Selling in a Tough Economy

Customers’ buying behaviors have changed dramatically and will probably not return to the “good old days” of pre-2008. In the last 24 months, the loss of global wealth is over 50 trillion dollars. Retailing has changed forever with the attempt to manage risks by lowering spending, reducing deal size, cutting costs, downsizing staff, and blaming consumers for not shopping as much. At the same time, consumers are suffering from foreclosures, lost jobs, stock market drops, higher prices, and higher taxes. It is a vicious cycle. The downturn in our economy, for the first time in recent recessions, has affected the luxury market. All of these factors are leading to a longer sales cycle and delayed purchase decisions. So how do retailers sell in a slow economy that’s literally killing off many independent retailers and restaurants? I believe, as I mentioned earlier in my blog, that the key to success is a “back to business basics” approach mixed with good old-fashioned creativity. In our world, changes happen fast and you have to react quickly.

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