If U.S. business and the European market are relying on the Fed to revive business in America, we could be kidding ourselves. Interest rates used to influence investment, but these are different times.
There is also the question of how much capital can be infused and whether anyone really wants the capital to produce rather than use it to stay afloat.
Industry has cash but is sitting on it. Banks have cash but won’t loan it and their required reserves are rising to prevent future insolvency. There is also the lingering feeling that we may not be headed up.
So how does business build insulation to long term stagnation?
It continues to pare expenses, which most likely translates to employing the minimum amount of people. It continues to seek efficiencies.
Growth will come from helping others squeeze efficiencies. The ROI on marketing has to be maxed. The production of employees has to be maxed. The margins on raw materials and goods and services sold have to be maxed.
And yet service and customer satisfaction have to be better than the competition. In fact, this is the area that holds the highest potential.
It will be difficult to be marginally more efficient than the competition. There is only so much juice you can squeeze from a grape. At some point everyone will be equal.
What can make a large difference is finding out exactly what your consumer needs in the way of product, delivery, support, and communications.
Who has the best chance of getting your business, a stranger or a relative?
Become family.
I order a number of different products online and have for years. I recommend you start ordering a few things from NutsOnLine.com. They are a small organization that sells high quality health and gourmet food stuffs.
But they have the best communication, follow up, and added revenue building schemes I have ever seen. You feel like you are part of their family as they continue to goad you into purchasing more products.
This is where the real margins lie. Not only do Customers want to know you care, they want to know you appreciate their business and will do anything to support their endeavors. They will tell others about you.
You can attract people with the same philosophy. How much information and expertise can you give away? Before a Prospect becomes a customer, can they develop a reliance on your generosity and good character?
Can you make available in a Free Report, an E Book, a Case Study, FAQs, Webinars, YouTube videos, Podcasts, or Newsletters, the type of information that would make you an invaluable resource?
This is how you can build your customer base into the future when there will be nothing you can depend upon except the people with whom you are in relationship.
If you cannot develop your own Free Information guide, it might be worthwhile to hire someone to do it. Even though I build websites, I am very impressed with the work Zooni Website Services has done for Michael Bungay Stanier’s site “Do More Great Work”. http://www.domoregreatwork.com/
I do not get any compensation for either although I have started to present his book through my Amazon.com affiliation. But that is not the point. The point is that he has spent money to creatively present his work and provides a lot of free information in order to sell a book for $8.
Another internet marketer in his comments about internet marketers is that many give away 95% of their expertise to profit off 5% which still makes them millionaires.
Today you have to give more than you get. You have to appeal to an increasingly conservative, paranoid, risk adverse market place. With so much uncertainty, you have to represent certainty.
You have to show yours before they will show you theirs.
Deleveraging and deflation have taken us back to the days of barter. We are leaving the currency exchange mentality behind. Consumers will only purchase what they desperately need and can rely upon.
The farmer gives you apples for new plowing implements. You have to provide what makes people more efficient and helps them earn or save. You have to be followed, trusted, and dependable.
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