Get Your Business Inflation Ready: Tips I’ve Used That Work For Me!
When I want to know what’s about to happen in the economy, I always look at the tech sector. Tech companies are a leading indicator of market conditions. When they start to spend and hire, I know things are going well in the economy. And when they begin to lay people off, it’s a good sign a recession is coming. We just came out of an 18-month BOOM. It was easy street to compound revenue for those that know how. This year turned back to reality… quick, and going forward looks turbulent.
Are you prepared for the ups and downs? Will you survive or be shaken out?
It’s happening right now. Silicon Valley is cutting employees and cutting spending as we speak. This bust (recession) could happen in 12 months but will probably happen in 6! Inflation and the economy are already negatively impacting your customers’ lives and budgets. There’s no bailout coming this time. That’s why you need to start preparing for a recession right now – when we’re in the middle of it, it’s too late.
We’ve already started taking steps to make sure we make it through any impending recession and grow in the process. You need to take action now to do the same thing. Use the following tips to ensure the looming recession has minimal impact on your business and you’re ready to grab market share from other companies that did not think ahead.
Gather more customer data.
Your database-building strategy is of the utmost importance right now. When the recession hits, you need to be able to reach your customers and prospective clients, and the more contact points you have, the better. Do you have every customer’s name, email, cellphone, and social media handles? Can you reach out to them at any time? Today, literally as I type this – one internal marketing medium we use at my window cleaning company was responsible for $10,278.50 in sales today, not including our regular call-ins. The more “channels” you gather to reach your customers, the better you’ll do at staying top of mind to generate referrals and repeat business in the bad times – any time you want to.
Go above and beyond to provide value.
When people start picking the winners and losers on their list of who they’ll do business with, you’ll make it to the winner’s camp by providing value far and above what they’d expect from a normal company. You provide value in offering a ‘beyond the call of duty’ experience. The before, during, and after experiences that they will never forget. Look at it this way – there’s the Holiday Inn, and then there’s the Ritz Carlton. There’s a difference. Which way do you lean? And it goes way beyond how well you wash their windows. You must provide value with relevant, educational content dispersed through various media channels. In other words, become the ‘authority’ of your actions and how you portray yourself. Stand out as a leader in your marketplace.
Shore up the foundational components of your business
Are you funneling your customer data into a CRM system? Do you have a solid marketing plan that includes communication with your clients regularly online and offline? Do you have a killer customer service and sales process in place? If not, now is especially the time to fill in those gaps.
Schedule a call with my team if you’re unsure which foundational items you need to work on. We’re happy to discuss strategy and marketing efforts, go over your overall strategy, and point out where the holes are. I just got off the phone with a prospective client trying to get a new market and gain traction before this so-called recession. I said, “Kyle, I’m going to put myself in your shoes and tell you exactly what I would do.” And the conversation continued… I will do the same for you.
Here’s what these three things will do for you.
All these strategies strengthen your relationships with your current customers, which is absolutely key in weathering a storm of a recession. When the economy tanks, people will start tightening their budgets. They will start clipping coupons and looking around for better deals.
If you’re just a faceless provider, it will be easier for your customers to run to someone with lower prices. But if you build a relationship with them – if you get to know them through their data, provide awesome value, communicate regularly, and get to know them – you’ll avoid being shut out. Your customers will get those coupons and think, “Well, that deal is great, but Brian with ABC Company does a really good job, and I like him. He’s my friend! So thanks, but no thanks.”
Here’s the thing: Whispers about a recession are going around, and by the time it’s everywhere, it will be too late. You must start acting to recession-proof your business and get ready to outperform your competition. Bust versus Boom… will you win either way?
~ Jim DuBois