By Edward Zia
The reality is that in the modern world, all businesses carry more risks that they would have 20 years ago. We can do our best to mitigate these, however sometimes things within our control & outside of our control can negatively impact us.
Financial Distress is an extreme situation that impacts people, staff and their families. Extreme situations require an extreme response to turn the “Last Stand” into a “Winning Battle”.
The following key Marketing Strategies & Ideas can help one to turn things back from the brink:
1) Work out what you need in terms of Clients / Patronage to survive:
It all starts with working out what you need to survive. As you may be in an extreme situation, you probably need to make some extreme moves to make it. How much extra revenue do you need to bring in to survive? How many clients / customers is that? Are there any longer-term projects or costs you can cut so you survive the short-term?
2) Determine exactly the right type of clients you need:
Many businesses don’t get into trouble because they don’t have enough clients. THEY HAVE THE WRONG CLIENTS. This may be in the respect of them not paying their bills, not being of high enough margin or they take too long to acquire. Look into what you have already and work out “The Best” clients you need.
3) Decide on the best “Low-Cost / High-Return” Tactical Marketing to use:
It’s good to look back into what worked for you and what didn’t in terms of Sales & Marketing Strategies you have previously employed. You need to use Tactics that *you know* will bring you clients right away.
4) Increase Your Prices / Tweak Your Product Mix:
Most businesses (especially those in trouble) have a problem with their Product Mix. They either aren’t charging enough, adequately collecting money or are missing something critical. If you know you can increase your prices, it may be time to take a deep breath and do it.
5) Mine Your Database & Market to those who already like you:
Creating “Brand New Clients” often takes a great deal of time and energy. Established companies often have great potential databases and people “On the Edge” ready to buy. Email Marketing & Pro-Active Phone Calls are great techniques to pick up these new clients.
6) Use the Latest Marketing Technology available:
Mailchimp Email Marketing, Facebook, LinkedIn, Business Networking, Referral Networks, Phone Calls and the like can be very low cost Marketing Strategies that can get new clients right away. All of these mentioned are also very inexpensive and can produce a great return on spend.
7) Build a Strong 90 Day Action Plan with Clear Actions, Goals & Measurement:
Top Marketers never “Wing It” and especially in times of Financial Distress it’s the last thing you want to do. Work out what you are going to do every week to make it all happen. The other key point too is that you must be doing things differently. More of the same won’t win the war for you.
Once you have the plan in place, you must then go and do it.
You will want to speak to Condon Associates Group first and then use the necessary professionals / consultants available to give you the edge you need. Then, once you are out of Financial Distress and surviving – it’s then a perfect opportunity to sit back consolidate, consider strategy and think in a longer-time frame.
About our guest author:
Edward Zia, Marketing Mentor, Excellence Above. To find out more visit: www.excellenceabove.com.au