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.
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