The Other Side of the Economy

Thumbing through an issue of the Robb Report, (today’s “Wish Book” for men), my eye was drawn to the article about a $50,000 mattress.

The article caught my eye because Linda, my wife, had just purchased a couple of new mattresses for one of our guest rooms, and a wave of fear momentarily ran through my body before monetary reality helped me “know” her credit card didn’t go that high and such a purchase was impossible. In any event, once captured by the article, I read it.

While it is always interesting to muse on the thought that the old $50,000 record price had been replaced by a $75,000 version, this was not the point that my mind began to focus on. Instead, it was the main lesson of the entire magazine. There are two economies going on in the world simultaneously. One is the economy of higher gas prices that spoil the whole day of many Americans who get depressed every time they fill up. The other, is the economy of the ‘Affluent,’ as marketing guru Dan Kennedy, labels the other group of people in the newsletter he writes on the topic each month.

There have always been economic differences in this country, and the world for that matter. We might wish that it weren’t true, but pretending otherwise is simply not to face the truth. It is also not the target of this article.

The point to focus on here is the lesson that, to the extent you can, now is the time to refocus your business on that group of people who can afford your products or services, or at least a certain segment of your offerings. If you don’t have a product or service that is targeted to this group, you should create one so that at least one area of your business is less affected by the weak side of the economy.

Here are some examples to consider:

• A doctor could have a high-end portion of his practice that offered special service and extreme physical checkups
• A car dealership could offer a concierge level for its high-end clients that had free car use, special waiting rooms, client appreciation days and a breakfast club
• A funeral home could offer a special offering of wakes that included catering service or special spots to spread ashes — like the top of the world
• A law firm could provide total annual service for a flat fee or a monthly continuity program, the same for a CPA or other professionals
• Retail stores could slot their offerings so a mattress company could have regular mattresses but also a “behind the velvet ropes” display of the $50,000 mattress (similar to the way Vegas casinos display the $1,000,000 cash prize)
• A dry cleaner could offer pick up and delivery for customers of its monthly “Inner Circle”
• A pizza restaurant could offer “all Organic” or a gourmet-membership level
• A barber shop could have a monthly membership club that offered special prices and services

In case you haven’t guessed, all of these examples have been done, and done successfully. How can you do it in your business? What way can you create a level of service or a higher price line of products that appeals to the economic group that is still spending? Answer this question for yourself and the price of gas won’t depress you as much.

JW Dicks, Esq. is an attorney, best selling author, entrepreneur and business strategist. He has spent his entire 35-year career building successful businesses for himself and his clients bringing his golden touch to the marketing and sales of over $500 million of products and services. His professional versatility affords him a unique insight into the opportunities available for today’s business owners along with the knowledge of how to structure and position a business to take advantage of them.

He is the senior partner of Dicks & Nanton P.A.: The Business Growth Lawyers™, representing clients in the growth of their business using franchises, area exclusive licensing, coaching, idea licensing, info-marketing, joint ventures, syndications and explosion marketing to accomplish their goals. Jack has worked with a diverse set of clients ranging from an Inc. 500 fastest growing company with sales over $250 Million, public companies, down to a small start up that made fishing lures. He loves the challenge and excitement of them all.

In addition to coaching and consulting with clients nationwide, Jack is also a successful entrepreneur. He has built his own businesses, with annual sales over $35 Million, developed real estate in excess of $200 Million and both created, and sold intellectual property rights for as much as $1.8 Million.

Jack has led national conferences and conventions and has spoken to over 150,000 business leaders on venture capital formation, syndication, investing, and business growth strategies. He is the best-selling author of numerous legal and financial books including the 50 Volume set, How to Start a Corporation and Operate in Any State, Moonlight Investing, The Florida Investor, Mutual Fund Investing Strategies, The Small Business Legal Kit, The 100 best Investments For Your Retirement, Financial CPR, Operation Financial Freedom, and How to Buy and Sell Real Estate .

In addition to his Juris Doctorate degree, Jack holds securities licenses, 22, 7, 65, and 24. He is also a registered securities principal, registered investment advisor, and real estate broker. Although technically proficient in several professions, his clients consider his greatest attributes to be his innate creativity, visionary focus and ability to design and implement multi-layered profit centers for companies and individuals seeking long-term financial growth and protection.

Jack is a graduate of the University of Florida and George Mason College of Law. He is a member of the American Bar Association, NASD, National Association of Realtors, the Florida Bar and the Virginia Bar.

Jack’s business address is Orlando and his play address is at his beach house where he spends as much time as he can with his wife, Linda, of 32 years, two daughters, two son-in-laws, and two Yorkies. His major hobby is fishing although the fish are rumored to be safe.

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