Time to re-look at your business and marketing blueprints
Times are tough and industry after industry is falling like a set of dominos. First the housing crisis then the banking crisis then Wall Street then the auto industry then manufacturing as a whole then the retail sector and then the commercial real estate market. What’s next? In short, the entire economy is tied together and is crashing like a giant tree in the forest, taking many smaller trees down with it.
But, like a raging wild forest fire, times like this also create new opportunities. Now is the time to step back, study your business, focus on the 20% of the products and services that produce 80% of the revenue and prune your unnecessary expenses. If you are a large business or small, every employee needs to be contributing 100%. During times of economic recession, there is no room for employees wasting time, money or resources.
Start by looking at your client base. Who are the best clients? Who are the easiest to do business with? Who are the most profitable? Who do you like working with the most? These are the clients you need to target, focus on and reach out to. Focus on the target, focus on the goal, keep your eye on the ball.
Next, look at your offering. What products and services are highest in demand? Which ones are the easiest to sell? Which one are the easist to make, acquire or provide. These are the products and services that you need to be promoting. If you offer products and services that are a pain in the neck to deliver, consider dropping them.
Third, look at your marketing plan. Does your website reach out to your target market? Does it feature the products and services that you have decided to focus on? Is it search engine optimized for the key words and language that your target audience uses in their natural search vocabulary?
What’s going on with your advertising? What works and what doesn’t? What sources of business consistently deliver results? Do you know? Do you or your salesforce ask every client how they heard about you? Is this information recorded and delivered back to the person in charge of sales, marketing and business development? If not, it should be.
When a new client makes contact with you for the first time, one of the first questions should always be, “how do you find us?” This is crucial information. You need to know What channels are delivering clients? What clients are referring clients? If your pay-per-click advertising is not working, you need to find out why. Have you studied your keywords that you buy? The call to action? The landing page? The bid rates?
Economic recessions are the best time to analyze your business, give your website a face lift, work on that search engine optimization campaign and focus on the 20% of the things (clients and products & services) that deliver 80% of the good things in your life and business. Eliminate the 20% of the clients that product 80% of the headaches. Eliminate 20% of the products and services that cause you to work 80% of the time.
If you would like a FREE analysis of your business and marketing plan, we invite you to give us a call. Lets see if we can ignite your sales performance and catapult your business, career or organization to a new level