Menu

Ideas

7 Key Strategies For Adapting To And Growth After Covid-19

7 Key Strategies For Adapting To And Growth After Covid-19

There currently is a window of opportunity to grow your business as consumers are re-establishing their habits and the businesses they frequent.

These are 7 key strategies to adapt and transform your business to THRIVE during and after the Covid-19 pandemic.

  1. Look Forward, Not Back

The only thing that is relevant is now and the future. Don’t waste time and energy yearning for the old normal. It may never come back. Instead, focus on the Next Normal! That is what you are creating to THRIVE in this new environment.

Focus on the things that you can control and will have a significant impact on your results. There are many things right now, such as Government regulations, restrictions, and the Covid-19 virus, that are out of your hands. But there are many things that you DO control – your finances, staff, operational considerations your expertise and the resources available to you.  Focus the resources on the things that will have the biggest impact on your business and your customer relationships.

  1. Do More With Less (Or Nothing!)

Remember when you started your business? That’s what’s needed now, that start up mindset.  Make do with what you have, what you can get your hands on, create or access.

Manage your cash wisely. Money can buy you time, options, resources, or solutions. The less you have, the more creative you are! Prioritize who gets it and when and take care of whoever is helping you the most.

  1. Leverage Your Customer Relationships. They Are Your Most Valuable Asset.

It’s critical that you control the relationship with your customers. If you are using 3rd party delivery services, make sure you capture those customers’ contact information. And don’t assume all your customers are following you on social media or reading all your emails – use a multi-media approach to communicate directly, both online and offline. Cross-promote different groups, products and services. Inject your personality into your marketing; it’s what differentiates what you do from your competition. Whatever you do, make your customers feel special and appreciated. That is going to make your customers loyal more inclined to choose you over your competition.

  1. Think Beyond Your Existing Challenges And Situation

It is easy to let problems in your business take over your life, and while you need to deal with these issues it’s important that they do not consume you. Compartmentalize your challenges. Allot your problems a set amount of time to think about and brainstorm ideas on how to deal with them, and then put them in a box and move on to what you can do to make your future situation better. Make sure every step, every action and every decision are in the direction to make your future better.

Stay true to your values and make sure you are creating a business that will support the lifestyle you desire and your vision for your business. Be clear on what you want and SAY NO to everything that doesn’t support your objectives. It may be difficult, but it’s one of the most important things you can do for yourself and your business. We often focus on where we are now. But, if you can focus on where you are going, that will be more helpful for you to create the future that you want.

Look for the opportunity gap in the marketplace; what crying demand in your community is not being met that you can make money from. Focus on what your customers WANT, not what you think they need. This is always changing, so it’s important to stay close to your customers and listen to their feedback.

Observe what other businesses from other sectors and your competitors are doing and apply it to your business if it makes sense to do so.  Now is the time to leverage technology and use it your advantage, along with your other assets and expertise that you already have.

Most businesses now have capacity constraints. To deal with that, you may need to raise prices and change processes to improve profits.  How can you move towards larger transactions and more elaborate experiences? Make sure you are evaluating exactly what is best for your customers and your business moving forward.

  1. (Re)Build A Solid Business Model

What business do you have already? What business are you in? You are actually in the business of marketing memorable experiences and solving specific problems people have related to your product of service. What are you doing that you think you can grow?

Do your research. Find and solve a big problem/challenge/crying unmet want or pain points in the marketplace that you know you can solve. Ask yourself the tough questions (getting the question right is the hardest part; you can figure out the answer if you get the question right!). Talk directly to your customers and find out what is going on in their life and how you can help them. Find the people that aren’t hurting, that have money, and cater to their wants. But, be careful you are listening to the right people. Some may be willing and wanting but may not have the ability to purchase what you have in mind.

Be open to alternatives. It is important to remember that you are not your ideal customer! Spend some time finding out what your ACTUAL customers want.

Surround yourself with the best team possible. Figure out what your weaknesses are and find team members to fill the gaps in your business to help you achieve your vision and make your business better. Train them and give them the tools they need to succeed so you can move forward. Empower them, make sure they feel safe and let them do their job. Pay them competitively, provide an incentive to stay and align their compensation with your objectives. Focus on performance, reliability, capabilities, and remove people from your team who are no longer a good fit.

Think about multiple income streams. What customer niches and have different characteristics that complement one another and different products or services.

Raise prices strategically where you can – bundle products together to raise the transaction size and where there is more elasticity, charge more. Consider a “good, better, best” pricing strategy so you have items for customers at each price point. Build a prepaid VIP program.  Attract better customers, or those whose chief method of making decisions is not price. Immediate upsells to customers who have just purchased from you and are likely to do so again and follow up more and better to increase frequency.

