Which Businesses Faring Well Even In The Recession
I’ve been meaning to write this post for several days now, ever since I read an article in our Las Vegas Review Journal dated Monday, February 16th. In fact, it’s been sitting on my desk just waiting for the right moment to go from paper pile to post.
What really caught my attention was the headline, “Cultural differences: Economic values may explain why businesses owned by Chinese-Americans are faring well in the recession.”
We see all too often people pulling away from the very thing they should be doing during down times or slow times or tough times – especially online. The energy exerted to build a business is tamped down (or shut down) in the hopes that somehow, magically, sales will continue – in spite of no advertising or marketing.
Here’s something that very well may (and should) change your perspective on “should I or shouldn’t I be advertising and marketing or even blogging?”
“The fortunes of a newspaper published out of a second-floor Chinatown Plaza office may give us insight into differing attitudes about money and ways of surviving tough economic times.
In a time when a 162-year-old national news chain such as the Tribune Co. file for bankruptcy protection, the Las Vegas Chinese Daily News is actually growing, fueled by an increase in advertising. The paper has gone from 16 to as many as 36 pages since printing its first copy five years ago.”
The article goes into further details by defining how different cultures view our current times; “…many Chinese business owners consider a time of economic stress a time to spend money on advertising.”
This advertising “outlook” is considered to be a definite separation of U.S. and Chinese cultures. Where the former sees nothing but doom and gloom when it comes to doing business, the latter are taking advantage of great rates and exceptional deals. These factors also attribute to the fact that over 20,000 valley residents of Chinese heritage are surviving the highest unemployment rates in a generation.
“Chinese attitudes about money include the notion of saving profits and growing slowly, instead of leveraging long lines of credit and expanding rapidly, several business owners said.”
Now here’s the best part, and what I’d really like you to come away with (having read this post… thank you):
“The Chinese rely more on what is known as a relational economy, compared to Americans, who function more in a “me economy.” The Chinese system is based more on, “I do something for you, you do something for me,” with everyone being on the same level.”
Sounds a lot like the Golden Rule applied with a fine paint brush to the art of keeping customers coming back by treating them right.
So if you’re asking yourself, “Is now a good time to slow down with my marketing and advertising?” we think it best to tell you the answer is no.
Recovering lost ground is costly.
Instead, plan and budget for an amount comfortable (and affordable) for you in today’s economy. Be it $10 or $1000, keep your business plans afloat and keep them growing.
We’ve said it before and we’ll keep on saying it. The internet waits for no man, woman, or child. Let up for even a tiny bit of time and your competitors are going to sweep right over you.
Your wise move is again budgeting. Keep your ads out there, continue investing your time and energy, too.
These rough times will not last forever, even if (in the moment) the light at the end of the tunnel doesn’t shine very brightly.
Stay on top of what you’ve been doing, and when the sunshine hits, you’ll be well positioned – ahead of your competition – in the months and years to come.
Tags: ads, advertisement, advertiser, advertisers, advertising, blog, blogging, blogs, budget, building, business, chinese chinese americans, chinese cultures, chinese heritage, competition, cultural differences, current times, customer, different cultures, doings, doom and gloom, dos, economic stress, economic times, economic values, economy, exceptions, fortune, generations, increase, insight, insights, internet, investments, las, man, marketer, marketers, marketing, money, new, news, online, pages, people, perspective, plan, postings, profits, publishers, rates, recession, Reviews, right moment, s, spite, tough times, tribune co, unemployment, valley residents, vegas review journal, walks
February 26th, 2009 at 10:03 am
Wow. I really enjoyed the post, particularly on the differences in culture between the chinese and the Unites States. It just goes to show oneself the value of studying and cherishing different cultures (what do you expect from a Canadian).
I can’t agree more; in tough times like these, it’s important to trim the fat personal expenses. The current economic landscape presents the perfect opportunity to start increasing business exposure.
With that being said, online businessed and e-commerce ventures need all the more to continue to advertise to drive sales and continue to solidify – and potentially increase – brand awareness in ones target market. Increased spending on online advertising should deliver marketing messages to potential customers how one’s products and services can actually SAVE them money!
I realize as an independent, internet-based business that sales may be slow, however these tough economic times present value for savy entreneurs and business persons. Just like the stock markets, there is value out there – you just have do your research and find it. Online advertising is likely to decrease in price – but not in value. I assert that this recession will present more value for savy businesses; those managers and busniness leaders wise enough to see an opportunity. E-commerce ventures may not have total control over decreasing sales, but now is the time to continue to push branding campaigns through reduced advertising rates and increased opportunities.
