Cash Now: The Simple Switch

Believe it or not, technical indicators suggest we’re in a bull market - and have been for the last five months. Look around. What I see is people tightening up spending, having a difficult time raising funds, and moving back in with their parents. Regardless of what technical indicators say is happening, I don’t think ignoring or disregarding how people behave is wise.

The good news is that growing a business is a long game. Cycles will come and go - and you don’t have to launch a new business or product every time the wind changes direction. You can stay a step ahead by shifting your friend message - which is a lot cheaper and easier than changing your entire product or service line.

First, you have to be able to decide for yourself what kind of market you are in. During COVID restaurants were suffering to stay alive while cloth mask manufacturers were booming business. Economic conditions are mostly environmental, meaning everyone is impacted by them - but there are always a few outliers that benefit when everyone else is hurting and vice versa. I don’t think you need to worry about the technical indicators or what the experts say. Just look around - that is your reality.

Second, if you have a strong core offer, product, or service - don’t change it. Adapt it slightly if you need to - but the real magic is in changing the messaging.

In a strong economy, everyone gets overly greedy - speaking to their greed is likely the most effective. Bull market language is the language of gaining more.

In a recession-like economy, everyone gets overly fearful - speaking to the fear is likely the most effective. Bear market language is the language of losing less.

Here’s something you can do right now.

Take your core offer and write it down. For example:

CORE OFFER: DIRECT MAIL NEWSLETTER

And then draw a table below it. On the left write down all the compelling, sexy, gain-based messaging for that offer. Then, on the right, invert it:

Another example:

CORE OFFER: FITNESS MEMBERSHIP OR APP

Typically, I lean toward the right side in all conditions. My book is literally about appreciating when bad things don’t happen. Most marketers lean heavily to the left and teach their students to do the same - which works…until it doesn’t.

Pay attention to how your market is behaving. If they are tightening up spending, it’s likely due to the fear of loss-making bigger promises about bigger futures is not going to be very effective. If they are spending wildly because money is flowing - they aren’t likely to value prevention, or bad things not happening.

If your messaging is heavily slanted in one direction, draw a table like the ones above and create the messaging for when your consumer psychology shifts. Because it will.

*I wrote R3: Retention, Referrals and Raving Fans over five years ago. In the last two months, more people have requested my time to discuss it or asked me for another copy of it than have love the last four years. That tells me something.

Good Luck.

This is an excerpt from the since-retired $97 a month Direct Mail Letter. You can get the entire archive of all 13 issues here.

Live to learn. Give to Earn.

Man Bites Dog.

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