  1. Sell It First (Get The Money Before Doing The Work)

If you have an idea for a product or service, get the money FIRST and then figure out how to do it. This saves time and energy investing in something that may not sell. Often, companies spend too much time perfecting things that they never sell or by the time its ready the market has changed.

Products and services change with client WANTS not needs. Listen to what your customers tell you about what they WANT.

Make it EASY for people to give you money. If they want to be able to pay contactless, or use an alternative method of payment, make sure it is easy for people to order your products.

  1. Move Fast!

Once you have decided on the most important task, do it quickly, do it well, and get it done.

Put ideas into action quickly. Money is attracted by motion, not ideas. Getting started on something is usually the most important step, but you also have to finish. Money moves most readily to the person on the move.

Try out lots of stuff. Test, test, and then test some more, and then stop doing what does not work and increase what does.

Now is the time to get aggressive with new customer acquisition, as well as better and more frequent communication and marketing to your existing customers. Associate with others who will help you achieve your goals.

If you’d like to have North America’s leading marketing and business growth advisor rapidly grow YOUR business’ sales and profits click here.

12 Marketing Strategies To Grow Your Business In This Recession

If the Pandemic, Recession (or whatever you want to call it), declining sales and rising costs aren’t enough to deal with, there’s always another curve ball around the corner for the media to scare the heck out of our customers! Despite what you are reading in the newspapers about plummeting sales and profits, there are businesses, many of which I work with, that are still experiencing sales and profit INCREASES. I’m NOT a Medical Expert Specializing in Pandemics; ironically, they don’t seem to be in short supply do they? nor a Doom and Gloom Economist telling you to put your head in the sand. I am here to Shine The Light on 12 Proven Business Strategies to help YOU on your way to Becoming The Dominant Business in its category. These Proven Business Marketing Strategies are what I’ve discovered in working with over 6,343 Businesses across America improve their sales and profits.

You might have read a quote of mine:

“Just Because There’s A Recession Doesn’t Mean Your Business Has To Participate.” Rory Fatt

The reality is, you shouldn’t be holding your breath for a bailout from the government.  If you got something great just don’t hold your breath for it to come again soon or keep coming for that matter! The only thing that matters to you is what’s happening in YOUR economy. And that you can have a great deal of influence on it. Here are some specific things you can do to dramatically increasing your sales and profits.

  1. Don’t let all the media negativity affect your actions, thoughts or performance. Yes, you need to be aware if the sky is falling (it isn’t by the way) but as my good friend Lee Milteer says “Whatever You Focus On Expands.” If you focus on declining sales and customer counts you’ll get exactly that – more sales declines. If however you decide to focus on what actions you CAN take to increase your sales and profits then that’s what you’ll get. MORE SALES MORE PROFITS. So don’t spend much time listening to the media negativity. 92% of America who wants to work is still working. Walmart, Target, Apple and yes Amazon still have people buying lots of stuff. Get over it.
  2. Stop Hiding Your Head In The Sand and take some action! Running away from or ignoring what’s happening only makes matters worse and things won’t get better on their own.
  3. Once you recognize what’s going to help you turn things around and INCREASE your sales focus on doing those activities. If you want MASSIVE RESULTS you need MASSIVE ACTION on your goals. Don’t be distracted by other people’s agenda’s and problems. Commit to every day advancing your key projects forward. Start with 15 minutes then 30 minutes each day on the project that’s going to have the biggest and most immediate impact on your sales. Eventually you’ll start to see the results of your actions and there will be no stopping you.
  4. Recognize what actions are going to make a difference. Once you learn a few basic marketing skills you’ll recognize that marketing your restaurant are the kind of activities that generate $100 or more an hour. For a restaurant dicing carrots is an $10 an hour activity. Doesn’t matter how much time you spend doing it you aren’t going to generate $100,000 a year in income. At my $2,197 per person seminars I often ask the rhetorical question “How many (insert what you do) do you have to (make, produce, create ) to make $20,000?” My point is it’s not about you spending more time and energy or getting better at what can be replaced by a $10 an hour employee. THINK about it.
  5. Start Capturing Your Customers Contact Information. Market Research says it’s 7 to 10 times more cost effective to market to your existing customers than it is to get a new customer. Yet contrary to all information to the contrary many business owners are infatuated with getting new clients. It’s infinitely easier to get the customers you already have, who are already familiar with you, coming in more often and spending more money. Once you have your customers contact information follow up with regular communication strengthening the bond with them and keep them coming back.
  6. Have Systems For Automating Their Marketing And Moving Them Up The Business Profit Pyramid. Once you’ve got the marketing going out to your existing customers have one of your staff, a mailing house, automate the process and just monitor the results.
  7. Plug The Holes In Your Marketing Bucket. Most Business Owners recognize they need to promote themselves to get new customers. However, since they rely on the people that sell them advertising space to design their advertisement they end up very frustrated as there is a huge conflict of interest. This is because advertising sales reps aren’t experts in marketing YOUR business. They are just selling space. Relying on your advertising rep to create the marketing for your business is like asking your mechanic for financial advice.
  8. Make All Your Marketing Measurable And Accountable. Stop wasting money on advertising that you can’t measure the results from. Either make it measurable or stop doing it.
  9. Use Proven Marketing That Follows Direct Marketing Principles. The majority of businesses copy other businesses in their category unsuccessful advertisements. This is like Marketing Incest. There are lots of Proven Examples of Business’s Marketing that do work. Seek it out and implement it. Don’t try to reinvent the wheel.
  10. There are two kinds of marketing for your business. One for your Existing Customers and another for New Potential Customers. They are totally different groups of people and the way you communicate and reach these two groups is totally different.
  11. Be sure your marketing dollars are targeted at those that are most likely to become good clients of yours. I often see local business owners spend huge sums of money on Digital, TV, Radio or Daily newspapers that reach people that live or work 100’s of miles away from where they operate or from people that will never have any interest in what they do. This doesn’t stand a chance of getting people to come to your business. You might as well burn hundred dollar bills if you are going to spend money on marketing your business that has no chance of success.
  12. Target Your Marketing With Laser Like Precision. Target customers just like your own best customers. Once you can describe them in terms of demographics, age, sex income, where they live what they do etc. then it becomes a relatively easy task to get them to come to your business.

