In the face of relentless negative news, businesses must adopt a resilient mindset, cut their losses where possible, and concentrate on the fundamental building blocks of growth. This article provides a comprehensive guide for companies seeking to thrive amidst market chaos.
Firstly, businesses must practice intense focus. Understanding who your customer is, how to reach them through advertising, partnerships, channels, or OEMs is crucial. If these benchmarks are unclear, it may be time to reassess your business structure, personnel, costs of goods/services, and restructure your model.
Secondly, businesses should outsource and build expertise within their company. By minimizing fixed costs, companies can emulate the strategy of feudal barons who maintained a core group of fighters and outsourced additional troops when necessary. Various functions such as marketing, finance, HR, IT infrastructure, product development, or manufacturing can be outsourced to specialists, providing levels of proficiency that may be unaffordable for full-time hires.
Thirdly, businesses should flex and tier their pricing creatively to minimize barriers to entry. In a chaotic market, it's essential to structure pricing so clients can afford to try out your products and services. Be flexible in negotiations and seek innovative ways to attract new customers.
Fourthly, make your suppliers real business partners. Companies like FedEx and UPS are integrating into their customer's shipping docks to save time and money, becoming active business partners. While smaller businesses may not have the leverage of Fortune 1K companies, they can negotiate with suppliers for extended terms, just-in-time delivery schedules, creative pricing, and joint promotions.
Fifthly, ensure your marketing fundamentals are robust. Many businesses neglect the basics of good site design, user interface, up-to-date brochures, and legible presentations. It's essential to integrate your color scheme and logo across all marketing materials, reinforce your branding with clear value propositions, and ensure your logo and tagline look professional.
Sixthly, create and deploy credible PR that isn't full of fluff. Avoid overused terms and strive for original and truthful PR to stand out from the crowd.
Seventhly, position your company to work with customers worldwide. If resources or personnel are limited, consider partnering with a local reseller, dealer, or distributor with an established presence in markets you can't serve from your home office.
Eighthly, don't waste time chasing venture capital. Be creative in funding your company. Consider talking to friends and family about investing or negotiate with suppliers for extended terms in exchange for a long-term contract or discounted parts.
Ninthly, leverage technology to grow your business. A good website should answer customer questions, not leave them frustrated and confused. Consider implementing an FAQ or instant messaging for real-time customer support.
Lastly, ignore marketing hype and focus on technology that works. Opt-in email advertising, for example, is one of the best ways to reach a target market due to its instantaneous, 24/7 availability, targeted approach, global reach, and proven effectiveness.
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