Dec 17

Written by: PIC Solutions News Editor
Thursday, December 17, 2009 

THE FESTIVE season is known as an opportunity for spending some quality time with the family - but it is also known for taking more cash out of your pocket than an ex-spouse after a messy divorce.
In these tough economic times, businesses especially feel the brunt as consumers are more cautious about spending. So how do you, as a business, change your approach to sales?

“The key is in knowing how to market your product for a more specific clientele,” said PlC Solutions director Simon Trupp.

PIC solutions is a credit consulting company dealing with credit policy and risk assessment. It provides credit models designed to refocus business areas, including marketing, by using existing platforms instead of paying for new ones.

“We are seeing a recovery with the economic crisis. However we won’t see any real change until next year,” said Trupp.

“But in the meantime the festive season is still before us and with it comes a great business opportunity that shouldn’t be passed up.” Jeremy Nel, managing director of the brand-building agency Luxury Brands, agrees that proper marketing has become much more significant since the recession hit.

“Ultimately, marketing strategies and messaging in the luxury goods market is now becoming far more focused and subtly aimed towards conversation as opposed to branding,” he said.

Huge advertising campaigns will get people to notice your brand but if they can’t afford the product they are a waste of money.

Nel suggest the solution lies in giving more while keeping prices reasonable.

He said most high-end brands won’t immediately drop prices but prefer to add something to make the deal more tempting.

To determine how to sweeten the deal, Trupp suggests researching the market and getting to know what customers want.

“Marketing needs to be aggressive and proactive. Customers will respond to better service and savings. Look after your customers and they will look after you,” said Trupp.

kowthar.solomons@inLco.za

Author: CAPE ARGUS, Workplace 02 Dec 2009 Page 8