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| Bridging the gap between knowledge and understanding | |
| April 22nd , 2008 | Volume 1, Issue 8 |
In this edition of Web Enlightenment we'll be talking about why the Internet is recession proof.
This newsletter focuses on giving you practical, interesting insights into how to successfully use technology as a tool to improve the way you do business. Bridging the gap between knowledge and understanding that all entrepreneurs have will help you make money online.
What would you like to see discussed here? Please hit reply and let me know if you have a topic idea, I respond to every message sent to me and I'd love to hear from you.
All the best,
The Web is Recession Proof
...but of course not depression proof
The word Recession has spent lots of time in the news lately and it is fast becoming a popular discussion. No one seems to be arguing that it is bad - but how bad it is exactly, how long it will last, and which politician might get us out of it are becoming increasingly popular conversations.
I've been interested to see that at the same time news outlets have been talking about recession they've also been upping their estimates of online sales in 2008. At the start of this year the best guess number was around 161 Billion dollars in online sales, a bit more than 10% of all retail sales. More recent articles put the number just over 200 Billion for 2008.
I don't think this is a coincidence.
The Internet is recession proof and the deeper the recession this year the more the web will benefit from it.
The first big reason the web benefits in difficult times is obvious - price conscious consumers. From Google's comparison shopping engine Froogle.com to Ebay the web is full of opportunities to find the lowest possible price on common goods.
As household budgets feel pressure from the increasing price of fuel and other consumer goods, people respond naturally - they try to make their dollars stretch further. If you haven't taken the time to search online for lower prices give it a whirl - you'd be amazed at what people who pay no retail rent can profitably charge for common items.
Just like folks who enter a brick and mortar big box store for the loss leader item, people shopping on the web will pick up all sorts of goods on their quest for a single low price item.
The other big reason why the web will benefit from a recession is John Wanamaker. He died in 1922 but he is still reasonably considered the father of modern advertising, having started the first "real" department store in the United States. His most famous quote is one of my very favorites:
Half the money I spend on advertising is wasted; the trouble is I don't know which half.
When times are tough businesses also look for ways to cut costs, and advertising is a popular target. Advertising online has a critical difference that sets it apart from all other forms - we can tell John which half of his money is being wasted.
Web advertising is so very measurable and the results - good or bad - are clear and apparent every time it is used. This measurability stands in stark contrast to the faith required to place an ad in a print newspaper.
There is a natural synergy between price conscious consumers shopping online and cost conscious businesses advertising there - one feeds the other.
Take some time to think about your own online efforts and any fears you may have about a recession. Are you using your web site in a way that will help you get through tough times?
Web Enlightenment Contest Results
It's Shoeless Joe Jackson
Congratulations to Zak Barron, the winner of our contest from the last issue of Web Enlightenment. His correct answer was received 16 minutes after publication, nice work Zak! Your copy of Meatball Sundae has been mailed to you, enjoy it.
I learned something pretty interesting while running this contest - geeks like me think Sports questions are hard. Every time I watch Jeopardy that is the category I cringe at.
The rest of the world seems to not have so much trouble - lots of folks had the correct answer - this is probably because these folks occasionally leave their computer screens. Rebecca, Kathleen, Phil, Chuck, Jack, and Jim - you did a bang up job. A special shout out to Wesley, who not only named the player but the team he was on.
Restaurant Review..
Applies only if you live in rural Maine near Farmington like me.
As many faithful readers know my friend Chuck Snell has been working to open his new restaurant Big Mouth Burrito for months.
Last week the grand opening occurred and I went there for lunch. Then I went back for dinner.
Seriously Delicious Burritos.
You can find Big Mouth Burrito Tuesday-Saturday from 11AM to 8 PM at 133 Bridge St in West Farmington, at the 4 way intersection.
I strongly recommend adding guacamole to your burrito, and please tell Chuck that Ross sent you.
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