Many business experts agree that when your business is in an upward trending growth pattern, you should anticipate that hard times are only a couple of steps away.
This can come from the entry of new competitors, the emergence of new technologies, or even passing of new legislations. When the business has fallen, experienced hard times, or profits are declining, what do you do? In this post we look at the best survival strategies that will help you recover from a downturn.
Reinventing the organization
When the term reinventing is mentioned, what hits people’s minds are big multinationals. However, this does not always have to be the case. As a matter of fact, the smaller the business, the easier it will be to shift gears.
To reinvent the business, take a hard look at the organization to identify its weaknesses, strengths, and the possible new markets. This is the best time to start asking the hard questions.
- Why are customers no longer buying from you?
- How are the competitors operating and outdoing you?
- Are the resources committed to marketing not enough to drive sales?
- Are the marketing strategies adopted the right ones?
Once you start answering the main question, it will become imminent where the problem arose. This will be the platform for reinvention.
Determine whether you need to do new products/services, or overhaul the workforce. It is advisable to consider bringing an expert for an unbiased opinion on how to reinvent the business.
Consider selling on the internet
Have you taken to the online platforms to sell your products and services? Well, no business wants to be left behind and so should you.
Therefore, look at the online opportunities that can be exploited to sell and raise your business to the next level. For example, you can promote and sell products on social media, through the homepage, or open an e-commerce store.
Adopt mobile apps to take business to the next level
While social media and e-commerce operations will help your business to edge even higher, being mobile will help to consolidate this progress. Today, it is estimated that over 50% of all the searches are done through the mobile phones. Therefore, this is a big chunk of target clients to miss for your business.
It is very important to make your website mobile friendly so that it can be accessed by all people using their mobile phones.
As a business, it is also very wise to develop a mobile app. This is software that is exclusive to your business. The app is like making the client carries your store on their phones. Because people always take phones with them, every message you send, discount announced, and new offers will be communicated in a timely way.
Adopt remarketing tactics to grow sales
Those people who have had some contact with your product are perhaps the easiest to market to. You will use fewer resources and make them convert will be relatively easy.
Consider adopting the right tools to prepare remarketing lists. For example, you can target those who went all the way to pick your products but abandoned the cart.
Other people to target include clients who have viewed your product, visited the home page, or made inquiries. You can even reach clients of similar products from competitors.