The US is still slowly recovering from the economic slump and it looks like it will take a good couple of years before we can come close to a significant recovery. In the meantime, business has to go on. Prices and margins are dropping and to cope with this, manufacturers and companies are finding more efficient ways to produce merchandise and deliver services to customers.
A work at home based business opportunity is a great way to earn extra income as well as a novel way to ride out the economic slump. But what do you do if your current market is affected?
Many businesses are run from homes these days. Running a business from home keeps costs low and also keeps carbon footprints to a minimum. We have come across conventional web store businesses that are run from home and we have also seen an odd merchant or two taking up a window cleaning business opportunity. As long as a work at home based business opportunity is legal, viable and has the potential to make the merchant some money, then by all means, go for it.
The US is still in the process of economic recovery. Admittedly, some merchants are still feeling the effects of the slump. But there are merchants who have actually registered a hike in sales as bargain hunters have taken to online shopping to get the best deals out there.
If your store is experiencing a dip in sales figures even after using some of the techniques we have shared in earlier posts then it’s time to diversify your product line and your market.
Products and Prices
Variety is the spice of life, or so they say. If you are selling products at a premium price range, it could be time to introduce similar products at a lower price range. Play around with labels to maintain the brand image – this is very important.
Let’s take maternity shoes for example. You could introduce first and second trimester shoes which are cheaper than your existing range of maternity shoes, which you can now target at expectant mothers in their final trimester. You could also introduce shoes for new mothers as well. This is a great way to offer pricing variations without overusing the On Sale tag.
Alternative Markets
There are a number of countries which are further ahead in the economic recovery process than the US. People from these countries have more disposable income and thus better buying power. The most important demographic for most stores is the middle income group as they usually make up the largest group of online customers. Merchants who have been targeting the local US market should consider targeting markets from abroad while still keeping in mind specific niches.
You could be in Wisconsin starting your own business or you could already be an online merchant with an existing business, either way it’s important to realize when your local market is unable to sustain your business and move to expand your market beyond its present boundaries.
Let’s use the maternity shoes as an example again. This product is a good example of a product niche that has a market in practically every country.
Let’s say you have started with a work at home based business opportunity selling maternity shoes. The current economic climate could be a good reason to target foreign markets to improve your sales. In terms of product listings, you need not change a thing. You would just need to ensure your marketing efforts are not localized. Steps to do this include working with your drop shipper on new shipping arrangements as well as perhaps making some minor changes to your store. It’s as simple as that.
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