The pandemic is happening, but if you take the right steps, your company can get ahead of it.
6 min read
The opinions expressed by collaborators are personal.
So this article is not about the virus, beyond pointing out that if you don't want to get it, the best thing you can do is wash your hands (a revolutionary idea, I know). But I am going to share some strategies that will help you stay ahead in this time of economic recession.
1. Install a process automated lead generation
If you don't already have an automated process for getting leads , now is the time to get it. If the economy slows down, you are going to have to sell twice what you were selling, and without an automation process you will be swimming against the current. Automation helps clone you and your team. I use LeadBox to generate leads on autopilot and receive new leads in all my companies, and so, all you have to do is close the sale. It has easily helped me multiply my companies by 10.
2. Implement systems to become less dependent on people
Never manage people, always manage systems. This is a fundamental principle of E-Myth and can help you to better manage your business. And in difficult times, people are even less reliable. We have dozens of different systems and processes that we use in my different companies. One tool I love is Trello – it's easy to create, has a great mobile user experience, and is easy to learn for anyone who hasn't used it before.
3. Put customer guarantees into practice
If you can create contracts for your clients, this could benefit you. This is a difficult conversation to have with so much uncertainty. Something I started implementing in my companies is having conversations about the coronavirus with my clients, asking them if their marketing and advertising budgets have been affected by the pandemic. Creating an open line of communication can help you plan in case things start to change, something that hopefully gives you enough time to make the necessary internal changes. We are also sending surveys to our customers to have a better understanding of how they are dealing with the virus. I love Survey Monkey to do surveys, it is the easiest and most effective way to get quick answers. Google Forms also works quite well.
4. Focus on refining the writing
In the coming weeks, there will be loads of people online, constantly checking for updates on the virus and the economy, but also as a result of Home office policies. For this reason, the texts on your website, marketing materials, advertisements and others will be at a particularly competitive time. With the world fighting for users' attention, strong copywriting will be a competitive advantage in attracting the audience you want. Udemy has great writing courses to improve your skills, or you can hire freelancers at sites like Toptal or Upwork.
6. Double your efforts in markets that have served you in the past
I don't think trying new markets in today's environment of economic uncertainty is the best use of your time and resources. On the contrary, we will be duplicating our efforts in markets that have already been effective. If you do not know the 'who, what and why' of your company and its products or services, I recommend reading a book titled Sell More Faster , which can help you to have more clarity on customer segments. One of my mentors and advisers, Max Borges, preaches this philosophy. His company, Max Borges Agency, over the last 10 years has consistently generated $ 30m + with a very healthy margin and attributes it to simply being very clear about who their client was, delving into that very specific niche and creating a product that their clients love.
7. Focus on offers that make your customers make money or save them money (end products)
In these uncertain times, companies are less focused on the products they don't need. But if your product or service makes your customer earn or save money, then you become much more indispensable. Two examples of products that I will not stop using, regardless of what happens to the economy (because they make me or save me money) are Adroll for retargeting (it makes me money) and Charge Poing reduced commercial services (it saves me money).
8. Create service-based businesses
This is why products matter: You only have certain hours a day to sell and run services (even if you have a team, you're also limited to their working hours). Products help you earn money while you sleep. As simple as that. To scale and grow, you need products. If you are a service, decipher how you can convert some of your services into products. To make things easier for you, start with one. Products exist in many shapes and sizes, from digital SaaS products to courses to e-books, anything that can be purchased and paid for online. You want to have products.
But most importantly … You want to wash your hands! +