7 Steps to Positioning Your Business for Growth, Even in Economic Uncertainty
In times of economic uncertainty, it can be difficult for businesses to know what to do or how to move forward, and understandably so! It’s not possible to predict the future, and one wrong move feels like it could spell bankruptcy. Understanding the steps to position a business for growth even when the outcome is uncertain is absolutely critical for the success of a company.
1. Double Down on the In-Demand
Understanding the target audience and having supply and demand in that market is heavily tied to a businesses overall success (or lack thereof) during periods of economic uncertainty. Making sure the in-demand services or products are up to par will help boost the approval of the company and ultimately help grow your business.
Keep up with quality inspections and ensure that your business can support the level of production/services that are being offered. Having 3 amazing services will keep people coming back more consistently than 6 mediocre ones.
In periods of economic downturn, consumers are more careful where they spend their money and are often looking for quality and value over a small number on the price tag.
We’ve seen firsthand how focusing on quality over quantity can significantly impact growth. By helping our clients identify and enhance their most in-demand services, we’ve guided them to not only meet but exceed customer expectations. Remember, especially in tough times, that delivering exceptional quality in a few key areas can be far more beneficial than spreading resources too thin.
2. Strengthen Customer Relationships
Keeping the customers happy is essential to keeping the customer. This means, if the consumers are unhappy with how a business operates or how the company handled a situation, they often won’t return.
Creating trust with the customer is the foundation of a business. If the consumer can’t trust the business, they won’t trust the product or service either.
It is important to remember that building trust and relationships with consumers - also known as networking and public relations - will be what tips the scale either towards or away growth during economic unrest.
We’ve been encouraging our clients to adopt email automations and workflows as a strategic tool to boost customer engagement. This method ensures timely and relevant communication, aiding customers in their decision-making and increasing conversion chances without constant manual effort. It’s a smart way to streamline customer interactions, improve efficiency, and free up resources to focus on other areas that drive business growth.
3. Understand the Company’s Value
It’s nearly impossible to compete with other companies on price alone. Prices fluctuate and more often than not there will be a less expensive option available for purchase on another site. The key is explaining to the consumer why they should choose one company over another.
Doing this will help the customer feel as though they can trust the company because of the transparency. This will continue to help build relationships with the consumers and drive business forward.
Realizing - or failing to realize - that explaining the why to the customer will push business into a period of success or struggle. In times of economic uncertainty, consumers are looking for smart places to put their money. More than likely, if the value is worth it to them, they will invest in it even if the price is a little out of their budget if they understand what they are buying and why.
At GoldBear Media, we emphasize the importance of nurturing strong customer relationships, especially during economic downturns. We’ve been actively helping our clients enhance their customer engagement by implementing email automations and workflows.
Effective use of these tools not only strengthens trust and loyalty among consumers but also optimizes business operations, allowing our clients to focus on further growth-driving activities.
4. Utilizing Digital Platforms
One of the biggest mistakes a company can make when attempting to stimulate growth in a business is failing to utilize digital platforms such as SEO, social media, and email marketing effectively. In this day and age, digital platforms fuel the market for companies and can help increase demand.
Getting started with digital platforms such as SEO can be difficult and time consuming, however, ensuring quality and consistency in the digital footprint of a company can drastically improve not only sales and profit, but the overall view that consumers have of a business.
Digital platforms like Instagram and Facebook can also be used as a way to inexpensively market a company's product or service and quickly increase the size of the audience they can reach. In times of uncertainty, reaching the largest audience effectively can be what makes one company stand out from the rest.
We help our clients harness the full potential of digital platforms so they can thrive online! Developing robust SEO strategies, managing creative social media campaigns, and crafting compelling email marketing initiatives that not only improve visibility but also enhance consumer perceptions of brands.
5. Explore Options for Alternative Forms of Revenue
This seems like it should be a given considering times of uncertainty can decrease the profit and revenue of a business, however this step is often overlooked. Business owners sometimes view this as “off-brand”, however if done intentionally and with planning, these alternative streams can be what keeps a business from failing.
Consider adding an option for a monthly subscription or season pass to create a more predictable income, or bundled offers and digital products to increase online sales.
These can be amazing strategies to increase buzz around a business, but be cautious about how these strategies are executed as it can also increase “bad-buzz” around a company if done in haste with little thought to the vision of the brand.
In short, be creative on opportunities and holes in the market. We’re happy to help you brainstorm some ideas.
6. Continue Marketing
Marketing is absolutely essential to the success of a business as people need to know about the business in order to desire their products or services. Ensuring that people stay informed about the benefits of using that company instead of another helps push demand and increase growth.
When companies reach an economic disruption, often marketing is the first area to lose funds. However, this is actually extremely counterproductive. By cutting funding to the marketing department, fewer and fewer people will be able to see that business’ product and why they should purchase it over other companies.
This essentially starts the clock on the life-span of the business. No marketing means no market.
7. Be Vigilant and Adapt Quickly
The market shifts and changes rapidly, and even more so during economic decline. It is vital to the survival of a brand during this time to continue being proactive and adapt quickly to changes in market and demand. Brands who are unable to adjust in a timely manner are often left behind and their products are considered “out-of-date” and are purchased exponentially less than their competitors.
Understanding the market and what the supply and demand is will help ensure that a business is not falling behind when adjusting their prices, products, or marketing strategies. Keep an eye on what is trending and try to look ahead at what direction the market could be heading and create options to discuss with the team.
Key Takeaways
Clearly understand the direction you want your business to go and make sure the team and the consumers are on board. This isn’t the time to push new ideas and make new trends. Leaders must be able to follow as well as create.
Continue to market even when it feels silly! Marketing is the predecessor of sales. Explain to people why they should choose you through consistent advertising.
Pay attention and adjust market needs as necessary to keep up the trust and relationship with the consumer during a time of unknown.
