At a moment’s notice, life as we knew it changed in the Spring of this year. We went from our usually happy, connected, vibrant, and energetic way of life to this strange, concerned, fearful, and crisis-centric existence. While it is beginning to feel that the tides are shifting and we are turning back on that negativity, the fact is that we are still in crisis mode.
The COVID-19 pandemic slowed a majority of our businesses way down. Some businesses did okay, but sadly many came to a screeching halt. In Orlando, FL, even major national franchises like Wahlburgers lost so much business that they permanently closed the doors to their Florida locations. Still, there are some businesses — perhaps yours is one of them — that actually thrived during the pandemic. How were they able to do that?
To help shed some light and knowledge on ways to pivot your business, here are five ways to grow your company through a crisis:
1. Increase your marketing and advertising efforts.
We have all heard it said that you get what you pay for, right? Investing nothing in your marketing plan most likely will yield you nothing. Having an outsourced marketing agency (like Imphasis) is key. Now is the time to beef up your investment dollars with an effective and targeted marketing strategy. Your competitors are cutting and driving their businesses into the ground. It’s time to stand out!
2. Cease focusing on the bottom 20% of your customer base.
No, we are not telling you to cut or fire any of your customers. We are simply advising that during this critical time, you should laser your focus on the top 80% of the most engaged, income-generating ones. Won’t that potentially cause that bottom tier to potentially walk away? Yes, it may. But that is what smart leaders do to thrive.
Chances are the bottom 20% are the ones who are slow to pay, difficult to work with, and end up causing you to exert a disproportionate amount of resources when compared to the revenue they generate. So what harm are you actually causing yourself?
3. Focus on your customer’s climactic scene.
Marketing guru Donald Miller offers this super insightful 4-minute video on the topic. Here is a link to watch the video and learn how to get to your climactic scene by focusing on your customer.
4. Unleash the power of collaboration.
NFL super coach Vince Lombardi understood the power of collaboration. Consider these wise words of his: “Individual commitment to a group effort—that is what makes a team work, a company work, a society work, a civilization work.”
The idea behind collaboration is to help generate unique ideas, explore synergies, and forge new business partnerships. Forming alliances with businesses in your area can give the ability to access customers outside of your sphere and put your products/services in markets you may not have been able to reach on your own. Think it through:
- What potential partners can you team up with to help you leverage their resources?
- What about your resources? Which businesses may be best helped by your own product or service?
- What about bundling your products with your new partner(s)?
5. Entrepreneurs take risks.
The word ‘entrepreneur’ means this:
“a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.”
Now is the time to take those risks! Think of some of these recent product fails over the years:
- Amazon Fire Phone
- Portal by Facebook
All of these products epically tanked. Yet it hasn’t stopped these giants from innovating, changing, and growing. There was an entrepreneurial bug in you that caused you to step out to start your business. Perhaps it is time to tap back into that cheeky risk taker to experiment on that product or service idea that’s been bouncing around in your think tank for some time!
We are with you!
We are more than a digital marketing agency! We are more than another company you outsource to. We are an ally and entrepreneurs ourselves. In fact, our clients are business owners/key decision-makers – just like you! Here are some of our testimonials from our growing list of happy clients: http://imphasis.com/testimonials/
We’d love to talk, become a partner of yours, and become a safe place for you to brainstorm as we focus on the growth of your business!