The past few months have been challenging for business owners, yet some are thriving while others have given up. What takes a business to a new level or a pivot in a business operation? FOCUS and the ability to PIVOT your thinking to a new way of doing business.
Many businesses and organizations have shifted to virtual meetings, working remotely, and bringing about operational changes. While one vertical line of business may not be as strong right now, other product lines are flourishing.
Manufacturing companies that have shifted to make protective equipment, are working multiple shifts to meet demand. Distilleries and breweries that have pivoted their thought process to online sales and curbside pickups are busy. Construction product suppliers that have picked up a PPE product line have an additional product to sell. Clothing companies that shifted to making masks and fashion masks have developed new product lines. The list goes on.
What do these types of businesses have in common? They are open to new ideas and ways to grow. By FOCUSING on the assets they have and PIVOTING their operations to utilize those assets to expand their services. Those business owners are moving forward with renewed energy and resolve.
This challenging time has been compared to the Great Depression. According to the Advertising Specialty Institute, those companies that continue to advertise when everyone else stops marketing are more likely to be noticed. WHY? Because there are fewer ads in the market. “Firms that advertised during the recession increased in value and got more marketing bang for their buck…in some cases for up to three years after the recession had ended”.
Pulling financial support for your company’s brand can undermine revenue goals. The better strategy is to go all in to understand customer needs and respond accordingly with tailored messaging across channels. How do you do that?
Here are 5 tips to keep business growing:
- ASK
Layer these insights and information gained with the human element to get a deeper understanding of how target audiences will respond. What is the value your company brings to the table to alleviate the pain point? Do you even know where those pain points are?
- REDISCOVER YOUR BRAND
How are you different than the competition? What new services can you offer or how can you shift your message based on the information you learn from your customers? How can you position your brand to provide a sense of community while offering reassuring messages that demonstrate empathy?
- DEVELOP LOYALTY PROGRAMS
Reward consumers who purchase frequently and send targeted messaging to thank them for being a loyal customer.
- CONTINUE TO SHIFT AND INNOVATE
Embrace technology and commit to working ON your business instead of IN your business. At a recent class I took, I was challenged to commit the first 30 minutes to 1 hour a day working on strategies to grow my business instead of working on other people’s businesses in their growth. By blocking the time, I’m fresh in the morning to focus on how to grow my own business.
- MEASURE YOUR OUTCOMES
If you’re not measuring, you’re not marketing. Know how people find you. Advertise and be present where your potential customers are. Be vigilant in your metrics tracking and reporting. Stay agile so you can adapt plans to reflect what you’re seeing. From there, brands can make messaging personal.
Keep a level head and commit to a long-term marketing strategy can help you flourish in the down cycle and be fully prepared to capitalize on the upswing. Give people good things to talk about by continuing to have good products and great communication.
To quote Henry Ford…“A man who stops advertising to save money is like a man who stops a clock to save time.”
Let the Edmiston Group help you strategize how you can PIVOT and GROW your business. Call 724-612-0755 or email Autumn Edmiston for a complimentary 30-minute phone consultation.
About the author: Autumn Edmiston is the CEO and owner of the Edmiston Group. The Edmiston Group is a multifaceted Pittsburgh based marketing consulting firm providing senior-level marketing management services to businesses and non-profit organizations on a short or long-term basis. Core areas of service are business development strategies, website creation and management, social media management, marketing, strategic planning, and public relations. The Edmiston Group has consistently delivered and implemented real-world, proven business marketing ideas and strategies for business.