When the economy started to shut down I am sure most of us started to shut down too. I know I had a day or two of disbelief and wanted to stick my head in the sand. But as business owners or salespeople who rely on ourselves to survive, we don’t have that luxury.
So, I immediately dusted myself off and got to work on what we were going to do to help shape the future of this company for years to come. Yes, we are a promotional marketing agency, but what other products or services could we add to our roster? What do our customers need now? What will they need in the future? Can we provide them all?
Look to Pivot, Add Products or Services
I know we are certainly trying to. I am attending a lot of webinars, having discussions with other business owners and manufacturers. We are pivoting our business. Expanding our product line. And I think we are pivoting appropriately and for the long term.
It has shown me that we have excellent resources and partners. Because of our partnerships we are not binging on Netflix all day. Far from it. Working eleven plus hours per day and still leaving with a list to work on the next day.
Don’t Stop Reaching Out for New Business
We are not putting all our eggs in one basket. We are still doing outreach for new business. We are reaching out to grow our LinkedIn network. We are reviewing alternative sources for new business opportunities. We’ve increased the amount of time our appointment setter is working. And, of course, we are reaching out to our current clients.
We are also developing new marketing flyers to go out each week. We are developing new direct mail concepts to be ready when businesses reopen. Basically, we are reworking our marketing plan.
How’s Cash Flow Going to Hold Up?
We also did a cash-flow analysis. It was important to take a close look at where we are today, because it has changed from last week. Where is our break-even point now? What do we have to do to achieve the sales necessary to have a profitable month? If you have not done one in a while, I highly recommend the exercise, both professionally and personally. Maybe it’s past time you cut back?
We are also taking advantage of the Economic Relief programs that are available. I have steered my company through many downturns and have not always made the right decisions. Hopefully, I have learned from previous mistakes and will only make new ones this time.
I know that there will be fall-out for many business owners. Some companies will not reopen and it’s a shame. But if you think you have a chance, don’t give up on yourself and your business.
Start with your plan. What can I do today that might make a difference to my business?
Update Marketing Materials
How about your marketing materials? Is it time to update your website? It doesn’t have to cost a lot, maybe add some special offerings, new products or services. Is it time to start a newsletter or special flyer series?
How about your social media presence? Do you have one? If not, again, maybe it’s a good time to explore. More people are on social media now more than ever before. Make sure you are among them so that your clients know your still in business. And social media ads are going at great rates now too, another possibility to explore.
It’s also a great time to ask for those testimonials and referrals from your happy customers. Use them to spruce up your marketing materials and social media posts or LinkedIn profile.
How Clean is Your Prospect & Client Database?
And, what about your database? When was the last time you looked at that? We used ours for our holiday cards. I hate to admit it, but we got a good number of returns. And I thought we had scrubbed it. But no, as I looked at the returns, I realized we had been inconsistent in our review and updating. Some people got a card at their new job, but we didn’t delete them from their old. Some got returned and when we researched further, we discovered they had left the company months ago!
Now is a great time to get that all straightened out and develop your new business development plan. I had two new business calls just last week. Granted, they were scheduled before the “shut-down” but they agreed to meet via zoom. They were shorter than they would normally have been, but we got the relationship started. That was the important part.
Now is not the time to stick you head in the sand and hope all will be better magically. It’s time to get started!
Danette Gossett is the founder of Gossett Marketing, co-founder of Promotions Rescource LLC and co-author of the best-selling book “Transform” with Brian Tracy. Danette utilizes her more than 30 years of advertising agency and corporate marketing experience to develop effective promotional campaigns and products for her clients. Visit GossettMktg.com or SalesPromo.org and follow us on twitter @MarketngTidbits.