Our current economic situation as reflected in the FOREX rate – NGN 480 to USD1.00! – is dire indeed. If you’d been saving in NGN since 2009, by now your savings would have lost value by up to 240% in real terms. So, you’d need more than thrice the NGN today to make that foreign trip you’d been planning. Being an import guzzling nation, the FOREX impact is universal, affecting the rich and the poor and those in between; prices of commodities are going up every day. Inflation is running wild. Keep your money in the bank and you’d practically earn negative interests in real terms. Worse still, under the economic strain, many consumers are highly pessimistic and do not believe that things would improve in the short-run. Their pessimism can lead to a propensity to save rather than to consume, whether it’s economically justifiable or not, which fewer opportunities for sales. It almost feels like a sin selling anything to them other than necessities.
So then, should you leave this Xmas season out of your sales events’ highlights. Gurus will tell you to be positive in attitude, as in: ‘when the going get’s tough…’. They will tell you to be persistent. Not to panic but to keep your price etc. In order words just sell as if there is no recession. I will add that you should celebrate the season. Create a sales buzz around the concept and imagery of the season. If it’s off-season then create your own season e.g. Cyber Monday or Week. Create anticipation. Give the consumers a cause to celebrate and forget their worries for a while. Give them satisfaction in rebates, rewards, bonus loyalty points and other value schemes.