There you have it 12 Marketing Strategies To Grow Your Business In This Recession

If you’d like to have North America’s leading marketing and business growth advisor rapidly grow YOUR business’ sales and profits click here.

The Street Smart Secret To Getting New Customers To Your Business

When I started my first business I struggled. I tried everything to attract new business. I used door hangers, coupon ads, yellow pages (remember them?), community newspapers, phone soliciting and introducing myself to nearby businesses. But the sales these actions brought in barely kept the doors open. I knew there had to be something better.

I had a degree in marketing but the “image” advertising I learned about in university didn’t work for my business. Maybe it would have worked if I had a $2 Million to blow on launching a new toothpaste or shampoo. Maybe. But I wasn’t selling toothpaste. That textbook stuff didn’t work in my business.

I began to study a different type of marketing, and realized that this image advertising coupled with manual marketing was not suited to a small business owner. I discovered a more effective marketing method ideally suited for our industry – direct response marketing.

Direct response marketing is emotionally charged copy that speaks directly to the targeted prospect. It preaches benefits, and is highlighted with a powerful eye-catching headline that answers the question: Why should I choose your business above all others?

Direct response marketing also uses a “call to action” which is a tool to motivate the reader to take action NOW. Direct response is tracked easily so you know how much money is made through the investment.  Other marketing methods require you to throw enormous time or money into an empty well, and spend months or years before the money starts coming back. Direct response marketing works immediately.

Direct response is not fool-proof, however. Study and talent are required to make it work. The best direct response copywriters are paid significant dollars to write a single sales letter, ad or campaign. You either need industry specific, proven marketing strategies provided to you or you need to invest time and money into your marketing education.

But what better way for business owners to increase personal net worth? Every moment spent learning will yield money. Every book read, every course taken and every seminar attended will return many times the investment. And, it’s fun.

Trade publications are filled with direct response ads as well as marketing ads promoting marketing information. This is because direct response works; it has changed our industry and those who use it have an advantage over the competition. Learn direct response marketing and prosper.

If you’d like to have North America’s leading marketing and business growth advisor rapidly grow YOUR business’ sales and profits click here.

 

Marketing Your Business Is A Process

Marketing your business is a process, not just an afterthought, creating a “wow” experience for customers that you must implement continuously.

The sentence above has a lot of insight into the marketing of a business. When fully understood, it describes the difference between owning a mediocre job or owning a thriving business. Simply put, it means that marketing is everything your business does, every day.

Many business owners make an attempt at marketing and, when it doesn’t produce immediate results, make the mistake of concluding that marketing or that marketing media doesn’t work. Perhaps they assume all they need is one big, mind-blowing marketing idea, and – bam! – it will send them over the top.

To truly realize success in your business, you must get past this kind of thinking and really grasp the process of marketing. When you realize the simple truth of what it truly takes to launch dramatic sales increases, you will find your bank account flooded with cash.

The “Wow” experience

The process of marketing should create what I call the “Wow” experience. This experience is what customers get when they come into your business, buy your products or use your services.

What exactly are they getting when they frequent your business? Do they get a product a service and a bill? Or do they get a friendly, smartly dressed staff, attending to their needs and desires, a spotless business and washroom, clean and pleasant surroundings leaving enchanted with your business, followed by a thank you, a birthday card and even a little entertaining, monthly newsletter?

The first business did everything right and provided a great product or service.

