are finding it hard out there, but people will always have needs and wants. Businesses need to adapt and find out what people need now rather than focusing on what used to work and moaning when it doesn't.

Rach

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stephenwaldo

12 years ago

An economic downturn just means that the people who know how to generate true value for themselves will thrive while others will fall by the wayside. Survival of the fittest, right?

You see a bad economy. I see a level playing field.

Kindly,
- Stephen

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AmandaT

12 years ago

I have to be honest, I was really feeling it before I started IM. My husband was getting less hours at work, prices of the things we needed were going up, my dad lost his job... but now that I'm IM I'm just not seeing it as much. I can afford to live comfortably and rather than looking for ways to cut costs, I'm looking for ways to expand.

One thing that now more than ever people are looking for the most bang for their buck. If you show them they are getting a GREAT deal they will still want what you are selling even if times are tough. I mean, my dad is having rough times financially but he still preordered a Kindle Fire just because it was such a great deal to him compared to the iPad 2.

I've been hiring more VAs mostly. I even hired my teenage sister to work with me to help teach her about the business as well as help her out since even the McDonald jobs are taken in her town.

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MattVit

12 years ago

Economic downturns like the one we're in now don't affect us. They affect big businesses who have a lot to loose.

Obviously depending on the circumstances, it can affect the small players in specific industries.

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RyanLB

12 years ago

One thing I did, not so much recently, but back in 2009, I offered and promoted legitimate services to help people in their tough financial situations. Really wanted to make sure I didnt promote anything that would be "scammish" or hurt their situation any more than it already was - only legit.

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Liam J Samuel

12 years ago

If you can show 'offline' business that you can help them survive and grow in todays economy, you will get the contract if you offer exceptional value.

This is the area that I have been concentrating on - and I have had a lot of sucess with offline consulting because people who don't have internet knowledge are seeing that it can help improve their business.

So, for me, the state of the economy has really helped increase my business.

Liam

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AmandaT

12 years ago

Originally Posted by Liam J Samuel

If you can show 'offline' business that you can help them survive and grow in todays economy, you will get the contract if you offer exceptional value.

This is the area that I have been concentrating on - and I have had a lot of sucess with offline consulting because people who don't have internet knowledge are seeing that it can help improve their business.

So, for me, the state of the economy has really helped increase my business.

Liam

This is an AMAZING time for helping offline businesses. With so many of them struggling, being able to show them you can help them can and will make you money.

My main focus is affiliate marketing, clickbank mostly. I decided to do some offline advertising for one of my weight loss sites using flyers in my town, hoping to make some quick money for my anniversary next week. While I was hanging them up the owner of one of the stores came over and started talking to me. He asked if he could see my website I was advertising so I pulled out my netbook and showed him. He asked for my business card in case my flyer ran out of tabs but when he called two days later it was to ask if I would be willing to build his store a website! I explained that I had never built a website for another person, only for myself. He said that was fine and now I have my first offline website building gig.

Offline businesses NEED more business right now and if you can show them you can help them get it, they will be happy to pay you for it.

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jeskola

12 years ago

Whilst i think it's great that everyone seems so positive, i think it's worth some caution.

No one really know what will happen once the Euro goes down (and it will go down)...

I guess the problem is the only real way out is to either cancel all debt or Quantitative Easing... QE in a worst case scenario means wheelbarrows full of cash for a loaf of bread... and in that situation i can't see people forking out a lorry full of cash for an ebook in that scenario.

That scenario is entirely possible - things are that bad.

It's quite reckless to suggest that it doesn't affect us and only big business - each and every day your money is becoming more and more worthless as inflation rises with low interest rates and QE happening across the planet. Greece and Italy are causing huge strain - France and i suppose Spain are almost certainly next... and i guess the UK is not far behind.

No matter which country or economy you are in you will be affected by this - how that will happen... well i don't really know (And it would seem those in power don't know either).

For the time being we can carry on, but i think it's a bit naive to assume that everything is going to be fine ( i really, really hope it is - because the alternative is quite grim).

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The Niche Man

12 years ago

Originally Posted by jeskola

Whilst i think it's great that everyone seems so positive, i think it's worth some caution.

