Growing Profits in a Shrinking Economy

 There are two ways to approach a downturn in the economy. The first is the “Chicken Little” approach — running around saying “The sky is falling, the sky is falling!” Unemployment is up, disposable income is down, and the public’s ability to spend has decreased. While all of this may be true, wallowing in depression about it is not going to increase your sales. Negative thinking often leads to the cocoon effect, where you decide to circle the wagons, cut back on everything you can (especially advertising), and just hope you can survive the storm.

While a lagging economy can offer a great excuse for a downturn in sales, you still have to ask the hard questions about why you’re not growing. During these tough times, I’ve seen similar units in the same town experience opposite results. One is enjoying double digit growth, while another watches the losses mount – same region, same weak economy. The difference is in the drive and the motivation of the manager to make sales happen. There truly is something to be said about the power of positive thinking, when it’s backed up with a lot of hard work!

To get your momentum moving in the positive direction, keep repeating the mantra, “They still have to eat.” Whether they’re rich or poor, they still have to eat. Whether they’re on the job or at home collecting unemployment, they still have to eat. And they still want the convenience of having someone else do the meal preparation that they’ve come to expect. They may not eat out as often, but the choices are still being made, and you just want to make sure they make you their number one choice. And during a slowdown when others are cutting back and waiting for better times, you have an opportunity to reach their market and increase your customer base! It all depends on creative marketing

There are so many different ways to market, but in a down economy just placing an ad in the local newspaper is not going to get the job done. Creative marketing focuses on driving customers through your doors. It offers an element of interactivity. It gets your customers involved.

If you need some new ideas to jumpstart your marketing, you need Restaurant Marketing Secrets!