Today I wanted to share one of my pet peeves when it comes to improving your marketing.
Before I get to that, I want to first talk about our current situation
The Shutdown is lingering on, states that were starting to re-open are revising plans, more and more people are struggling financially as a result.
That also means, more people are shifting their focus or relying on side-gigs to earn some income. Many, their side gig has become their full-time gig. Even more people are starting to venture into something new. And some have been fortunate enough that their business is still hanging on.
There are a couple of things I think will help anyone who’s facing hardship in their business.
Here’s a simple action plan that was curated from Ray Edwards recent Business Turnaround Masterclass:
Assessing Your Current Reality
- Cash on hand – get a hard number (Exactly)
- Bills – obligations required to keep your business running (Exactly)
- Expenses – Operating expenses moving forward (payroll, supplies, cost of production for the next 30 days
- Revenues – Impossible to know for certain, but this should be forecast, 30, 60, 90
- Constraints – A list of constraints – getting in my own way, COVID-19, not sure where to find new customers that are willing to pay, etc…
Immediate Action Plan
Where do we start
- Freeze Spending
- Sweep bank accounts for automatic payments etc
- Cancel credit/debit cards
- Collect from Clients
- Check / Pause campaigns and promotions
- Offer incentives for paying early
- Physical Intellectual
- Processes any proprietary or in house processes, checklists that may be able to sell?
- Services you could provide? Copy, design, laundry, deliver, calls, presentations etc for pay?
- Email list
- Social Followers
- Customer Lists
- Prospect Lists
- Marketing already paid but not yet running
Generate Cash Flow
- Sell Stuff
- Cancel (Almost) everything
- Offer services
- Provide direct services, show up any way you can and do services people need done
- Create Flash Sales
- Pivot potentials
- New Offers
- Digitize – virtual demo’s, sell equipment with free instruction
- New Business
I hope that you find these tips useful.
Now, what about that pet peeve?
More and more as I interact with people in several of the organizations I am associated with I see the same question come up consistently when people are trying to determine how to improve their marketing.
They are looking for advice on what they should do… Their “market is saturated”. They want to know if they should shift their focus, increase ad spend, or worse, get out altogether and move into something else.
Your market might seem saturated, but it’s likely more about your mindset than the truth.
While there may be many businesses like yours, I can guarantee there is only one of you.
Science had seen advancements through the years, but at this point in our lives, there is only one you.
There may in fact be many businesses in your area and your market who all offer similar products or services, but you are still a distinct differentiator for your business.
How do you leverage that?
Three thoughts about leveraging your differentiator
Your Mindset – You must be growth-oriented. You are the differentiator in your business.
People don’t always buy the best products and services, they buy from people they know, like and trust. If you have 100 people who know, like, and trust you, and are buying your products or services, then that’s better than 1000 who aren’t buying. Focus on making raving fans of those 100 instead of how much competition you have.
Stand out by evaluating your messaging, your brand positioning, and ensuring that it’s clear why people should come to you.
- What problem are you solving?
- Are your calls to action clear and easy to find?
- Is it clear that doing business with you is easy?
- Simple 3 step plan that outlines the process from beginning to success.
That’s it for today…
If you’d like a free website evaluation, be sure to visit my site and click on the popup at progrowthva.com or send an email to firstname.lastname@example.org with your website address and I’ll record a short review for you.
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