Going Counter-cyclical To Survive
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  Running Time: 7:07 Date: 01/01/2013 Discounting in tough times may not be the answer. Why not try putting your prices UP instead? Diamond retailer and jewellery maker Garry Holloway, of Holloway Diamonds, had been through economic downturns before, so he saw the warning signs of the GFC early. His counter-cyclical response: go up-market instead of down; provide higher-quality diamonds and sell them at increased prices. He knew he'd lose customers, and did. But his average sale price doubled. He needed fewer staff, but job satisfaction improved for those who remained. Through researching his competitors and accurately assessing their intentions, he was able to move towards a niche business, maintain a strong place in the market, and look forward to a sparkling future. But he warns that a return to the good times of a decade or more ago won't happen quickly. Business owners must think strategically to survive. Topics: Management, Marketing & Sales, Success Stories |
 Gary Holloway, Holloway Diamonds |