How are you helping your clients deal with today's economic challenges?

Replies to This Discussion

Permalink Reply by Megan McKenzie on October 28, 2008 at 3:18pm

Stay focused, Stay focused, Stay focused. I emphasize that in economic downturns, the companies that perform only mediocre services tend to disappear. I also emphasize that for those business owners that are innovative and creative this is a time of great opportunity. I work with them to look at ways to reduce expenses and debt, if any. Lastly, I continue to underscore the fact that (a) there is still lots of business out there (b) we have no control over the economy and (c) we have ALOT of control over our responses, reactions and actions.

Permalink Reply by Cynthia Phifer on October 28, 2008 at 10:38pm

Megan...Excellent advice. As usual, you are so on target. Thanks for participating!

Permalink Reply by Tom Borg on November 16, 2009 at 10:33am

Megan,
Well said. Solid advice that people need to hear and is something they won't get from the popular media.
- Tom Borg

Permalink Reply by Catherine Franz on December 8, 2008 at 11:10am

Cynthia,

Thanks for asking.

One of the biggest problems I find is that businesses don't really know their target market. They claim they do. Yet, when it comes to havaing it down on paper, keeping it updated, or in details in some way. They just don't have it.

It's the #1 reason too that they don't make the revenue they really want.

Behavior analysis is so important to make it but even more important in the economy the way it is now.

The business owners / companies that don't have this information and are too ego-blocked to pursue it are the ones that have been operating with luck the past 10 years. Now, they will disappear. I should say they ahve been disappearing.

Marketing isn't luck. It's facts. It's measurement.

This is one of the ways I'm helping clients increase their revenue in this economy and it works every time.

Catherine

Permalink Reply by Cynthia Phifer on December 8, 2008 at 11:23am

Catherine...You are sooooo right. Michael is a firm believer that every client should work on the foundation of their business before moving on. Once they have defined a red velvet rope policy, they clear the way for defining that target market precisely and identifying what the target market urgent needs and desires are. (For those who aren't familiar with this concept, check out Michael Port's Book Yourself Solid.) When we know why people buy what we are selling, we can really focus our maketing. Kudos to you for zeroing in on this. Cynthia

Permalink Reply by Johnna Johnson on February 16, 2009 at 7:38pm

Cynthia, so true! I read Michael's Book Yourself Solid for the third time today. Third time is a charm!!! The first two times I read the book over the past few years, I highlighted key points and implemented most of the concepts EXCEPT the target market piece. Today, I reread the book, completed all assignments and action items. After SIX years in business I am FINALLY ready to move forward and have such an incredible sense of relief and excitement -- not to mention FOCUS!!! As Michael indicated in his book, in my case, the stakes have risen higher than any other time in my business and I'm in the market to buy, listen and implement every single one of Michael's methods! Hurray! I know my target market. And how simple. Really. I can't wait to share my enthusiasm with all the other business owners struggling with identifying their market! After completing the section on target markets, I realized how much energy, time, money and disappointment I've spent on trying to please everyone. In the unsuccessful process, I've lost my "ass". :-) I am re-energized and ready to THINK BIGGER once again. Thank you Michael and Cynthia for all that you do! We appreciate you!

Permalink Reply by Steve Goranson on December 31, 2008 at 7:47am

Megan, you are so right you have to stay focused because planning ahead means staying ahead.

Once a company starts losing its bearings and mooring and gets carried away by stormy economic tides it is difficult, if not impossible, to get safely back to shore.

During a recession those who were barely afloat sink, those treading water drown, and those without a fixed compass get confused and lose their financial vision, brand identity, and connection to their primary customer demographic.

To avoid these effects it is important to prepare well ahead of time for the eventuality of downward market cycles.

According to a January 2008 article published in Business Week, market measurements and forward-looking financial indicators are important tools. Without them business owners may never see hard times coming and can be blindsided and have their cash reserves wiped out without warning.

While no business leader has a crystal ball, those who do employ easy to read and understand metrics, benchmarks, and other tools for testing and evaluating performance are in a stronger and more informed position. They can sooner identify trends and more quickly adjust and adapt to changes, which gives them a tactical and strategic advantage over their less informed competitors.

Rather than simply shooting in the dark, those who have the proper tools can find targets and hit them. When profits begin to drift downward, they can realign their focus to hone in on them in a more precise and accurate manner and get back on track to profitability.

Those who do not respond proactively to changes, are at risk for not only wasting time and money, but also losing their valuable customer base and overall brand integrity and congruency.