In a fluctuating economy, companies can be impacted by fluctuations in their business sales and revenues. Times like these can be challenging, but typically business will bounce back when the economy does. However, this time can be the perfect opportunity to strategize new offerings to help meet your revenue goals and stay ahead of the competition.
1. Study Changes in the Market
In business, helping others can often be the solution to helping yourself. Consider if the changes in the economy changed the needs of your customer and what can you do to help them. Communicate with your existing customers to understand how they are using your product/service, and if they are doing something different now than before. This is a great time for expanding your existing services or finding new offerings that wouldn’t have been to you before. You might also find in this time that there are potential consumers that you could serve who were not a part of your original target market.
2. Take Advantage of your Existing Connections
It’s easier to make the second sale to a customer than it is to make the first. Consider ways that you can upsell existing clients to serve them better. They might be unaware of your complete product/service line, so make sure to communicate the other ways that you can help. Your existing clients may also have a network built of people or businesses that they could refer you to; it doesn’t hurt to ask.
3. Take Advantage of LinkedIn and Online Communications
Forums such as LinkedIn, Reddit, Facebook, Quora, etc. allow people to vent about their problems openly. This can be very beneficial for understanding who you can help without having to talk to them directly. Hashtags allow you to track posts that are related to your industry and give you access to many conversations happening in the comments. There are always problems to be solved, they just need to be heard before you can find the solution.
4. Don’t Forget Your Core Business
Finding new opportunities for success does not mean you should completely leave the strategy that had worked in the past. Instead, find areas for improvement by strengthening your team and processes, or by building a sustainable competitive advantage. This will ensure that you are ready to spring forward when the market improves!
If you feel like you could use some help or advise on any of your Business or HR needs during these times of uncertainty, don’t hesitate to reach out!
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