Use the Tough Economy to Transform Your Business
We’re swimming in depressing data: Jobless rate tops 8%, highest in 26 years (Wall Street Journal, 3/7/09), the Dow drops well below 7000, and it goes on. It’s easy to fall into a very depressed state. Believe me, I’ve had my moments, too. Think about the opportunities, though. What can we do to change the game? If we view the current downturn in our economy as a force that is driving major shifts in demand by consumers and businesses, we can begin to understand what companies need to look like to deliver against those changing needs. In essence, it’s another example of Darwin’s survival of the fittest.
Today is the time to really think through your current business model. Are you using the right pricing strategy? Are there different ways you should be packaging and pricing your products and services? When you do have the great new idea, are you being as clear as possible about articulating your ideas to clients? The list goes on. But within each question, I believe, lives a creative new approach to your business. Fear and necessity can be two incredible drivers of innovation. And if you’re flexible in your business, you can deliver profound changes to your market and outstanding results for you.
New marketing strategies for a tough economy
A new marketing approach – I heard a great ad on TV from Ameriprise in which they offer to review your investments and provide you with a new perspective. Not only do they see the pain of their clients, but also of everyone else’s clients. Who doesn’t feel like the frog sitting in the frying pan while you slowly get cooked? In essence, they’ve developed a simple, clear message that has the potential to drive huge numbers of prospects to their doors. Win them, and they’ve dramatically increased their base for years to come.
New packaging – I have a colleague who recently discovered that a time and materials approach to pricing was hurting her business. The pricing was leading to increasing angst for their clients, as well as growing frustrations over the unknown level of the invoices each month. In response, my colleague is trying a new approach with great success – fixed monthly fees to smooth out the costs for clients. My colleague knows the costs and the risks involved, and is being smart about structuring the deals. With this new approach, clients feel like they’re being heard, and are no longer being surprised. Tremendous good will is delivered.
New messaging – One of our clients — who has been in business for many years in a very competitive market — recently observed the company’s sales messages weren’t resonating. We helped them come up with a unique selling proposition, which is key to any marketing and messaging strategy. But they needed more. It turns out they have been leading a legislative advocacy effort for years in a business where costs are a huge challenge. They are now using that information to demonstrate their leadership role in the industry at a time when costs are more important than ever.
You’ll find that every business has opportunity, if you dig in deep enough. It comes down to knowing the customer and being creative with how you can transform either what you deliver, how you deliver it, and at what price you deliver it.
Communicating the new strategy
Coming up with the great idea, however, doesn’t deliver the revenue. Don’t hide the new strategy. Develop a clear message, create a few pages on your Web site to describe it, use testimonials to support it, and put a plan together to disseminate it. This is where your email newsletter can carry the torch, or a single-purpose email with a great landing page can do the work for you. Think about how you can integrate your various communication channels together and make them consistent and supportive of one another.