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Repair Services Are Big Business In A Down Economy!
In a recession, people want to make the most of what they got, so they seek to repair more than replace their possessions. You can see that trend in people holding on to their cars for longer periods of time, buying clothing with classic lines and better longevity, and lining up at shoe and tailor shops to get that last bit of wear out of their goods. As money becomes tighter, it makes more sense to repair rather than to replace, and the lower cost of repair can also free up money for other purchases.
How Some Businesses Are Cashing In On This Trend
Some businesses realize that consumers will opt to repair or recycle before buying, as they feel their pocketbooks being squeezed. But, there is a solution for those companies that can figure out how to recycle and provide an upgrade at the same time. Some cell phone companies, for instance, might offer a trade back program that provides a discount to the person upgrading to another phone. The old phones are recycled for materials or refurbished and sold again. This provides several streams of income and a viable marketing strategy in a down economy.
Don't Own A Shoe Repair Shop?
It doesn't matter what business you are in, there are ways to use the old saying “reduce, reuse, recycle” to help the consumer get the most from their products or services while paying minimal amounts to upgrade. Anything that reduces the maintenance costs of an item is going to save customers money. So, the benefits of items that save customers due to lower maintenance costs can be a real selling point for upgrades. Can a product or service you sell be reused and for how long? Do consumers have the option to recycle once a product has met its lifetime usage? Any of these options can help you take advantage of the “repair” craze hitting the consumer's mindset.
Trading Up By Downsizing
Less is more is going to be the new mantra. If your customer can't afford to replace an entire item, but still wants the purchase, can you make your products and services available in smaller, more affordable doses? This even works for payment plans where people may want to purchase, but need layaway plans in a tight credit market. By making smaller payments over a longer period of time, the consumer still has the option to upgrade, but in manageable chunks.
Your In Success
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