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.
Recent Comments