With this unprecedented event and the closing of many businesses.
Get ready to adapt your small business. Small business is being hammered right now, supply chains are being overhauled, get ready to reinvent your business.
- Most small businesses are not looking at the big picture unless they have access to marketing data.
- Most small business will not recover without a plan and the ability to look past next week's payroll.
- Most small businesses will need to take action today to start to react and adapt as we all get back to work.
Every aspect of how we used to do business will be changing. Here we will look at Cons from an event like this and how we can turn those into a Pro for our business! How do we stay open, How do we succeed when the doors open again. How do we adapt to the new market and maintain and even grow our business?
So What is Happening Right Now (CONS):
- Most all non essential business have closed.
- Some Businesses will not re-open.
- Consumer spending habits will change.
- Demand for products and services will change.
- The way people behave will change.
- Supply chain will change.
- Prices for products and services will change.
How to we address these changes (PROS):
- Most all non essential business have closed :
We have been focused on the Construction segment for the past 12 years. These services are high on the Essential business list and have been able to operate through most of this crisis. With our ability to track spend and monitor ROI on the other side we have been able to keep operations moving. When competition has closed down due to not being able to monitor supply and demand needs in real time we have a leg up on the competition.
- Some Businesses will not re-open :
Strategic Hiring of new employees that can bring more business : add new business segment : increase the quality of service provided : increase efficiencies : drive revenue
- Consumer spending habits are changing :
expendable income : investments : tangible ROI for the consumer changes. This creates opportunity where it can be unexpected.
- Demand for products and services is changing :
Certain products and services can see wild changes in demand. This is where message is key. Consumers want the dollar to go farther. Diversity of product offerings can attract this new buyer.
- The way people behave is changing :
In this specific case of virus/pandemic we look to how we can ease consumer concerns when interacting with our business. What policies do we have to address these concerns and how do we deliver this message to our customers.
- Supply chain is changing : the way to access products for your service may change and the demand for these products may also change. Be prepared to gather this intel and be fluid with expectations for customers. expect to spend more time trying to locate products consumers are looking for and focus on products that you are sure that you can access.
- Prices for products and services will change: Providing prices for products will change based on basic principles of supply and demand. Only price products and service you know you can have on hand. in the short term be cautious of offering products & services based on typical turnaround time of vendors in the past.
So what are our next steps to reinvent our small business and succeed as we come out the other side.
Data Data Data!
Marketing provides us with a strong understanding of what is in demand, how the market is responding to our message and tracking our Return on investment. This is how we make decisions and manage our business moving forward. We pay close attention to supply and demand. My partners are in good position as they have the tracking required to understand advertising costs associated revenue coming in the door. We are able to adjust to supply and demand to maintain demand as the market changes. Many of my partners are still operating and managing target book out 10 days into this pandemic.
On site product limit's supply chain impact.
Really the only businesses that i was not able to keep open were ones that by law are forced to close and those that did not access to product due to closure.
Clear Sign of what is coming in the coming weeks
in real-time we have been able to monitor these changes in demand and react to it changing message and monitoring response. as we come out the other side on this we will continue to make adjustments to message and adjust as required. In some markets I have seen 200% increase in search traffic ... 50% reduction in costs ... 50% reduction in new leads ... 100% increase in closing ratio... Nets out at business as usual. some wild changes in consumer behavior but because we can monitor all aspects of our online marketing strategy, adjust our message in real time and react to supply and demand changes we are well positioned to capitalize on the other side.
If you are a Custom Countertop fabricator in the US and want to get control of your business call today 877 877 1916.
Any other businesses we will work with you on a first come first serve basis.
Comments are closed