Finding Customers & Success No Matter the Economy
No matter what the economy is doing, how big your competitors, or what niche you’re in… someone is always making money. More than anything else, it comes down to how you are marketing, and what you are offering to your customers. The other day while I was watching Fox Business News, I them list AutoZone stock on the screen. While almost every stock has been tanking for the past several months, AutoZone has been living it up, and just hit it’s 52 week high. Take a look at their one year chart below.
While the Rest of the Markets Tank, AutoZone find a Way Thrives
As you may have guessed, AutoZone is thriving while others are dying, because instead of buying new cars, many people are instead buying parts to improve or fix their current cars. The economy has been changing the way a lot of people spend their money, but people will always continue to spend their money.
The same holds true for marketing online. Whether your competition is holding back on ad spending (which is usually never a good idea), or customers are buying cheaper and used products through Amazon & eBay instead of full price directly from the retailer, the consumer spending will always be there.
Whether the economy is doing great or poorly, AutoZone will always have a significant customer base. Does the same apply for your business?
<a class="replyTo" href="#comment-102836" rel="nofollow">@Ricardo @ NurtureYourWealth:
The news station made the assumption the increase in business was due to people working on their own cars, instead of buying new ones. Also, if you look up the stock symbol, you will see related articles that back up their story.
Did the company attribute anything to their recent success, or did the news channel allude to anything? It’s interesting, might have to do with more people driving since gas has reduced in price since last summer(08).
Auto places usually won't see a downfall in sales or customers because people LOVE driving.
-Mike
You are so right. People may spend less on luxuries, and may tend to go for bargains and second hand offerings, but spend they will! Selling luxuries may not be the ticket right now, but selling spares to maintain an ageing vehicle pool is definitely a growth area!
No matter the market no matter the product. If you find or create a need for something you will sell product. Be creative. Sometimes creativity is key.
Captain Internet
I agree, there are always people out there making money. You just need to find the right market to be in.
Zac,
We need to remember that the economy has not stopped, merely in a holding pattern, but commerce continues, we still need the essentials to change hands, car parts, food, ringtones, diets, weight-loss products all have customers despite the downturn.
I'm preparing now for the turnaround by studying commodities that are consumed and re-purchased worldwide.
Respectfully,
Nicholas Chase
http://www.twitter.com/nachase
Wow, their success is amazing. It's great to see somebody doing well during this dark time in the economy. It just shows you need to always be evaluating your customers wants and needs and try to adapt accordingly.
Totally into this post. There are lots of things to think about when the economy takes a dive. Bloggers, especially, are in a position to consider their information as a product — what is our customer base? Who are we serving and how are we doing at it?
@Zac Johnson:
Hey, Thanks that cleared everything up. Makes perfect sense too if you think about it – Thx 4 the post!
Yes…We just need to find the right market to be in, to make more money.
I've been telling everyone about this, I can't get over how well they've done. It shows the importance of being in the right market. If you can identify what people want, you can make a ton off of them.
I totally agree, though we are on global crisis, wherein, almost all are affected negatively, there's always business that will stand like a bamboo amidst the storm.
I am agree with your points.Thanks for sharing.
Some essentials will always be needed, and while luxury sales will plummet, budget options will definitely still sell. Very good example this, as people will tend to keep their cars longer, as well as repair and service them themselves.
I completely agree, there is always a way to make money and no better way in these hard times than providing information people can really use!
It is great that Autozone isn't following the others who blame poor business sales due to recession. They are obviously using great strategies in marketing, and there is no secret to it other than great teamwork and thinking outside the box.