How is your industry performing?
Service industry businesses are winning! With the market changing due to higher rates, people are spending less on materialistic items and investing more in quality of life.
This includes convenient, time saving services that makes their life easier.
Consumers are changing their budgets to spend less in restaurants, but more on outdoor living. They're not buying new cars, but will pay extra for car detailing services. Movie
ticket purchases may be down, but TV mounting businesses are seeing an uptick in calls.
So what does all this mean? People are looking for quality experiences instead of trendy items. As consumer behavior changes, be sure your business is ready to make
adjustments in order to keep pace with the market.
Here are some ways to maintain strategic flexibility during the 2nd quarter:
Help sponsor outside events that bring more people together to expand your brand and marketing.
Add new services or referral discounts to your existing packages.
Support school functions by giving your time or donating sample products.
Host educational workshops or digital seminars that provide beneficial tools and resources to your target audience to help build a connection with them.