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  1. #1
    Full Member TerriFalcone's Avatar
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    Making money in tough times
    Making money in tough times. Let's face it, hard times will be around for the forseeable future...or at least the next few years. What are you doing or planning to do to ride out the rough patches. As people start buying more of what they need and less of what the want how is your business model adapting?
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  2. #2
    Prince of Content Vinny O'Hare's Avatar
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    I am not planning on doing anything different at all. People will be surfing online for bargains they cant get in their so called real world.
    Vinny O'Hare - OPM - Contact Info email: vinny at teamloxly.com ~ 702-582-6742 Twitter

  3. #3
    Outsourced Program Manager TrishaLyn's Avatar
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    Most of what I advertise on my blog is for businesses so I don't really plan on changing much there. I may rethink some of the stuff on my food blog though. It's not my primary focus though.

  4. #4
    Affiliate Manager Howard Gottlieb's Avatar
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    Our main online businesses just had their best month ever ... by 34% and November is usually our best month.
    I would rather live my life as if there is a God and die
    to find out there isn't, than live my life as if there
    isn't and die to find out there is.

  5. #5
    Troll Killer and best Snooper!
    I decide when the pigs fly!
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    Last month my income was 71% of what it was in October of 2007. Prior to the summer I had been earning ~150% of last year's earnings. So yeah, I'm feeling the economic downturn.

    What am I doing about it? Working my ass off, that's what.

  6. #6
    I like traffic lights
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    I'm building out sites for European countries (including eastern), Japan, and Latin America at present.

    Diversification is the name of the game.

  7. #7
    What's the word? Rhia7's Avatar
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    Quote Originally Posted by Drewbert
    I'm building out sites for European countries (including eastern), Japan, and Latin America at present.
    Diversification is the name of the game.
    While diversification is important, one needs to keep in mind how those economies are doing. Some of the headlines from around the world would suggest caution before plunging into new ventures:
    Australia cuts rates as world recession gloom builds

    EU economy ‘probably already in recession’

    Factory Slump Puts China on Verge of 'Recession'

    It's good to study the markets/niches you plan to delve into especially if anything will incur additional costs.
    If you already have a lucrative niche for those demographic areas that's great; but the flip side of the positive aspects of diversification can be "spreading oneself out too thin" -- so it can be good for some people to focus on strengths.

    My advice on making money during difficult times would include streamlining operational costs.
    Perform a cost/benefit analysis for every expense.
    Amortize the equipment you invest in [i.e. hardware/software etc.]

    Another suggestion is to be aware of trends.
    Google Trends might be useful [you can type in your own search term(s)]:
    http://www.google.com/trends/hottrends
    If you can take advantage of trends in some way that's like riding the crest of a wave.
    Last edited by Rhia7; November 4th, 2008 at 01:23 AM.
    ~Rhia7 -- Remember the 7
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  8. #8
    What's the word? Rhia7's Avatar
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    Making money during tough times might require "thinking outside of the box." Sometimes "thinking outside of the box" incurs additional costs so one must keep in mind a "streamlined budget attitude."
    "Thinking outside of the box" often leads to some type of innovation.

    Think of ways you can improve your site[s] for minimum or little cost.
    I just saw an online article, When should an online business go mobile?
    Leading PC Web sites are not changing fast enough to keep up with mobile browsing trends, according to mobile analytics service Bango.
    Sometimes one can get ideas from articles. I have not heard of Bango but has anyone tried or does anyone have an opinion about Bango's Free mobile website builder?
    http://bango.com/products/buildsite.aspx
    The page claims:
    Use a tried and trusted online site builder that delivers professional results fast. No complex software to install and no technical experience required. Your site will be standards compliant, hosted on reliable servers and compatible with all mobile phones world-wide.
    I have not used it but if it works then that would be a low cost innovation for one's website. Any opinions on the website builder?
    ~Rhia7 -- Remember the 7
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  9. #9
    Life is Supposed to be Fun! Rexanne's Avatar
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    Quote Originally Posted by Rhia7
    the flip side of the positive aspects of diversification can be "spreading oneself out too thin" -- so it can be good for some people to focus on strengths.
    Excellent point!
    Peace,

    Rexanne

    Rexanne.com
    Loving Everyone's Child Creates Magic


  10. #10
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    For the last six months I've been gradually attacking niches that are pretty storm-proof - where there is huge demand, lots of healthy sub-niches, tons of products being sold on different networks, etc. This also means I've encountered greater competition in some of these niches so it's taken a while to get a foothold in some of them. Weight loss being a huge one that I'll use as an example.

    But you have to remember that the fundamental rule of buying and selling still applies. People buy stuff to feel better about themselves. That's a universal theorem that isn't going to change. As people have a stronger need to feel better about themselves (due to economic downturn, etc.) you can find ways to appeal to that while still selling quality products. Sell into that deep need or craving that people have - whether it's to make more money, look better, feel better, acquire new skills, or whatever.

    Anyway if you can position yourself that way you should be fine. I think certain consumer goods categories will drop off but there are tons of other places where people will always have a "longing" (dating services for example) and we can learn to appeal to those with what we are promoting.

    Dan

  11. #11
    I like traffic lights
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    I'm spread so thin already, a little bit more spreading makes no difference.

    Once I've loaded another language into my custom site building script and built an interface to the local merchants in that country, the hard work is over.

    After that, starting a new website for that target market is just a matter of loading the domain name into the database and a list of the relevant product keywords and BLAMMO! the site is live. Less than 60 seconds work in most cases.

    The hardest and most frustrating part is finding merchants that realise that people outside their country can effectively bring them traffic but probably don't have a mailing address or bank account inside their borders. Uphill battle, that one.

  12. #12
    Visual Artist & ABW Ambassador lostdeviant's Avatar
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    I've just cut back again on my spending and considering how simply I already live, that is quite restrictive. I hope to survive the bad times and keep working on the long term changes I have planned for my sites so that they'll be ready for when people are ready to buy.

  13. #13
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    Another tip that might be helpful to people is to think about the universal experiences or cycles that everybody goes through and think about getting into those markets that cater to those cycles, like:

    1) Birth, natal care, pregnancy, childrearing, parenting, schooling
    2) Marriage, divorce
    3) Death and dying
    4) Coming of age or important times in life from a religious perspective (bar mitzahs, first Communion, etc.)

    Although for some of these markets (weddings for example) people will be cutting back their spending a bit, there are certain universal experiences that people will continue to celebrate and spend money on, so getting in on those in some way can be very profitable.

    Dan

  14. #14
    ABW Ambassador
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    >"streamlined budget attitude."

    We trashed 2 phone lines.
    Not attending 2 conferences this year.
    Still like http://en.wikipedia.org/wiki/Grey_Goose_(vodka) even if it is distilled in Cognac, France from French wheat.
    AND we no longer smoke cigs.

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