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By Flora Morris Brown, Ph.D. | June 2, 2008
As times and conditions change you must adapt to succeed.
Right now we’re in a tight economy that means financial hardship for many. And yet, many businesses will continue to thrive by being sensitive to their customer’s needs and adapting their approaches.
Fast food chains, for example, have rolled out dollar menus. Subway is offering one 12 foot sandwich for what a 6 inch sandwich once cost.
Whereas companies once gave free dinners to lure customers, some are giving away free gas.
A recent story in Times Leader tells how one merchant, Phil Rudy kept his store in business for over two decades by offering quality products and service and changing with the times.
McDonald’s noticed the popularity of noncarbonated drinks and has begun to offer flavored coffee at a lower price than Starbucks, the world’s most popular coffee destination.
Think of the businesses that thrive during hard times. Babies will still be born, people will still get married and people will still die.
The best strategy for you may not be to lower prices. Perhaps repurposing your inventory will be best for you. Think about what changes you can make in your gift basket business to attract customers.
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