There has been a tremendous response to the first article on what to sell during a recession and it has sparked a number of interesting conversations. One of these conversations revolved around the topic of how people who have filled their lives with luxuries like expensive cars, clothes, club memberships, etc. satisfy their urge for luxury when they lose the means to support the habit.
The answer to my question is: Little Luxuries!
My wife calls it “Lipstick and Lacy Underwear Time.” When women who normally buy Coach handbags and Prada shoes fall on hard times, they console themselves with ‘affordable luxuries’ like expensive lipstick and lingerie. They are able to buy something expensive for its product category, but the category itself is far cheaper than what they have been buying – so they can still lead that life of mini-extravagance without going bankrupt.
There are hundreds and thousands of these ‘affordable luxuries’ that people will turn to during the hard times. Gourmet coffee and candy treats tend to do well. Magazines about expensive lifestyles also sell. Memberships in places like CostCo will be on the rise as people look to get a little more for a little less. Trader Joe’s affordable gourmet foods will satisfy the urge for many. And other low-cost luxuries like sunglasses, watches, and (of course) lipstick and lingerie will become the focal point for people looking to ‘treat themselves’ to a little something special.
How To Capitalize On The ‘Little Luxury’ Mindset
The best way to capitalize on this mindset of ‘little luxuries’ is to simply rewrite the marketing copy for the things you are selling right now. Position your existing products and services as ‘affordable luxuries’. Encourage people to ‘treat themselves’ to your products because they are far more valuable that what is being charged.
Simply re-framing the perception of your product can shift the mental gears of your customers and give them permission to spend a little money with you.
Of course, you can also create products that are designed to supply many of the feelings of luxury at reduced costs. Or, you could simply reduce the costs of buying your products.
Another tactic that may work instead of lowering prices is to allow payments to be made in installments so that the initial cost of purchase is much lower.
I am responding to the recession with a special low-priced offer of some of my best selling products designed to help people create and grow their own information publishing business.
Instead of waiting until ‘things get better’, I want to help people develop the skills to ‘make things better‘ by starting a new business. Information publishing is a very inexpensive business to start and the profit potential is significant. I make money from it every day – so I know what I’m talking about.
The ‘Recession Buster’ Package is On The Way
I’m working on a special “Recession Buster” package that is going to put together an amazing collection of products for walking anyone through the process of starting up their own information publishing business. It will be available to subscribers of the IM Insights newsletter in a few days. (Only newsletter subscribers will receive this offer, so subscribe to the free course using the form on the right side of this web page to get the sale announcement. You’ll get an awesome e-course too!)
Keep watching your emails, the ‘Recession Buster’ package will only be available for 4 days. So, you’ll need to move fast to take advantage of this amazing deal (over 75% off of my normal sales prices.)
Real value is created in our economy when people like you and me create new and valuable products and sell them to others who need them. As our businesses grow, we pay for things like payment processing, web hosting, and software. We also hire bookkeepers and other folks to manage our business. We purchase computers, video cameras, audio recorders, and more to create new products to sell. And, the list goes on.
In short, it’s people like you and me getting to work that will ultimately start rebuilding this shattered economy. I hope, through the “Recession Buster” package, to help you get a jump start on doing your part without breaking the piggy bank in the process.
Don’t let a recession get you down. Let it inspire you to create instead.
If you are listening to the podcast version of this article, visit us on the web at www dot go-to guy enterprises dot com to sign-up for the newsletter and receive our powerful e-course titled “The Six Secret Weapons of Power Persuasion.”