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Recession? What on earth are you talking about! That's the answers you'll be able to give when you understand what to do to ride out bad economic times and emerge triumphant. Commerce has not ground to a halt, after all. People and companies are just much more choosy about where and how to spend.
If you've experienced any kind of slowdown recently, use your extra time to put in place these five smart recession-fighting product development strategies. Then smile as competitors are still scowling or moaning.
1. Multiply your freebies. If you have just one giveaway item you've been using to generate leads, develop additional ones and encourage those in your network to tell their friends, colleagues and family members about your new freebies. Not only do such samples helpget people over the hump of hiring you for the first time, they enable you to reach out to potential customers who don't yet know you exist. For example, I created a free recession marketing report and gave it away to my subscribers and invited them to send it along to others. Make sure your giveaway item delivers outstanding value and is not a promotion in light disguise. Freebies can include no-cost events and surprise bonus items as well as reports.
2. Develop "lite" versions. For example, take your software, reduce the functionality and sell the bare-bones version at a lower price. Extract a chapter from a book and present it as a special report or booklet. In some markets, you can profitably do the same for just your bibliography or up-to-date helpful resources. The travelpublisher Lonely Planet pulled all the information relevant to a city from its longer, more comprehensive country guidebooks and published pocket-sized (and somewhat cheaper) city guides perfect for a weekend visit to Madrid, Paris, Amsterdam and so on.
3. Adapt for a new audience. Got something you sell to Canadian small businesses? Make the necessary changes so you can sell it in the U.S. or South Africa, or create a version for nonprofits, or for children. One of my clients has an offering consisting of audio CDs, book and workbook that she's planning to retarget to a zillion specialized professions simply by redoing her sales material and publicizing the slightly renamed product to professional associations and trade magazines.
Five Product Development Strategies For Recession ProfitsNow that the spring migration is around the corner, it's time to start thinking about how to identify birds. I think the first thing to talk about is your field guide. We will work on bird identifications in the next few blogs.
Sheila Buff in "Complete Idiot's Guide to Birding" has a section on field guides. I wish I had known some of the things I learned from her before I jumped into bird watching. I hope this helps you newbies and old hands gives you a new idea or so.
In the beginning
First a little history. While the idea of identifying plants and animals is older than the Bible, field guides for birders didn't exist until Roger Tory Peterson published A "Field Guide to the Birds: Western Land and Water Birds" in 1934.
Peterson's book only coveredbirds of the eastern portion of North America. He organized the book by bird families so it covered all the birds in a systematic, concise way with illustrations pointing out the most important identification clues. The book was small enough to carry into the field and cheap enough for anyone to buy.
There are now Eastern and Western editions of Peterson's book with the dividing point located east and west of the Rockies.
Another popular book is A Guide to Field Identification: Birds of North America by Chandler s. Robbins, Bertel Bruun and Herbert s. Zim. It is published by Golden Press and is often called the Golden guides.
My favorite field guide is the National Geographic Field Guide to the Birds of North America. It has the best drawings and descriptions and room fornote taking. But, as Sheila points out, it is bigger than the others and doesn't fit into a pocket. It is also more expensive.
Guides with Photos
All the books I mentioned above have drawings of the birds. I also have "Stokes Field Guide to Birds: Eastern Region" by Donald and Lillian Stokes. I got this book after getting their CDs of birdcalls. There are fewer birds in this book, the pictures are photos that usually give only one view, but the Stokes ' deliver more "personal" information on the birds.
I also like "Smithsonian Handbooks Birds of Texas" by Fred j. Alsop III. While this book has only one bird per page and it's a photo of a bird at that, there is also a page worth of information including a shadow picture showing the size of the bird in relation to the book.Clever.
Digitally enhanced photographs, a smaller-sized field guide with about the same information as the much larger "National Geographic" is Kenn Kaufman's "A New Focus on the Field Birds of North America." Kaufman does have a slightly different way of organizing the birds into groups. This is a good, if also expensive book.
I recommend any of these books. It would be a good idea if you are at all serious about birding to take a look at these different books and see which one you think would be the biggest help to you. A good field guide is worth its weight in gold.
Photos or Drawings-You Decide
Sheila suggests going with the books containing drawings rather than photos. Within any bird species there will be variation in colors and markings. Paintings averageout the differences and give a slightly idealized version. I do tend to use my National Geographic more for this reason. But I also use Alsop a lot, too.
Which do you prefer?
Choosing a Birding Guide
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The wise amongst us have huge portfolios of stocks and shares in blue-chip companies that rise and fall with all the whims of the stock market. However we are comfortable knowing that these blue chip companies on average will just keep on rising over the long term. If one or two falter or even fail we know that our balanced portfolio will still show a nice profit.
The ideal is, of course, to have a nice income from dividends coming in by the time we want to retire. It is not much fun though. That portfolio is just there doing it's own thing and we can watch it but not really participate much. Some of us do play around on the side speculating with a little buying and selling of shares just for fun. Some even do this quite seriously and make a good living out of it. Sometimesthey might lose in a day to years income only to pick it up again tomorrow or next week. OK I suppose if you have a good bank to play with.
So what about penny stocks. Where do they fit the equation. They are what they sound like. Stocks and shares of companies that are not worth much which means you can by them for literally pennies. What good are they. Not much good at all except you can buy lots because they are so cheap. That still is not much good because they will usually sit there for ever worth no more than a few pennies.
However, and this is where the fun starts, every now and then one of these low prices companies will do something extraordinary and their share price will take off. And because they are so low to start with they can quickly climb several hundredpercent in just a few days. Nice to have some money on that sort of increase. That is exciting share trading. If a mining company has a good exploration find or similar their stocks will go through the roof. Imagine if you are on something like this. What a fun ride. It is probably worth learning to pick these stocks that are about to take off. It is probably worth learning how to pick an early trend so you can get in early and pick up heaps.
That sounds like a fun way to invest. Keep your blue chips for the retirement fund but if you want some excitement in life have a look at penny stocks. What, you haven't got a huge portfolio of blue chips. Join the club. Penny stocks could be a way to get one. Imagine that ride if you are on it. You bought in at just a few pennies and everyshare that you bought is in the dollars. What a fun week or two it would be. Then you get out, pocket the profits and start searching for that next adrenalin rush. Get into it and enjoy a bit of life.
Catch you soon, Nick
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