We all know by now that we’re in a major recession, and it doesn’t look like it’s getting better any time soon. As we look back through history, we 
know that while many markets and niches wither up and die during contracting economies, others flourish. There’s that old reference that everyone makes about measuring the economy by lipstick sales. The theory being that no matter how bad an economy is, women will always spend money on makeup…primarily lipstick. Well, the same can be said about other hot niches in these tough times.
Let’s get right down to brass tactics. What’s bugging you the most now during this economy? Is it constantly worrying about the security of your job? Have you already been out of work for months and have no hope of finding a way out of that unemployment line? Are you stressing because you are almost out of medical benefits? Do you have kids to feed and a roof to keep over your heads? Every single person is affected by these troubling times in some way…either directly or through family and friends who are having a tough time.
Everyone is looking for ways to relieve these fears somehow…and it’s primarily through two specific niches: Confidence & Escapism.
You, as a business owner, need to tap into how you can speak to these two concepts. How can you boost consumers’ confidence and help them escape reality? In the Depression era, people spoke to their escapist urges by going to the movies. Movie sales skyrocketed during tough times…in modern-day business, the Internet has become king. That’s right, eCommerce and Online Businesses have increased threefold, and there doesn’t appear to be a stop sign in the road.
So what are some examples of products or services you can sell online that would help boost confidence? Maybe it’s a health product that makes people feel better about themselves or maybe it’s your services as a life coach for self-development. What about escapism? What if you were a travel agent who started tapping into Online Marketing? Think you could make a sale or two? Do you sell arts and crafts supplies for when people want to wind down?
The sky is the limit when you can tap into these top 5 markets to be in during a recession:
- Low price tag offerings (ex: arts & crafts supplies, DVD tutorials, vitamins)
- Outsourcing (ex: ghostwriting articles, telemarketing services)
- Health & Well-Being (ex: vitamins, fitness DVDs and programs, nutrition)
- Business Consulting (ex: online marketing, quality assurance)
- Communications (i.e. internet, tv, and mobile phone services)
Your In Success,
Scott Jay Ringle
