Controlling costs is a key way to make it through the downturn, but that doesn’t mean you should stop innovating to improve your business in the long-term. Jewelers of America’s resident education and management expert David Peters says you can be both smart and creative when it comes to your business by:
- Doing something different, unusual, or unexpected
- Not doing things only because that’s the way you did it last year, especially when last year’s models may need to be tweaked in the face of today’s challenges
- Not building any marketing initiative on price discounting. In the long term, it’s neither sustainable or profitable and can hurt your brand.
He offers some simple ideas to thrive with innovation:
- Write articles for local newspapers, magazines, shopping guides and circulars.
- Give away logo merchandise at local events
- Write press releases
- Sponsor and co-sponsor community events
- Piggy-back on charity events
- Join and network in clubs and civic organizations
- Do free public speaking
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