No one really know what will happen once the Euro goes down (and it will go down)...

I guess the problem is the only real way out is to either cancel all debt or Quantitative Easing... QE in a worst case scenario means wheelbarrows full of cash for a loaf of bread... and in that situation i can't see people forking out a lorry full of cash for an ebook in that scenario.

That scenario is entirely possible - things are that bad.

It's quite reckless to suggest that it doesn't affect us and only big business - each and every day your money is becoming more and more worthless as inflation rises with low interest rates and QE happening across the planet. Greece and Italy are causing huge strain - France and i suppose Spain are almost certainly next... and i guess the UK is not far behind.

No matter which country or economy you are in you will be affected by this - how that will happen... well i don't really know (And it would seem those in power don't know either).

For the time being we can carry on, but i think it's a bit naive to assume that everything is going to be fine ( i really, really hope it is - because the alternative is quite grim).

A balanced viewpoint always helps. To be forewarned is to be forearmed. It just means we have to work a little harder at ... working smarter.

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Liam J Samuel

12 years ago

Originally Posted by AmandaT

This is an AMAZING time for helping offline businesses. With so many of them struggling, being able to show them you can help them can and will make you money.

My main focus is affiliate marketing, clickbank mostly. I decided to do some offline advertising for one of my weight loss sites using flyers in my town, hoping to make some quick money for my anniversary next week. While I was hanging them up the owner of one of the stores came over and started talking to me. He asked if he could see my website I was advertising so I pulled out my netbook and showed him. He asked for my business card in case my flyer ran out of tabs but when he called two days later it was to ask if I would be willing to build his store a website! I explained that I had never built a website for another person, only for myself. He said that was fine and now I have my first offline website building gig.

Offline businesses NEED more business right now and if you can show them you can help them get it, they will be happy to pay you for it.

Wow, great stuff - talk about being in the right place at the right time...

Try and get a few recommendations from this guy when you have finished his work. Word of mouth is a great way of getting new leads.

Good luck

Liam

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AmandaT

12 years ago

Originally Posted by Liam J Samuel

Wow, great stuff - talk about being in the right place at the right time...

Try and get a few recommendations from this guy when you have finished his work. Word of mouth is a great way of getting new leads.

Good luck

Liam

That is my plan. I live in a small town, all of the small business owners know each other, so this could definitely lead to more business.

Part of the deal is also a continual contract where I update monthly with new specials at his store, so it'll be ongoing.

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Robert Michael

12 years ago

To put it in simple terms, my profits.

lol

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Ian Jackson 12 years ago

The economy is a state (or attitude) of mind
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- rts2271 12 years ago
  
  Originally Posted by Ian Jackson
  
  The economy is a state (or attitude) of mind
  
  Then we are all insane.
  
  The economy is awful, but that just means opportunity for the bold.
  
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  Ian Jackson 12 years ago
  
  Originally Posted by rts2271
  
  Then we are all insane.
  
  The economy is awful, but that just means opportunity for the bold.
  
  What's insane about keeping a positive attitude in the face of adversity? :confused:
  
  "The Universe is responding to how we feel". Esther Hicks.
  
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Chri5123

12 years ago

Originally Posted by The Niche Man

While most businesses talk about cutting back. What are you doubling down on, increasing or expanding in your Internet Marketing business?

Thanks for sharing with the W.F.

For example, I'm expanding in my P.P.C marketing, email and article marketing.

Interesting thread and I like your style...

It is VERY easy to get caught up in the whole economic downturn and have your business suffer for it.

But of course that mentality will be the same as "You can't work on the computer for a living you need a STABLE 9 to 5!".

A lot of people that told me that are no longer in the same job...

To answer your question - I am always expanding, trying new things but one of the areas I do neglect somewhat is PPC - I might get back into it a little more...

Chris

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mattpaul2000

12 years ago

Why would you cut back. Internet Marketing is often a numbers game and many times you do not need any capital. Just time and effort. Any how IM is about giving and selling information, people always need information. A recession can only open up new opportunities.

Anyone tried putting together a product on surviving a economic down turn?