New Economic Data Suggests Recovery for Educational Consultants May be Delayed Until Fall
Those who have heard me speak about the marketing of consulting practices know that the most critical number that I look to each month has nothing to do with employment rates, GDP or housing foreclosures. The key number is CONSUMER CONFIDENCE.
Evidence shows that when people are anxious about their economic situation they are unlikely to withdraw funds from savings to pay for optional services. This is true even if they remain employed with their salary unchanged. It is a pervasive feeling: when times FEEL tough, hold onto your money.
This week new numbers saw a drop in consumer confidence for the first time in several months. I suspect that those who had hoped to see a bounce in new clients—back to pre-recession levels—may be disappointed, as it now appears the current slump may extend through the summer. I remain quite hopeful that we will see a significant rise in the fall. Based on my previous blogs, it will not come as a surprise that these changes are not consistent from place to place.
I previously offered a number of suggestions to consultants for overcoming this anxiety. Among these are the offering of smaller, more limited work packages; dividing payments so that fees can be paid from checkbooks rather than withdrawals from savings accounts; and make use of no-cost marketing through the Internet and social media outlets. Read my previous blogs and post a comment if you have had success with other approaches.
Posted by Mark Sklarow, IECA Executive Director
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