by Steve Marr

The current economic downturn is affecting every business and we all need to make adjustments to connect with today’s changing customer demands. Customers are establishing new priorities and are reducing their overall spending.

It is important to understand these two key factors:

#1 — The psychology of customers is changing.
#2 — What worked during past recessions may not work in today’s hard times.

You may be tempted to go along without changing your business, but King Solomon wrote, “How long will your fools fight the facts?” (Proverbs 1:22 NLT).

The stream of bad economic news is eroding confidence and purchasing power in dramatically different ways. Many businesses now understand that a lot of sales growth was based on customers living beyond their means. Today, customers face a mountain of bills, unemployment, falling income, reduced retirement savings, and more. Businesses need to respond to these new realities.

Customers on Hold

Some customers fall into a “freeze mode” stopping, postponing, decreasing, or substituting purchases. Customers falling into this category are typically lower income or are the more affluent that have become scared or unemployed. Price and need are now the keys to reaching these groups.

Advertise your best price and promote special deals. In addition, consider offering lay-a-way options, which can induce buying. Also, if possible, offer do-it-yourself options. One hardware store promoted do-it-yourself projects as a way of encouraging customers to spend a little and still get the benefits they wanted. Moreover, try offering smaller packages at a lower price point to trigger buying.

Watch for it.  Businesses in this community are working together and bringing you the best Whatcom and Bellingham have to offer.  We are a part of that.  What can you do?  Support the Chamber of Commerce.  Join today.

Bellingham Chamber of Commerce has a great monthly award: The Most Valuable Person of the month award.  This Month was awarded to Nancy Leavitt of American Family Insurance.  This new mom to be has been a big part of the chamber and the various activites around our great community.  Congratulations Nancy!!!

Each month when attending the Chamber of Commerce meeting we put together a couple baskets to give away in the drawing.  This time we have a movie night package and a “Roll” of body lotion (thanks to Ava for the FANTASTIC idea).

The Kiwanis Club is an international Service club started in the early 1900’s to serve the children of the world. About 9 years into it’s life they adopted the 6 Objects of Kiwanis. Are they good for your business? Are the good for you? Here they are:
The six permanent Objects of Kiwanis International were approved by Kiwanis club delegates at the 1924 Convention in Denver Colorado:
#1 To give primacy to the human and spiritual rather than to the material values of life.
#2 To encourage the daily living of the Golden Rule in all human relationships.
#3 To promote the adoption and the application of higher social, business, and professional standards.
#4 To develop by precept and example, a more intelligent, aggressive, and serviceable citizenship.
#5 To provide, through Kiwanis clubs, a practical means to form enduring friendships, to render altruistic service, and to build better communities.
#6 To cooperate in creating and maintaining that sound public opinion and high idealism which make possible the increase of righteousness, justice, patriotism, and goodwill.

Through the decades, these Objects have remained unchanged.

Time: Wednesday from 7:45 – 9:30 am
Place: Gateway Centre Executive Suites, Rainier Room
Contact:  Lynn Bell  (319-2177)
Website:  www.bninw.com