I don’t know about you but I find all this talk of austerity quite depressing, especially during the Christmas season and when looking forward to next year. I’m not advocating getting into debt by ‘spending your way’ out of any stagnation in sales, what I am suggesting is that if things are not working as they should be we need to look for other ways of growing the business. This is where the Sigmoid curve diagram as shown above can help us to see change as a positive choice that can lead to a better future with renewed growth in sales. The simple premise is that if we continue to do the same things that were successful in the past but we are now entering a maturity phase, due to internal or external factors, then it’s time to think again before we hit the downward curve to decline.
A recent article in The Economist entitled ‘Gold hunting in a frugal age’ highlighted 4 potential options for businesses to prosper when their customers are feeling the pinch: firstly to look at emerging markets, secondly to adjust corporate policies to the situation of stagnant wages and growing inequality by targeting frugal products to low income markets, thirdly to provide poor people with innovative services, and lastly to harness the power of new technology. However, these 4 options may not to be the easiest route to find growth as there are likely to be unmet needs within your current customer base which could be a more profitable opportunity to consider before investing in a totally new strategy.
Whatever path you choose to help grow your sales and business our experience is that it’s best to maintain an attitude of looking for growth rather than opting for austerity and hoping that things will change. All the best for 2013!