For any business, there can be times when your market starts to slow down. There could be a number of reasons why this happens, but the important thing is what you do as a business to keep your company moving forward. If you are a new business, it can be a scary experience, especially if this is the first time and you haven’t put a strategy in place. However, here are a few ideas that can help you to focus on the important things and encourage you to keep going.
Fight Your Fear
Seeing the market slow down can be a worrying time for any company. You want to do things to try and boost your exposure, but you are wary of doing something that will cost money. While being cautious is a good thing, you need to weigh up your options and see where your opportunities are. Instead of becoming too fearful, try to analyze things objectively and decide the best way forward. If you find trying to be objective difficult to do, ask a friend in business to take a look for you.
Do Your Research
Before you can start to do something about your company growth, you need to know what areas you have to target. That is why you need to do your research not just on your customers, but also on your competitors. You should also be thinking about what has caused the slowdown in your market. Is it anything that you can work against? Is there a way that you can use it to your advantage? See where your competitors are going and see if there is an area they aren’t currently occupying. That might be the angle you need to start your company moving forward again.
Researching your customer’s feelings are also a good way to see what’s changed. Send out a survey on your social media accounts or try to email your existing customers. Their feedback could be the key to finding out which way to go.
Look Within Your Company
At these times, it can be a good thing to take a look at your operation to see if anything can be changed or improved. Assess and decide if there are any processes that can be managed in a better way or if there are members of staff who would be more efficient in other areas. It doesn’t mean you have to release any staff; it just gives you the opportunity to take stock of the company. It can also be a good time to look ahead and see if there are any ways you can save money, just in case things don’t improve. Look at your suppliers – are there any that could renegotiate their arrangements? Are there any contracts that are losing your company money? If there are, you might have to consider stopping them and putting your resources elsewhere. It also means that if you manage to save a little money without losing staff, you can then reinvest that money in marketing.
Have a Strategy
Once you have done your research, you should be able to think about how you are going to keep your company growing. Why have your customers stopped using your company? Is it the same for your competitors? If your competitors are doing better than you currently, then try to see why that is, what are they offering that your business is not? It may be a simple thing that you can do which will start to grow your customers again, or perhaps you can offer a different service where you see a demand. Try to devise a strategy that can be adjusted to suit a variety of conditions. For example, set limits on the amount you spend on bonuses or overseas trips, these can be raised or lowered depending on how well the company is achieving.
Consider New Approaches
Part of your review of your company may have shown that you need to think about offering a new approach to your customers. If you have always dealt with them in person, then maybe offering an online service would entice them back. Perhaps you need to offer some new additional services that have become popular with other companies. For example, if you are a law firm, then maybe using a Practical Planning System estate program to help people with their will and power of attorney will attract some additional clients. Perhaps you can take advantage of new technology to do more interviews and meetings via video conference instead of traveling to them. Not only will it save you money, but it will also enable you to arrange meetings quickly and increase your productivity.
Change Your Marketing Strategy
Another way that you may be able to get the jump on your competitors is to refocus your marketing strategy. There may be nothing wrong with what you are currently doing, though by adjusting it to other areas, you may increase your reach and obtain more leads.
Take a look and see if there are any areas that you are not currently advertising. It could be that you have never placed an ad on television before, but it might be a good idea, especially locally. This is where you need to be brave and think about the long-term benefits of advertising. Try a limited run, to begin with, and see how many new leads it generates.
Another good idea is to email your old clients and see if they need your services. It might seem unlikely, but there may be people that have been putting something off until the time was right. Your email might be the nudge they need to get it done.
It can be easy to think the worst and try to downsize your company when the market begins to slow down. Though that can be a good way to save money, it doesn’t help attract new customers and drive the market once again. If you begin to panic, it’s important to think about all the things you haven’t done yet and give them a try, but be decisive, because the sooner you get moving, the quicker you will see the results.
Related content from StrategyDriven