To some entrepreneurs, a recession is not a time to be mourning lost opportunities, but a time to be finding new ones. How can you find gold nuggets of opportunity in bad times? Here are just a few ideas.
Saving Money – Many people now are concerned with saving money and practicing more conservative spending habits. If you provide a product or service that can help people save money, then you have a USP (Unique Selling Proposition) that people will be interested in now. You may also gear your advertising toward the angle of saving money on your products and services.
Making Money – The flip side of saving money is making money. Can you offer a product or service that can help people make money? Network marketing companies have known this angle for a long time and they prosper during a recession because so many people are interested in ways to take in more money.
TV Advertising – During times of economic crunch, people are likely to stay home more rather than go to parties, shopping, and other local destinations. This puts them in front of their TVs and guess what? TV Viewership is up. According to Reuters:
…TV viewing overall never has been higher, and ad-supported cable has garnered record viewership this year. It has 59 percent of household primetime viewing, up 3 percent year-over-year..(1)This might be a good time to channel those advertising dollars into Cable TV advertising and put your product or service in front of the Cable viewing public.
Buying Online – For the same reason as people staying at home to watch TV, they are likely to shop online before going out to stores. According to a recent article in PC Magazine:
Online purchases in the days since Cyber Monday, however, are up 7 percent. In the first seven days of December, shoppers bought $4.45 billion worth of merchandise, compared to $4.1 billion last year.(2)So this might be the time, even after the holidays wrap up, to polish up that existing website or get a new one and sell your products or services online.
If you want to make a profit from the current recession, then try thinking outside the ‘crisis’ box and find the business opportunities.