When I was young, my best friend’s father Jim owned a share in a fleet of catering trucks that served contractors and construction workers.
During the recession, they noticed a downtick in sales and panicked.
They cut back on costs to lower their price point. Smaller sandwiches. Cheaper chips. Generic soda.
The floor dropped out. Sales plummeted. They were weeks from bankruptcy.
He and his partner sat down. It was grim. They decided to go out with style.
Rather than lowering their costs one last time out of desperation, they retooled once again and offered a premiere experience.
Double meat. Fancy bread. Nice drinks. Their price point was higher than when they’d started.
Overnight — in the middle of a recession — their premiere food trucks took off. Their business had the best year of its existence.
When Jim asked his customers why they were so eager to spend extra, they told him that their lunch was the only damn part of the day they could escape.
What’s a few more bucks to feel taken care of for 45 minutes every day?
As business owners, the most common response to a slow down in sales is to lower your margins.
Don’t follow suit.
If you offer a cheap product, your customer expects one.
So what should you do instead?
If you are facing down a desperate situation, don’t panic. Don’t slash prices. Don’t do a fire sale.
Instead, return to your foundation. Return to how you can serve others in ways that actually matter to them.
Not sure how to start – or what that even means? We can give you some quick guidance.
On April 28, we’re hosting a free 30 min webinar (3 Steps to Grow Your Brand) that will help you get clear on who you are serving, where they are spending their money, and how you can provide an even more meaningful experience for them.
Interested? Sign up! It’s free!