Despite this situation being unlike anything we have ever seen before; we can learn from previous crises and recessions. Before looking for ways to generate new business, have you looked to your current client base?
Nurturing your existing relationships is key to being front of mind when purse strings are loosened again. Providing genuine help in alleviating pain points beats an unwanted, cold approach so be sure to solve problems for your loyal customers before you try to sell to new ones. Consider making a short-term sacrifice by offering some of your service at discounted rate (or even free) to make a long-term investment in your future revenue. As the saying goes, people buy from people, and it is your humanity that will be remembered when the dust settles.
That being said, you must prepare for your client base to change. Best efforts aside, there are businesses closing every day and to thrive you need a sales strategy. Perhaps you see an opportunity to open a new market? Could investment in marketing prove to be a timely solution?
After the 2008 recession economies across the world were hit hard by a wave of savvy entrepreneurs birthed a surge in innovative start-ups. AirBnB, Uber, and Groupon are just some of the success stories that came out of the financial crash. Now household names, these businesses rose from an opportunity to fill a gap in the market when purse strings were tight.
With Time Magazine forecasting the first global depression of our lifetimes following the COVID-19 pandemic, many businesses have gotten ahead of the curve by diversifying their current offering to adapt to a world post-lockdown. Popular fitness brands such as BLOK, Gymshark and Barry’s Bootcamp are offering free online classes in place of your usual gym-based workouts, global giant Subway have pivoted their model to offer delivery of groceries, and American hotel chain Red Roof has opened its doors to remote workers looking to escape distractions by renting socially distanced rooms on a day rate.
One thing is clear, in times of economic uncertainty it is the businesses who listen, adapt quickly, and innovate that have the ability to emerge stronger than ever.
To read the full report, download your free copy of The Future of Work 2020 here.
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