434: Affordable vs Cheap Services in a Slowing Economy

How do spending habits change in a slowing economy? How should we respond? We break down possible options for making your business and services more valuable to your clients. It's not about being cheap, it's about finding an affordable way of serving our clients. There are pros and cons to consider when offering a more affordable option in your service line-up. Everything from a possible wider market appeal, to administrative overhead, you must have a clearer picture of whether introducing a more affordable service aligns with your business goals, the needs of your target market, and your operational capacities.

Main topics:

• Spending Habits

• How we can respond

• Affordable services?

• How to know if it's a good fit

Main takeaway: Affordable services can still mean high quality, it's all about how to shape and market them to the right people.

Links:

https://www.forbes.com/advisor/investing/is-a-recession-coming/

https://www.theguardian.com/business/2023/oct/04/central-banks-risk-global-recession-unless-they-relax-inflation-targets

https://www.bloomberg.com/news/features/2023-10-12/israel-hamas-war-impact-could-tip-global-economy-into-recession

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