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Something important to say.
Enterprises there is experienced difficult times before. And yours can be one of them.
There are things that small businesses have done in the past and that you can copy today to stay afloat – no matter how many problems you throw. The main thing here is to play in resentment with these problems, not in defense.
Understand, the key to restoring dust has settled in to make sure there is still a chance to settle in front of it. Entrepreneurs who bounced back after the economic catastrophe – those who were waiting for the dust – they began to act during the storm.
The business survived the financial crisis of 2008 and was followed by a major recession. For two years they focused on resentment so they could stay in the game.
And you can too.
Here’s what they did to make sure they were able to recover.
№ 1: Focus on creating an audience today
Now you won’t be able to sell a lot of products. Marketing agencies can see how customers reduce monthly budget ads. If you have an e-commerce store, you can observe a steady decline in sales. But that means you need to stop promoting.
You just need to change your suggestion.
For example, a marketing agency may create a PR package for new customers who need help with a marketing message on the background of COVID-19. Instead of asking for their usual 6-month contract, they want customers to sign up for 1-3 months.
An e-commerce company can offer discounts or buy one to get one offer.
It’s all about doing one thing. Your audience is growing.
It may not be time to try to lay down the biggest contract of the year or spend the biggest day selling e-commerce. But it’s time to figure out how you can increase your audience. Because one thing you can be sure of is the economy will return.
And if he recovers, you will be able to go for this huge contract or try to achieve your biggest e-commerce sales goals using a gathered audience. At DigitalMarketer we accidentally did this.
In the absence of strings or abusive play in the creation process, we offered our membership to the Lab for free for two weeks. We just wanted to do our part to help during the COVID crisis and think that a lot would happen – we just wanted the marketers who stayed at home to be able to learn while they were there. It turns out a lot of marketers took us for granted.
The result is more than 30,000 new subscribers and a huge new audience, which we can now show as soon as the deadline comes. We understand the meaning of things that should end this way, but we also believe that people are now perceiving new offerings.
Poor focus on money, targeting the audience.
Bad as you bounce back.
№ 2: Look for a strategic partnership
Part of building a new audience is to look at your industry and find out who you can work with. The current state of the world has changed a lot – and some of these changes are related to who you can do business with.
For example, you could take part in several trainings on Instagram while at home. How many of them did you see 3 months ago?
Yes, we also saw nothing. Inflactors and Instagram coaches are jumping on these home workouts to keep their audience their content. Influential people need content, and coaches need new people to take virtual classes because their personal classes have been canceled.
You can even take it further and look at previous collaborations and on the way to acquisition. There are business owners who feel the heat now and want to get out of the kitchen. They have either already started their business through the latest economic turnaround, or perhaps already realize they are simply not interested in the constant twists and problems that arise with this type of economy.
Guess who can take over? Yes, that’s right … you. If interested, interested.
№ 3: communicate, communicate, communicate
Should we say it again?
Your business is a must have crystal clear communication right now, especially when your team is deployed for the first time. Here’s who to hear from you:
- Your team
- Your customers
- Your community (if it’s a local business)
- Your mom (you can tell her for the fourth time that she’s fine)
Small businesses that have emerged from the past financial crisis have done so by supporting their team in line with their current goals. Perhaps these goals have changed 3 times in the last two weeks – but while those goals have been passed on to their team, they have been able to work on them.
They then provided the necessary information their customers, lets you learn about new products, deals, discounts, content and anything else that would be useful to them now. For local businesses, they kept in touch with their communities, working to support first resuscitators or provide food to those in need (if possible).
They then called their mom to reassure her that they were all right.
Hint: Now people keep their money close. Giving away free or discounted products is one of the best ways to show your audience that you see what’s going on and you want to help them.
№ 4: Stay away from your head
None of the above means anything if you’re too far in your head about what’s going on and how to go about going through it. Of course, this is definitely a stressful situation, but it means you need to stay that way.
Now you have started to play resentment. Skip your work to see opportunities and take advantage of them – don’t run in the opposite direction.
We’ve seen this in the world of technology from time to time, small companies can innovate faster than large companies because they can move fast.
Now the name of the game is the core and continues to hold the ball. You need to get to the end of the zone and you have to avoid all the problems that get in your way. The only way to do this is to avoid the head and think of it as an innovative small business that CAN turn your attention at the very moment.
Be flexible – this is the biggest factor in your ability to survive this crisis and give up later. Because now you need to change the proposals, but soon you need to change them again to match the new state of the economy.
It will be a condition that no one knows (and is almost impossible to predict), but we can be sure it is on that path.
So you can predict that you need to turn the offer around and prepare for it – NOW – so that you bounce faster than the competition.
Because he created the legend 😉.
Tell it to us,
“Business has gone through hard times before. And mine could be one of them.”
The economic crisis means saying goodbye to all your hard work. There are hundreds of thousands of businesses that have recovered from the 2008 financial crisis and the Great Recession after it. This they did to stay in the game and bounce back when the economy stabilized and started growing again.
Everything will be fine – you have it!