We've Been Here Before....
Looking at the image above is anxiety inducing. I know.
These seem to be the things coming up in the news and in conversations about business. Not to mention the impact it has on your personal lives as well.
While this is not another pandemic (thank goodness!) it is causing concern. In March of 2020, I wrote the following to you:
But, we're here to remind you that you have been here before - trying to grow, live and love - in a chaotic, uncertain world. You've done this before and you got this now. This is the time to stay calm and adopt that agile mindset that you have used before to move through the fear and uncertainty.
Having an agile mindset, particularly in the context of an ever-changing business and work environment, is crucial. Digital transformation has altered the level and frequency of information individuals receive. An agile leader has the ability to take in, filter, and assimilate information quickly. They can then reassess their decisions or choose to stay the course, but they must do so with a frequency that reflects the speed of business.
-- Leah Clark
While we certainly don't have all the solutions for you - the best you can do is to be informed and take control of what you can control.
We’ve done this before and while we may be a little tired of “doing it” we know how to. Here are some thoughts on what you can “control”.
Get Customer Focused
Whether you or your company are a B2C or B2BM4F you need to make sure you are thinking about your customer - what is impacting them, how can you address their needs right now, etc.
Talk with & listen to your customers
Why are they shopping or buying from you?
How does what you do fit their needs?
What is their feedback telling you?
Refocus on your value
You may need to redefine your value proposition right now. Look at your why, your differentiators and your values. Based on what you are hearing from your customers (see above) what do you need to emphasize?
Create an experience
According to a Shopify report - 58% of consumers won’t buy from a brand that doesn’t provide a valuable customer experience. So how is your service? What does the customer journey look like? What can you add to the experience to make it more valuable?
Continue to Market
Note that I said “continue”. It is normal to want to “cut the budget” but now is not the time to stop marketing. If anything, think about the following:
Review where your customers are shopping, hearing about you - do you need to shift where you are targeting your marketing spend (Instagram or TikTok?)
Adjust your message - you may need to change your message from why a customer wants your product/service to needs your product/service
Work to strengthen your brand and value during this time
This article speaks to more marketing best practices during a recession.
Look for the Opportunities
While it may seem like this is the time to “hunker down” - sometimes this is the best time to look at innovation and what you could be doing differently.
Can you expand into a new market - is there a different customer who can use you right now?
Is there a different way to deliver what you do/have? Can you offer a subscription?
Can you create new synergies with a partner?
Cut Expenses
Yes - I know - some of us are already running pretty lean. But even if you are - there might be opportunities to automate things, use AI (I know), delegate tasks so you can do business development, etc.
Focus on building efficiencies - which is a good practice at any time.
But be careful on what you are cutting. As noted - customer service and marketing should not be the first to go.
Get Support, Stay Informed
During times like these, it is important to make sure you have a great circle of support around you. One that you can talk things through with - both the wins and the challenges. This group can help with problem solving, holding you accountable, listening, etc.
A good group can also help keep you informed as they share their experiences and resources with you.
And while that is what we do at The BWC - there are a lot of other wonderful groups, spaces and gatherings that can help you too. (Speaking of gatherings - be on the lookout for more on our BWC Annual Forum this year!)
I know these items have a business focus - but think about how these might apply to your personal life too. While we can't predict what will happen - stay calm, focus on what you can control and be agile. You've done this before. YOU GOT THIS! (and we got you!)
