We know business is tough but I have this theory and, I admit that from my standpoint, it is just a theory. Please don’t bite my head off when I say this but I get the feeling that a difficult economy has become the scapegoat for a whole host of excuses.
Of course, there is little a business can do when their customers discover they do not have the dollars to spend on your product or service, but where I see people missing the point is in their acceptance of this and understanding the need for fresh thinking.
The saying goes like this “the definition of insanity is trying the same thing over and over again but expecting different results”. Change always seems to be the hardest thing to face no matter what area of your life you’re looking at. But, if your customers have stopped buying from you and you continue to take the approach of ‘business as usual’, surely you cannot expect good results.
If you’re wearing a t-shirt and the weather turns nasty you put a coat on, right? You don’t do nothing and hope not to get a cold, or worse, you don’t take it off altogether and expect a better result. If your world changes you have to change with it.
This might mean facing the reality that your business is no longer relevant. It’s a really horrible, scary and painful reality to face, but sometimes facing that truth head on can save you pain and debt later on down the track. But, before you go down that track, there are other things to try. Can you find a new customer, one with the dollars or the need to spend with you? Can you find a new product to add or enhance your current offer? Are there new markets to jump into, joint ventures with complementary businesses you can find to create a support network for referrals and joint marketing? Have you looked into every way you can reduce your overheads so that you can put the extra dollars into things that will help you attract customers, such as advertising or more sales staff. How can you get more out of your existing client base? Can you enhance the service they are getting so they stay with you longer? Are there opportunities you can jump on? For instance, with all your competitors in the same boat reducing their marketing spend does this lead to a gaping hole in the visibility of your industry? Wouldn’t it be great if you were the only one out there? It’s a pretty strong argument for putting these available dollars to work!
What’s my point? My point is, the game has changed, what are you going to do to change with it?
What’s your game changer?