Brian Solis of TechCrunch just published an outstanding article on entrepreneurship during a downturn time such as the one we are encountering today.
"Fear Kills Businesses, Dead" is a must-read for all of us who are in the Business.
We surely know it already, for most of us have been through the last crisis just a few years ago - remember the Dotcom ? However, some of us may be overhelmed by negative thoughts at the moment, generated by all the bad news we hear of all day long.
Therefore, here's our cure, folks:
"Building Your Business in a Recession
Obviously, capital preservation and cost cutting do not equate to sustenance or growth. The driving factors are poles apart when striving to merely stay alive vs. building a business.
If you’re sheltering cash to focus on development, then cut the services and expenses that will not impede your ability to cross the threshold to market success. If you’re conserving funds to prolong life, then realize that the only fountain of youth is cash itself. Focusing energies on generating revenue, increasing visibility, and enhancing customer loyalty are the most effective strategies for underwriting longevity, and hopefully growth, especially during an economic downturn.
The real question you have to ask yourself is, “How will my customers find me today and tomorrow?”
I’m not sure if this is a newsflash or not, but customers do not typically go out of their way to “discover” your products and companies. They have choices and it’s the job of any marketing and sales-centric business to reach their customers where they go for information—otherwise, they’re out of the decision making process by default. Marketing and sales are the conduits for connecting prospects to your business.
In a down economy, tomorrow’s leaders are born today. It takes vision, focus, and a hyper-connected sense of what customers are seeking, why, and where.
The reality is that there are hard costs tied to customer acquisition and retention. The key is to observe and listen to your customers to ascertain the most active and direct channels to reach and engage them.
Here are several, targeted and affordable suggestions:
1. SEO – Customers actively use search engines to find relevant solutions. Keyword and organic search optimization is an inexpensive and effective means for gaining strategic presence.
2. Blog Relations – It’s not just about news and pitching the A-List, creating a consistent and visible brand requires the inclusion of the authoritative, peer-to-peer blogs that your customers and influencers read for information, help and perspective. Oh, and be wise about using embargoes.
3. Media/Analysts – Reporters and analysts cover your space and by simply writing about your company or product, they can position you as an option among your customers; especially when they’re researching options to validate decisions.
4. Direct Sales – Some of the most successful companies right now are concentrating on direct outreach to the decision makers instead of hoping to influence them from the sidelines.
5. CRM – Building a customer-focused business saves money and increases revenue. Focusing on customers and empowering them improves business processes, product development, and also offsets marketing expenses as “involved and participatory” customers transform from a cost-center into an active surrogate sales force.
6. Participate – Social networks are much more than mere time killers. Participating across the social communities where you’re customers and prospects are active and vocal provides a looking glass into their thoughts, requests, opinions, dislikes, and recommendations. It also provides you with priceless opportunities to combat negative perceptions while also positioning your company as a resource.
7. Thought Leadership – One of the best ways to demonstrate thought leadership is to actively share your thoughts where they count. Contributing articles and posts to industry publications, forums, and blogs increases visibility and unobtrusively contributes to your sales strategy by helping customers find you.
8. Blog and Blog Comments – It may seem trite or perhaps even worthless, but I can guarantee that finding the time to host and contribute to a blog that demonstrates the expertise of you and your team is priceless. People are looking for information and direction, not just from your blog but others as well. Go where they are and offer counsel, contribute to the dialogue and establish trust and authority in the process. Why wouldn’t you position yourself as a resource for your customers or prospects? Too busy you say? Empower your staff. Contract outside experts to contribute to creating a one-stop-shop for insight and direction—just be transparent about their involvement. It costs less than you think to build a community around your product, or at least what it stands for.
9. Network in the real world – Participation isn’t solely relegated to online networks. Opportunities to meet and cultivate relationships in the real world are abundant. Meetups, industry events, groups, unofficial lobbycons associated with your favorite events are continuous and more valuable with your involvement.
10. Involve Your Community – Save money and time by involving your customers in the development process of your new and iterative products as well as your go to market strategy. Alpha customers are often ready to assist with the validation of your business model and also the honest feedback associated with your product benefits and features.
11. Websites are not Just Web Pages – Your Website must make an emotional connection with visitors, while also conveying stories and value propositions that specifically capture the attention of your customers – otherwise, all of your hard work and investment of time and money in sales and marketing campaigns will generate traffic, but lead to a dramatically reduced conversation ratios.
12. Innovate – Always learn and improve everything in order to stay relevant."
This and much more in Solis's post here.
