Blog Post #2: Strategies to Stay Profitable: Solutions to Stay the Course and Meet Your Goals Safely
This is a unique time, no doubt about it. But – that also means there is a unique opportunity for everyone. Usually, the decision-makers you want to meet are preoccupied with other things. Today, they are focused on how they will rebound from this COVID pandemic. So now is the time to insert yourself into that process. Utilize these crucial four steps to revolutionize your rebound plan:
One: Adjust Your Corporate Strategy In a recent live stream, Tony Robbins was asked: “What’s the number one advice you would give to a small business owner coming out of this pandemic?” His reply was: “You better know your numbers.” With the current state of things, you need to be focused on your numbers.
You should have a precise picture of …
- Your revenue
- Net profit
Where do you stand compared with 2019 year-to-date and against your 2020 projections? Exactly how have you been affected by this economic disruption? When you started the year, you had no knowledge that this was going to happen. Know exactly how far off you are and in which markets (if that is the case).
What will it take to catch up? Most companies have been affected in some way, some more than others. This includes your customers and prospects. Some will rebound faster. Reset your strategy based on this evaluation and make the necessary changes in your action plan to enable you to rebound faster. If it still looks to be out of reach, then adjust your expectations.
You must take a closer look at the markets you intended to focus on. It might be that your best opportunity is to get increased penetration in existing markets. Or, it might just be with existing customers – they’re also trying to figure out what the rebound looks like for them, and they’ve been with you all along.
What is the opportunity you have with existing customers? If that’s not going to get you to your goal, then maybe it’s time to consider getting into new markets. I have clients who have the biggest opportunity in both of these categories – so where is the biggest opportunity for you?
Two: Marketing or Sales-Where Should You Spend Your Time and Resources? None of us have Geico’s marketing budget. We have to make sure that our time and resources pay off. Unless you already had a nurturing campaign in place prior to the pandemic, sales is where you really need to focus. Now is the time for tactical strategies to take advantage of this opportunity.
Marketing takes time to develop, and it’s important. But you’ve got to give it three to six months minimum for it to get traction. Quick hit marketing tactics are typically a low-percentage play because when people first find you, they’re typically not ready to move forward. It takes some time to nurture that professional relationship before sealing the deal.
If you have a marketing campaign that’s working, keep doing it. Otherwise, it’s time to pick up the phone.
Three: Manage Your Accounts Don’t forget about your existing customers! These people have been with you all along and they’re planning their own rebound, probably talking to their customers. This may represent new opportunities for you be it directly through new business, or indirectly through referrals.
If that won’t get you back on track with your goals, then identify other prospects in your current markets or consider new ones … then take action. You need to insert your solutions into those plans before your competition does.
Four: Track Daily, Adjust Weekly Review all your data weekly. Everyone knows if they make a sale, but that’s not enough. You need to know your lead sources and how productive they are. Evaluate those sources and the time you’re spending there.
You should track…
- sales activity
- booked business
Know the level of activity that is required to be successful. Make note of how many contacts, meetings, and proposals you need to do. Monitor your efficiencies with those things and make adjustments as needed to stay on track.