Competition Management Pricing Retail Small Business

Is your business targeting this recession-proof market?


photo credit: Al- Fassam [ Online! 😀 ]

People with money.

Dips and peaks in the nation’s economy are always less of an issue to “wealthy” people, no matter how you define what “wealthy” means.

Maybe wealthy means they can buy a Mercedes like the one shown here. Maybe it means they can buy a new car of any brand. Maybe it means they can buy ANY car. Or maybe it means they can afford a bus pass. It really depends on your market.

Before you dismiss the wealthy / affluent market because you prefer to work with “regular people” (whatever that is), consider that higher profit, premium products just might keep you in business so that you can continue to serve those so-called regular people.

Cars, financial products, homes, services, restaurants, retailers, you name it. Every business has a market segment that consists of higher-end clientele. Even funerals.

Dollar stores have an affluent marketplace. You might call it Target or Costco.

In the poll I did a few weeks ago (there’s still time to add your feedback), the number two response was “pricing pressure”. Offering premium services and products is a great way to extinguish price pressure.

Adding value to everything you do is obviously another way:)

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