As a small business, you will no doubt be feeling the pinch with the current crisis being faced by the world. This has sparked some conversations with clients regarding tips on how to survive these quiet periods and how best to spend their time.
Let’s face it, we are familiar with the highs and lows of running a business, as small business owners we are used to facing “good news and bad news,” and that’s accurate with a recent rundown of headlines. We recommend that you keep motivated through these troubled times by making the most of your quiet times with our top 4 initiatives:
1. Focus on your existing clients/customers
The cost of acquiring a new customer is far higher than retaining an existing one. Your current customers are your best business asset especially in quiet times as they are familiar with your business operations and trust your products and services. During quiet times, you can plan a customer retention strategy. To get started, we recommend you reach out to your existing customers to get insights and see what the appetite is for additional services or products. Secondly, evaluate your existing data and look for trends. Once you have all the needed information you can begin to create and design a campaign. An example of a retention campaign could be a customer loyalty program which rewards customers for their continued support or develop a series of eDMs with tailored content promoting upsells and cross-sells of your existing services and products.
2. Keep in Touch
There is no better time to maintain and build on your existing relationships, this not only includes customers but your contractors, suppliers, communities, media and investors. Reaching out to your stakeholders via a call or with a personalised email on industry updates, latest news, offers or just a quick hi will ensure that a good relationship is maintained and will provide a much-needed business supporter who can potentially assist with sending business your way.
3. Work on your business
Now is the perfect time for getting a headstart on your business tasks that you may have been pushing aside. Use this time to reassess and refresh your website, update your social media profiles, develop case studies or update your marketing plan to reflect your current business goals. Additionally, you could catch up on your general administration such as organising paperwork, filling receipts, tracking invoices, scheduling appointsments or reviewing your business plan.
4. Take an online course or workshop
It’s a great time to invest in yourself and keep up with the latest trends in your industry by enrolling in an online course or workshop to learn some new skills. This will not only give you credibility but help you to position yourself as an expert leader in your industry.