Sincerely,
Daniel Tetreault
IMG Ventures
Daniel Tetreaults last blog post..Changing Links
February 26th, 2009 at 3:19 pm
WoW! Great article and I agree! Never stop what you are doing. In fact, ratchet it up a notch and see what happens. Those who continue to run head long into the recession/depression will be better off when we pull out of it. Thank you!
Lindas last blog post..A Freebie For You!
February 26th, 2009 at 5:10 pm
Very good and informative post. The cultural differences was really an eye opener…Thanks for sharing!
Barbaras last blog post..Relax With Barbara On Wednesday 26
February 27th, 2009 at 11:45 am
@Daniel, first I want to say thank you for your outstanding effort put forth to comment on this post, absolutely amazing, and we so appreciate it!
Of course we could not agree with you more
Definitely heading over to your blog to see what you are all about. Again thank you!
Diane Scotts last blog post..The Keys to Choosing a Home Business System
February 28th, 2009 at 8:34 am
If an online business an make profit in this period, then when the global economy eventually improves, making profit them would be a piece of cake.
February 28th, 2009 at 5:20 pm
Do people run out of capital and so have to close up prematurely?
March 2nd, 2009 at 4:19 am
That’s really interesting. I’d also say that work ethic plays a huge part in who and what businesses are successful.
corrins last blog post..Gotta pee? It’ll cost you.
March 2nd, 2009 at 6:22 am
the cultural differences are very interesting, and i have to agree that this is a good time to continue advertising and marketing your business. otherwise, like you said, you’ll be playing catchup.
March 2nd, 2009 at 6:41 am
This is a very good article and Daniel’s response was excellent.
I find cultural differences interesting and try to learn from them.
Sales and marketing in this day and age is challenging to say the least but there are opportunities out there to take!
Sam Servedios last blog post..Best-Rated Online Programs
March 2nd, 2009 at 6:51 am
Hi, these types of articles help me out with my marketing techniques. Thanks for sharing!
March 2nd, 2009 at 8:30 am
I definitely agree in the Chinese’s logic. You don’t want to stop spending or putting effort into your business just because of the economy. Just be smart with your money and expectations. Many fortunes are also made during poor economic times by folks who are creative and smart. They spot a need and fill it.
Maureens last blog post..Your New Online Business: Doesn’t Have to Be Costly or Time Consuming
March 2nd, 2009 at 8:45 am
If you can afford it, now is the time to ramp up your efforts for sure.
Julies last blog post..IZEAFest 2009 at Sea World
March 2nd, 2009 at 4:36 pm
Excellent advice and comments to this post.
Thanks for sharing!
Barbaras last blog post..A 100% Recyclable Kitchen!
March 3rd, 2009 at 7:13 am
Very interesting. It still goes back to the old concept – you have to spend money to make money.
Sadies last blog post..Diet Pill Study #2 – Ephedra
March 3rd, 2009 at 1:00 pm
@Everyone – I’m sorry I was running so far behind not to respond individually, but each comment is valued and very appreciated.
Yes, it’s odd, people tend to do the opposite of what’s best for them. Isn’t our current situation almost proof of this?
The idea online is the same principles as offline – budget, plan, and work your plan. There is money to be made online, if you play it smart!
March 3rd, 2009 at 2:31 pm
Well I think the chinese are a very wise culture, so Im sure they knwo what they are talking about lol. And it is never a good time to stop advertising lol.
LadyGraces last blog post..18++ NOT for the faint hearted
March 3rd, 2009 at 5:40 pm
It’s always a good idea to learn from another culture or other people because each and every one brings some qualities to the table…
daria369s last blog post..S.N.P.J. Days Weekend – Day 2
March 3rd, 2009 at 11:23 pm
Good article! You know people still have to live and will be spending some money, and if you aren’t advertising they won’t know you have a product to sell. I think the key is to scale back but keep your name out there!
Heather in Beautiful BCs last blog post..Hummingbird Nest
March 4th, 2009 at 12:53 pm
The greener the better
Christina thecoffeeladys last blog post..Why I blog…. for my friend, John.
March 5th, 2009 at 10:31 am
Thanks for the great post!! It was very timely and true!
Your FL furiends,
Samantha & Mr, Tiggers last blog post..Thankful Thursday
March 31st, 2009 at 11:13 pm
Hi! Great post! I was looking around for some thing like that on the net for my college studies. I’m also a part of Jeff Paul’s program. So I’m still kinda new in internet marketing