One of the biggest problems that entrepreneurs and business leaders face is being stuck working IN their business rather than ON their business. What’s the primary reason? That’s easy – “I don’t have the time”.
Don’t Let Down-Time be Wasted Time
While it seems that the business world has come to a halt right now, motivated business owners who have a desire for growth will be digging in to take advantage of the current slowdown. It’s not just the owners either; managers and staff who have buy-in to the company’s vision, recognize times like these as an opportunity to do some extra work ON their business while many of their competitors have barricaded themselves in their movie room with blankets over their head, surrounded by bottled water and hundreds of rolls of toilet paper. BUT NOT YOU!
Dig in but Don’t Hunker Down
Now is a great time to strategize for the rest of the year as the consumer comes back out of hiding and the markets begin to boom again – and they definitely will! Businesses that typically thrive in the summer should have their entire plan laid out and ready to go. Those who catch their cashflow wave during the holidays can use times like this to make sure they are prepared. In many cases, small business owners prep for seasonal business far too late. NOW is the time to think ahead and prepare for the inevitable economic rebound and be ready to roll when business picks up again.
Here are a few tips to use this time to strategize and get a leg up on your competition:
1. MAKE A PLAN
“Fail to plan, plan to fail”. Maybe it’s time to update and review (or create) that SWOT Analysis. Maybe it’s time to see if you’re on track for your 5, 10 or 25-year plan. Maybe, on a very practical note, you pull out the calendar and make a plan for each upcoming holiday throughout the remainder of the year. Why not have a special deal or coupon or promotion prepared for the week of Spring Break or Easter? Many families would normally be traveling but this could be a good year for them to spend that vacation money with YOUR company instead. Mother’s Day, Father’s Day, 4th of July and more – each offer opportunities for your company to so something exciting and new!
Marketing clients of BARTA know they can easily get those ideas to us and have them disseminated via multiple marketing channels – from email campaigns, social posting and advertising, Google ads and more.
2. CHECK OUT YOUR COMPETITION
When was the last time you checked out what your competition is doing? Are they doing some things better than you? Do they have ideas that you haven’t thought of yet? Do they have a revamped and exciting website while your is maybe a little outdated? We also recommend checking out similar companies in other parts of the country to gather ideas from anywhere and everywhere you can. Imitation is flattery, right?
Then take some time to review your website – your inner pages, the areas you serve, your staff bios, your contact info.
Let’s figure out if the time has come to make some changes for the better. If that website is outdated, gather some ideas and let’s get a fresh and exciting new website project underway asap!
3. BUILD THAT AVATAR
If you’ve ever done any market research for your company than you know exactly what I’m talking about.
Reevaluate and refine who your ideal customer/client is. WHO do you want to reach? What do they look like? Where are they from? What’s their education level or job title? How old are they? What kind of car do they drive and where do they work? The more you can narrow down your perfect client, the better and more strategic your marketing campaigns and sales techniques can be. For some companies, you may have several ‘ideal’ customers, but have them decisively etched in your mind and then fine-tune your processes around that. If you need help finding out who is coming to your site or visiting your social pages, we may be able to help you identify that through analytics and ad campaigns which often have the ability to track large amounts of info for your data intelligence needs.
4. DON’T PANIC!
Things are going to turn around – “BIGLY” – very soon. Those who see times like these through the lens of fear, hopelessness, and doubt, are sadly going to miss a great opportunity for growth and future success.
Just like smart investors who will buy IN to the market now, while prices are low, you too can see an amazing return on your investment of strategizing and brainstorming so as to capitalize on the soon-to-return business boom!
We’re all riding in uncharted waters now and, of course, uncertainty can be a slippery slope. It’s reasonable to be thinking of where one might cut expenses, but don’t let your business’s growth or your marketing initiatives fall by the wayside and don’t see slow times as bad times, but as OPPORTUNE times. Digital marketing is a constant, ongoing, ever-changing element of all businesses and is quite necessary to succeed in our connected world.