At a time when the world is in financial hibernation, many of us have ceased our spending, when we should be flashing our cash.
In a follow up to his article ‘The Credit Crunchie’, Freelance Writer Babu Basu knows that if you’ve got it, you really should flaunt it.
Flaunting it
Now let’s be clear, when I say ‘flaunting it’, I’m not promoting widespread nudity or the losing of clothes. The flaunting I advocate is financial.
Apparently, our economic situation is worsening day by day. Everywhere the media looks, there are job losses, company closures and a shrinking global economy. Financially speaking, the end of our world is nigh.
Isn’t it?
Before we shut up shop and hurl ourselves out of the nearest window, might there be things we can do?
Perhaps our first move should be to ignore the media.
Ignoring the media
For the last 6 months, the media has successfully swamped us with misery and gloom. Hope, creativity and entrepreneurial thought are nowhere to be seen. The long standing trust in banks, building societies and the way we do business has all gone without a trace. In short, we are doomed.
Really?
Whether or not you agree with the media’s assessment (and I certainly don’t), you can’t deny the impact that the media plays on our lives. Now, more so now than at any other time in history, media is everywhere – it is portable, consumable and forming an opinion somewhere near you.
A great deal of fuss is made about ‘the free Press’. I think the focus should now be on ‘the responsible Press’. Journalists, TV producers and editors need to consider the moral, social and economic implications of their work. In short, they need to understand the concept of ‘social cost’.
Social Cost.
In Economics, ‘social cost’ considers the non-monetary value of producing an item. Thus, the true cost of air travel includes the monetary value of the ticket (fare plus taxes) as well as its social cost (pollution). Journalists need to understand that their work can pollute too.
I know what you’re thinking.
Responsible journalism with a social conscience is pretty thin on the ground. You’re right. So, in its absence, might I suggest some other alternatives?
Flashing the cash
As strange as it may seem, now is the time to be spending.
Firms scared by what they see in the media, are desperate to spend less, right at the time when they should be spending more. If you need more people to buy from you, then you need to be spending more on your marketing.
Creatives are worth their weight in gold. First rate graphic designers, marketeers, writers and PR professionals can help your company re-brand, refresh and re-invigorate. They have the knowledge and the creativity to help you navigate these murky financial waters.
Granted, it’s hard to flash the cash if you don’t have any, and even if you do, you may not feel like flashing. So, how about a spot of discreet flashing?
Flashing discreetly
Remarketing doesn’t have to cost a fortune, and if you’re canny, you’ll take full advantage of the sizeable discounts offered by retailers and service providers.
Now I could argue that it is your moral duty to spend. You (yes you) need to put money back into the economy and you need to do it now. The Government has spent billions injecting money into the economy, however, until we all start to invest, nothing will change. Disagree with my morals if you must but don’t disagree with my economics. Your economy needs you, now.
Improving customer service
In a bid to reduce costs, many firms have skimped on the training of staff and down played the importance of customer service. Silly.
Right now companies should be fighting to hold onto customers as well as striving to find new ones. The best companies don’t just compete on price. It’s the extra things like first rate customer service and detailed product knowledge that will have your customers coming back for more.
Standing out from the crowd
Use a bit of imagination, take risks (small ones) and stand out from the crowd. In a marketplace that is increasingly becoming more uniform in its appearance, standing out will pay dividends – literally.
Finally,
Just hang on in there
The economy will pick up and things will get better. Till then, flash with discretion.
Excellent article.
An associate of mine, Toby Reid wrote this last week.
“£2million unemployed. Economy to shrink by 2.8% in 2009.
Surely, the focus should be on the fact that £29.39 million are still employed and that 97.2% of the economy will still exist! That is a larger economy than we had a little over 2 years ago and we all still managed to make money then.
At a time when we run the very real risk of being paralysed by nothing more than fear and paranoia, the ‘can do’ attitude of the entrepreneur is more important than ever.”
People need to look at the big picture
Thank you Graeme. I think you’re absolutely right.
There’s a lot we can do to make things better.
And I hope someone, somewhere can take the media to task and that we all keep the faith.
Enjoy the discreet flashing
Babu