There are certain companies that thrive in bad economies. If you sell a product or a service that’s a low-cost alternative, then you might do even better than normal in a bad economy.
If a consumer normally buys meat at $12 / lb and their budget is stretched, then they’ll make due with a lesser cut of meat at $5 / lb. If your company is one providing lower cost and quality products, then the bad economy we’re in is probably what you’ve been looking for.
If, on the other hand, you’re providing the best quality product at a higher price, then how do you get through this mess? The following will probably help.
You’re going to lose clients. Period. End of story. This is just part of the game of trying to be the best at what you do. So how does a business not trying to be the cheapest of them all, get through this mess of an economy?
You need to replace the business that you lose.
Let’s not act like this is easy. I’ve taken my businesses through bad economies for the last 30 years, and I can tell you that a major portion of it is all about having a solid marketing and sales strategy.
The internet is great. Obviously I use it given the fact that you’ re now reading my column, but electronic marketing only takes a business so far.
The internet is like fishing. You put your bait in the water and wait till something bites. Normally when you get a nibble, it’s a smaller fish.
But you’re going to lose larger pieces of business as well. How are you going to replace those larger revenue streams?
That comes down to old-fashioned salesmanship. You need to be out there actually asking for the business. In other words, You need to strap on a gun and go hunting. You need to actually be out there asking for business.
Marketing and sales is only one piece of how anyone gets a business through the hard times, but it’s very important. Without a solid strategy of replacing the business you will lose, getting a business through a difficult economy will be either difficult or impossible.
Overall, bad economies are good for markets, and can be very good for you. In them, businesses that are weaker than others will fail. At that point, those clients will be looking for a home. In order to survive, you need to be the person out there who is actively asking for that business.
Sales and marketing is only a small part of the equation. I’ll be writing about the rest of it in later communications. But without it, you’ll have difficulties if you aren’t a low-cost alternative.
Let me leave you with this.
Many are very worried about the economy we now find ourselves in. For good reason, there’s plenty of concern.
Not everyone has the benefit of experience that us older hands have at getting through the harder times. Truthfully, many newer businesses will fail.
But that, in and of itself, is an opportunity.
Getting businesses through hard times isn’t a good time on a Saturday night. It’s hard and difficult work. To call it anything else would be a lie.
But clients need a home when their current provider goes out of business, and plenty of that will be happening.
Getting through these economies is a methodical process. It can be done. Have faith.
Stick with us and we’ll get you through.
We’re all going to get through this. Let’s get through it together.
*Words from our exceptional leadership