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The Saturated Spending Myth
07 August 2013
"Don't tell me where your priorities are. Show me where you spend your money and I'll tell you what they are." - James W. Frick
In business and consumer products marketing a question I am often asked is to comment on what sets a product or business apart from it’s competition, and enables it to skyrocket ahead in the sales stakes. Is it just about the product and service or is there something else at stake?
Over many years of questioning I have come to appreciate that household incomes and overall consumer spending habits often are fairly static. This is a red herring, and using this as a valid reason can be problematic. What I’ve found is that businesses that understand how to redirect spending hold the key to engaging consumers in competitive markets.
Everyone knows that in the western world we have access to consumer products and services that is quite literally mind blowing and we have many options for 24/7 shopping globally. The key for new businesses and growing marketeers is how to redirect spending from competitors because most consumers have the same means they’ve had for quite some time... your success comes from appreciating their choices and redirecting them so they choose you.
So often I hear, “there’s no money around, people are not spending!” Let’s maybe rephrase that and ask a more powerful question, “how could I redirect the spending that is already happening in my market, so consumers buy my product / service ahead of someone else’s?” With this question comes an opening of possibility in terms of looking toward the networking, service, promise, marketing and customer connection that will make the difference and redirect spending. It’s easier to sell your product / service to someone who is engaging in something similar and is open to better service, quality, innovation and price; encouraging them to redirect their spending and consume yours instead.
"Formal education will make you a living; self-education will make you a fortune." - Jim Rohn
Lipstick Learning is an initiative of Sydney based business leader & entrepreneur Madelaine Cohen. Sharing information and joining forces with people who choose to lead. Madelaine has more than two decades of inspiration from her businesses in consumer products, sports marketing and healthcare. She takes a leading role in helping people transition from employment or trading time for income to their own business in the health, beauty and anti-aging sectors. Madelaine works with business models including a 10 x 10 process and 10:6:4:1 ratio strategy for generating profit of $100K or more per annum in your own business. Why? Inspire people to lead in free enterprise & together we can create lifetimes of health and happiness. To find out how you can start your own business and transition safely from employment to free enterprise, contact Madelaine through Lipstick Learning.