Suddenly things changed, buyers are holding back, budgets are frozen, projects are moved into "next year" - and to add insult to injury this happens when most start their budget cycle. Not the expansive mood to create a supplier-friendly next year's budget I would say.
Bad? Sure, but hang on:
That buyers says "stop" does not mean that they have no needs anymore, it simply means that overnight their needs have changed.
That you suddenly ditched the idea of a new car, that the expensive family summer cruise is now on hold does not mean that you do not need transport or a family vacation anymore. Sitting down you now think taking the train instead of driving would be good, that a camping trip would do the family even more good than stuffing your face on a floating restaurant.
And that's where the "great" part for the entrepreneur lies - the needs did not disappear overnight, they simply shifted while your competition is geared towards the products in vogue two weeks ago. Suddenly they are bewildered and succumb to the tendency to say "the market will return when all this is over", cutting costs, holding their breath and in general thread water.
Two realities:
- There is suddenly a shift to needs that few, probably unprepared, caters for.
- That things might not turn back to "normal", shifted needs means new solutions that may end up as the new "normal".
This is what you must do now:
- Find out, as fast as you can, to what have your customer's needs shifted to, and if there are other potential customers looking for what you can deliver.
- Change your own offerings to that and deliver now.
Good one, Sig! Yes, seems my customers want white. That is different than last year. Simple, calm, real. Camping, hah! I like it.
Posted by: Mary Anne Davis | October 10, 2008 at 17:48