Where are your business opportunities today? Two news items seem to shatter the day’s cheer!
• The AFR headlined an OECD report showing that Australians would suffer further real wage declines – and falls in living standards.
• And my barista complained that more and more people were just buying a coffee and not meals. So, they were busier than ever but for less income.
We can sit back and look to ride out such declines.
Alternatively, we can look to strengthen our businesses by identifying opportunities from expanded product or service ranges that meet people’s needs but at other levels than the top product needs.
This may be with the barista offering a coffee and cake deal at a lower combined price than if each were sold individually. Consumers still get a treat but at lower-to-them costs of eating a meal out.
It may be that instead of promoting home loans and mortgages, in a slowing property market, the promotions be more for consumers to borrow for home improvements that enable more effective working from home office-room setups.
Or clothing that is more adapted for working from home work – for winter warmth or summer cool than looking smart in the office – but still looking appropriate for Teams or Zoom sessions.
It is easy to guess, but sound investment follows identifying what people want to ensure that what you offer meets the needs of these more straitened times. Here, our cost-effective and quick research can assist you ensure your offers will meet people’s needs.
We’d be happy to chat further about this – please contact Philip Derham by email – derhamp@derhamresearch.com.au – or by phone on 0414 543 765.