OverPriced & UnderWOWed = Invisible

The news this morning carried an undertone of disappointment in the ferocity of Irene . . . and criticism of the media coverage and “Over-Reaction” of public officials.

Poor Irene, was ONLY able to do BILLIONS of dollars of damage in most every state near the East coast beginning in North Carolina – but no “significant” loss of human life . . . How disappointing.

It’s definitely a “no-win” for the media and officials . . . Sensationalizing major weather events is FUN and Exciting (and probably improves ratings) . . . and very well may have saved the lives of some of the the folks who listened and vacated to safer realms.

At what point is it “crying wolf?”

Do people develop a false sense of security due to this sensationalizing and thereby become numb/deaf to the warnings . . . When the next hurricane comes along, will they listen?

We’re a few years into this recession and have been witness to an economic hurricane of sorts that has affected most every person in the “civilized” parts of the planet. Many businesses large and small have failed resulting in job losses and financial crisis for many families.

Meanwhile there seems to be this parallel universe in which business is thriving.

I know several REALTORS having their best year EVER . . . while others are struggling or bailing out of the business.

I see entrepreneurial ventures rocketing out of the starting gate with great success while many of the “incumbent” businesses in the same industry are shuttering their windows and closing their doors. (Restaurants and “Mom & Pop” stores)

In tough economic times, it’s not quite as easy as it was for businesses to survive.

Consumers of today have SO many choices, they can DEMAND lower price and expect higher quality.

The businesses that don’t get this are invisible.

A new business will likely experience “beginner’s luck” and should be wary of the “fool’s gold” abyss. Early adapters are eager for new and exciting option and  give the new kid on the block the benefit of the doubt. With LOUD marketing and smart networking, most any new business can start strong.

The real test shows up later. How long will this “luck” hold?

That early success may create the aforementioned “False sense of Security” as the business owner hears what she wants to hear (positive feedback supported by strong sales) . . .

Here’s the kicker . . .

Rather than basking in the glory of early praise, it is CRITICAL for businesses to be VERY aware of how their customers perceive the VALUE of the product and experience in their establishment.

“Over-Priced and Under-WOWed” is a silent killer.

(This applies also to houses for sale :-))

Who’s going to be honest and candid with the owner when the experience is less than WOW for the price paid?

How many people will patronize the business ONCE . . . never to return . . . and will then tell all their friends about the less-than-stellar experience?

How can a business recover from this new stigma?

Or CAN it?

I’m a HUGE fan and advocate of EVERY small business out there whether in some level of “Re-Creation” or in the early stages of “Entreprenurial Startup” . . . I want them to SURVIVE because I believe that it is these businesses that hold the keys to job creation and economic recovery.

Let’s start this snowball on the LOCAL level.

Head out and hug a LOCAL business owner today and SPEND MONEY in their store . . . If you think they’re pverpriced or underWOWing you . . . TELL THEM TACTFULLY . . . It may sting them a bit but it is EXACTLY what they need to hear so they can forge the path to long term success.

I know this was a very “Business” Monday Morning Coffee . . . Coffee was unusually strong this morning 🙂

Hope you have a great week!

Best,

b

PS – Pareto Realty is getting close to moving to a new level as we approach our 1 year Anniversary 9/14 . . .

Stay tuned at http://paretorealtyllc.com/blog  !

Published by Barry Owen

Strategist-CEO of Pareto Realty Real estate sales Professional Inviter-Facilitator-Practicer of Open Space Technology Opening safe space for people & organizations to self-organize around issues & opportunities BarryOwen.US Invite-Listen-Love

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