04/ 01/ 2002
Spending that $300 tax refund
By Harvey King
Teleconomists—those all-day CNBC-talking heads who explain why we're not really in a recession, but why it just feels that way (or is it the other way around?)—remind us constantly that consumers account for two-thirds of the spending in our nation's economy. That spending, we're told, is the delicate thread holding our economy from a free-fall.
As these econopundits seem to agree (at least this week) that all those retail consumers can get us out of the economic funk we're in, it is my firm belief that the best way they should accomplish this trick is to spend more money with you. Despite knowing that most of my small business-owning associates tend to be notoriously frugal in their personal consumerist behaviors, you must immediately inform your customers it's their patriotic duty to spend more money with your small business.
And you're in luck. As part of the new tax cut package, within a few weeks, your customers should start receiving letters informing them that a check is in the mail from the IRS. Not only will your bottom line benefit, but just think what a favor you'll be doing our consumer-driven economy if you start thinking now about how you can help all those lucky customers of yours unleash their $300-$600 windfall into the economy via your business.
Surely, there is something around your store or office or inside your head that your customers are clamoring for once they get their hands on that extra $300-$600.
Don't let those consumers waste their dollars at big box retailers or use that tax rebate to purchase direct from the manufacturer (unless you are the manufacturer). Come up with creative ways to help your customers know that the best use of those dollars is to allow them to flow right there in your community to their trusted long-term provider of your product or service...you!
I'll even give you some slogans to give you a kick-start for your promotional ideas. Feel free to grab any of these gems before that giant competitor down the street starts using the same ideas:
- Three dozen for $300
- $300 down, $300 a month
- $300 lay-a-way
- Try us for a month for only $300
- $500 value, this month only $300
- $300 now, no interest until the year 2003
- One tank of gas for your SUV, only $300
- And I'd like to send a special thanks to my lawyer who gave me this idea: Special today, only $300-an-hour.
I'm sure our readers can come up with at least 300 more ways to get customers to spend $300. But act fast. If our economy is going to rebound, it is up to you to help those customers get their tax rebates pumping into your firm's job creation and growth.
Harvey King is the pen name of a real small business owner. Write him at hking@mybusinessmag.com.
This article originally appeared in the July/August 2001 issue of MyBusiness Magazine, NFIB's member magazine.
