There are opinions on whether we are recovering or sinking and everyone is right.
An industrial survey by Global Spec shows conditions in manufacturing are improving. Manufacturers are hiring, sales are better in 2010, spending is increasing, and fewer companies are reducing spending.
The problem with the numbers is that 51% are reporting better numbers but 49% are reporting worse numbers. 18% have increased headcount over 5% in 2009 but that means 82% are not hiring.
But the number that stands out that shows the reason for the schism is that 64% are reducing spending compared to 73% in 2009. A 9% improvement of companies not reducing spending ignores that 64% are still reducing their spending.
Jack Cafferty of CNN has online questions which get a high volume of reader responses. He asked the question of whether we are in Recession. The responses were overwhelmingly yes and the feeling is things are getting worse.
The industrial figures released by Global Spec could support this theory as well depending which company or industry you were involved with.
Fed Ex says its revenues are up 110% for the quarter. Employment figures show that we are still losing jobs. Unemployment figures are finally starting to admit there is a large underemployed segment of the economy and it is growing.
I think one reply to Cafferty’s question is worth repeating: Are We in Recession?
“ You betcha! With the stalemate in Washington, the preoccupation with getting reelected, the obstructionism of the republicans and lack of a spine by the democrats, irresponsible spending, the refusal to actually have a budget, the failure to budget wars, home foreclosures, job loss, increased outsourcing of our jobs, etc our elected nonrepresentatives have lost sight of the fact they are supposed to be representing “we the people”. We need term limits!!!!”
Big business has lots of cash and is sitting on it. Individuals are having more problems with debt.
Everyone wants representation in Washington and there are diverse interests. Banks want less regulation. Business wants lower taxes and more financing. Consumers want more spending and more jobs. The Tea Party wants less spending by the government.
There are diverse opinions on which direction we are heading and the right solutions. There are no short term solutions that solve everyone’s problems. The real solution will only be waiting for the long term.
What are you to do?
It’s everyman for himself. You can’t wait for solutions from anyone.
I see two options depending where you are in your own business. If you are well entrenched in providing a product or service, you have to build strong relationships with your customers and spend extreme efforts creating new ones.
If spending is decreasing, then each customer is worth more. If there are fewer customers, then new ones have to be taken from competitors.
Secondly, if the market is not buying what you are selling, you may have a limited amount of time to find out what to supply or how to get connected to your ideal target market.
Traditional marketing is dying for most firms because it is expensive and too broad. Relationship marketing is dominating because it targets narrower markets and has a higher ROI.
You need to dominate your Niche for a Unique Selling Proposition. You have to find the ideal service for your niche and capture the available audience. You need to find a Unique aspect to your service or product whether it is your location, your delivery, your price, your support, or your quality and hammer it home.
The ideal marketing strategy is to start with a small niche and gradually grow your reach. You might have to retrench if your broad scope marketing is failing against increased competition.
If you have a website, you have to optimize it for the keywords of the niche you want to dominate.
Consumers feel we have been thrown back into the stone age. In manufacturing it seems at least 49% of the businesses have to create new strategies.
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