Tightening Purse Strings – Adding Value!

Every business tackles downswing differently. Some businesses slash prices, others cut budgets and yet others start laying off personnel. But one thing everyone shares is worry.

In my view, tightening the purse strings on the consumer’s part doesn’t automatically have to mean the kiss of death for business owners. What the current economic downturn does mean for business owners, large and small, is that they may find themselves under increased pressure to retain their current clientele. Slashing prices is one way to stay competitive in the game when clients are forced to tighten up their own spending budgets. ADDED VALUE is the route I personally prefer to take at the New York Kids Club; giving clients MORE during times when they have LESS spending flexibility.

Last week, I sent out a newsletter to all of our New York Kids Club families, for the sole purpose of relating understanding and compassion to them, on behalf of myself and my team. I also detailed what savings and added value packages the New York Kids Club  is offering throughout the Fall and Winter.

The response to my letter was immediate and tremendous. We received an overwhelming outpouring of support from New York Kids Club families — letters thanking us for facing the problem head-on; expressing gratitude that we are doing what we can to treat our clients with care and respect; letting us know that they value the efforts we are putting forth; assuring us that with the added value we are providing, they will be able to stay on with the Kids club, despite the economic ebb.

Above all, based on the incredible response we received, it gave me such great pride to realize that the New York Kids Club, a successful business, nevertheless still remains true to its core values. One of our main objectives at the New York Kids Club has always been to foster a community within our clientele. To see that component of the original vision come alive right before my eyes – to be able to draw upon the strength of an entire community that bands together in better times and worse – truly inspires me.