The second business did everything right, provided a great product and service, wowed the customer, and established a lasting relationship that pretty much guarantees loads of repeat business and referrals. The second business also charges twice as much as the first business to provide the same service and the customers are happy to pay the difference. However, note that the experience wasn’t created from one event, it was a process.

Train your staff to be always thinking:

“What can I possibly do for this client to make sure they will come back and more importantly tell all their friends and relatives about us?”

It has been said that Walt Disney so valued this “Wow” experience that he considered the cleaning of Disneyland a marketing expense. That is because he did such a great job keeping everything clean that he knew his customers would tell other people about Disneyland. Therefore, it was marketing, not cleaning. He was right.

Decide what kind of experience you want to give your customers and work toward creating it. Start by writing down your ideas on paper. This makes your goals realistic. Decide what kind of business you want and then start playing the part.

Apply the process of marketing to everything you do in your business.

The tool that makes it all work

In the process of marketing, remember that none of your goals can be realized without this vital tool; consistent implementation.

I teach business owners across North America proven marketing methods and systems. A lot of them listen, and a lot of them have bought my material. Some take the information and turn a dying company into an overnight sensation, and some take the identical information and set it on a shelf to collect dust.

There is a simple difference between my clients who have extraordinary success and those who don’t: implementation. Consistent implementation means the difference between struggling to make a buck and having the money flow to you. Consistent implementation establishes systems in your business that generate revenue, maintain customer relationships, and produce efficient and profitable work from you and your employees.

Consistent implementation is not going to happen overnight. Start applying it today and tomorrow and the day after that.

In this process, you will find that consistent implementation will systematize your business.

The process is everything: the way your team answers the telephone, the your team greets the customer, responds to an email, how and when the washroom is cleaned, how the customer is maintained in the database. Everything.

The process is really a simple matter of plugging a few simple, proven, marketing strategies into your business that will set you apart from your competitors.

Remember, “Marketing is a process, not an event.” Don’t make the mistake of thinking of marketing in terms of putting out one ad, digital campaign, letter or flyer. It is so much bigger than that. This process of marketing, when implemented consistently, will create a snowball effect that will give you the kind of business and income that you only dreamed off, and will turn a so-so even struggling business into an exciting and profitable business.

If you’d like to have North America’s leading marketing and business growth advisor rapidly grow YOUR business’ sales and profits click here.

Are You Throwing Away Your Hard Earned Marketing Dollars?

Would you buy a T-Bone Steak, cut out the tenderloin and then throw the rest of the steak away?

Of course you wouldn’t! If all you need is a tenderloin then that is all that you would buy. Right?

Yet just like the above example I see businesses throwing their advertising dollars away every single day with the money they spend on advertising. So much time and effort goes into operations, manufacturing, regulations, dealing with suppliers, getting staff to do their jobs. Leftover time is allocated for getting new customers in the door.

Typically, marketing decisions are made when some advertising sales rep shows up in some manner and seems to give the business owner a good pitch on why they should use his marketing service. Since most business owners are already overworked they rely on the sales rep to come up with the advertisement and the business owner makes sure it “looks good”. However, advertising sales representatives are selling advertising space not results. What you bought is advertising space and what you want is results. You need a different kind of advertising.

There are two types of advertising. One is image or institutional advertising the other is direct response. Image advertising is what very large companies do. Nike, McDonald’s and Apple. Their advertising is designed to make you aware of their business and HOPE that eventually that awareness will translate into you purchasing their products. It’s a very indirect method of getting results. With it comes lots of waste.

It is estimated that Nike spent some $3.6 billion on advertising in 2019. They have over $37.4 billion in sales. With those kinds of numbers, they can afford image advertising. However, most small to mediums size businesses don’t have the bankroll or the number of outlets to last long enough to see any benefits from image advertising. For the small to medium size business, this kind of marketing is a recipe for disaster. It is similar to going after a mosquito with a nuclear bomb.

Despite this fact, many business owners continue to use image advertising. What they need is direct response marketing. That is, marketing that is designed to produce measurable results every time. Marketing that pays its own way and targeted to reach only people that are similar to your best clients that you already have. That is target marketing. Focusing your marketing resources where it has the best chance of success.

If you can’t measure the amount of business you get from some form of advertising then don’t do it. You need to get hard nosed about this. This should save you thousands of dollars a year. Next, you need to reinvest the marketing dollars that were previously wasted into direct response marketing.

Find out everything about who your best customers are. Match this information with the media that closely resembles this group of people or businesses. Monitor the results. Remember you are paying for all the circulation or coverage of the media you choose. The less waste the better. The people that your advertisement reaches that are not likely to come to your business is wasted money. Shouldn’t you stop throwing away your hard earned marketing dollars?

If you’d like to have North America’s leading marketing and business growth advisor rapidly grow YOUR business’ sales and profits click here.