What Not to Do to Keep Market Share

     Consumers are economizing, seeking ways to trade down, cutting their spending, and keeping some of their hard-earned money.  In an effort to maintain their market share, many misguided businesses are offerring their product or service for less money, and in doing so they are often unwittingly eroding their reputation for quality.
     When we come out of this recession it is important that your product or service emerges with all the desirable attributes that it had going into the recession.
     Ultimately, the consumer is going to make a value judgment on the quality of your product.  If you decrease quality now (even if it's only decreased in the consumer's mind) it will be hard to change the consumer’s perception later when the economy turns around and you have competitors courting your customers.
     Now is the time to hold strong to your standards, to find new ways to improve, to continue to meet your customer’s expectations, and to prove your product or service can be trusted for quality.  Doing this now, when many others are eroding quality in an effort to maintain market share, will set you apart and position your product or service for continued success when the economy does turn around.

 

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