Aha! Moment Monday
My business has experienced three recessions, 911, SARS, AIDS, internal betrayal, incompetent providers, and so much more – one day it will make a great book – and, like you, our skills and relevance are now being tested by a pandemic.
Admittedly we have never experienced anything of this magnitude or description and observe everyone doing their best to predict outcomes and navigate through this wave of uncertainty. But businesses are run by people to serve people so while the way in which we purchase and consume will likely change, can we agree that our basic needs and many of our desires will not?
Aha! ~ Don’t let a good recession go to waste
There are two things that during a negative economy can create enormous opportunity for your business and crazy enough, they are often the two things that most businesses cut first.
EDUCATION. Eric Hoffer’s quote was never more relevant: “In times of change learners will inherit the earth where the learned will find themselves beautifully equipped to deal with a world that no longer exists”. Contrary to popular belief there is no such thing as an educated person, you are either learning or you’re not.
We don’t know what our new normal will look like on the other end but what we do know is that it will require something different from us. Now is the time for you and your teams to delve into personal growth, to upgrade or expand upon your offer and be thinking of how you’ll serve in a new way.
MARKET. You have to keep marketing. Why? Because people don’t stop reading or paying attention.
Let me share the story of Kellogg’s and Post in the great depression. They had always jockeyed for top spot then the great depression hit. Mid 1930’s Post did what many companies do, reined in expenses and cut back on marketing. Kellogg’s did the opposite. It doubled their ad budget and moved aggressively into radio pushing their Rice Krispies brand. Profits rose 30% and they used that momentum to become the dominant cereal brand and still hold that position today, 90 years later.
When others zig, you zag. Invest in new ways of being in touch … like how about a targeted direct mail campaign now that so many are working from home? Not the paper flyer kind, the premium kind. Everyone loves useful, relevant gifts and done right, that crafty piece can drive ideal traffic right into your online sales funnel! When they’re ready to buy you’ll be top of mind.
Let’s keep the conversation and YOUR business going!
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