Stephanie Cion: How have you been adjusted your strategy for WELLalarm to respond to the economy?

The economy present WELLalarm with a variety of challenges as it has for every business. We really thought through the best approach before we developed a response that is really three fold. First, we have tightened our purse strings (even more so than before) and we have decided not to advertise until things are a bit less panicky. Our general feeling has been that people aren’t buying now (except for absolute necessities – so don’t force it). Rather, concentrate on organic growth and PR. Second, we have also decided to not sell in stores at this time. We are concerned about the viability of many department stores and having learned that when Federated went under in the early ‘90’s many smaller vendors lost their merchandise and/or were paid cents on the dollar for it we decided we did not want to risk getting caught up in it. Therefore, we are concentrating our sales efforts on online sales. Third, as the price of silver and gold seems to continue to be rising we have reevaluated our pricing. Since we made the decision to only sell online for now, we do not need to mark up our products as much as we previously had to accommodate stores so we are now passing on this savings to our customers and reducing the price of our products.

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