With the uncertainty in the market, it is easy to have a fear-based mindset. This should totally be avoided though, because you often get what you focus on.
If you want to be on the winning side of organizations that persevere during an economic downturn and become stronger and better off, read on for some plays you can make this week to start planting seeds and generating results.
*Note: The companies I have worked with who experienced exponential growth over short periods despite market conditions focused on leveraging what they already had at their disposal.
This means being resourceful, strategic and working from the foundation up. These companies had a few things in common, and some of their approaches included:
Regularly Reaching Out to Their Existing Customers and Providing Value
Whether it is a newsletter with valuable information related to the product/service you provide or you decide to put out educational webinars from your partners that will enable them to utilize your tech/ service better, appreciating what you already have can go a long way to getting more. This is the path to strengthening ties and expanding accounts, and it also helps you to stay top of mind when it comes to referrals. Providing excellent service and value is one of the best retention strategies out there and the social proof from these recommendations to others expedites the trust process for new accounts.
Work Their Existing Networks
Whether that is bringing in a hired gun salesperson that has a solid network and past book of business or if you or another senior leader start sharing thought leadership posts to be visible and maintain top of mind on LinkedIn, it pays off to stay in touch with people you already know. Having Zoom coffees, catching up with old acquaintances over lunch or committing to showing up socially consistently, networking opens up new doors.
Leverage CRM Data and Follow Up on Old Sales Leads
Someone that wasn’t ready to buy in the past may be ready today. Is there a tool, an upcoming event to send an invite to, or a piece of content you can offer to re-engage them? Look to the past to propel yourself forward and see if any seeds you planted can bear fruits today.
Use Data to Inform Budget Expenditures
It is hard to believe how many organizations are driving blind and not using data to make decisions. Analytics or other KPIs you identify can be lagging indicators of whether things are working and should drive focus and efforts. Don’t quit too early or double down on tactics that are working and producing positive results.
Investing in Tools to Expand Breadth of Capabilities
A speaker at a data marketing conference once told me that the big difference between big and small companies is their tools. This was a long time ago, and today there are more affordable tools than ever before, especially in the new era of AI, that can create efficiencies and produce speed in how we work. Small companies can now be more competitive by harnessing the power of different software to augment their teams and retire the ones that need to be aligned with workflows and productivity to reduce overhead expenses
Execute Like Your Life Depends On It (Because Your Organization Does)
Hiding behind planning and strategy sessions delays results. You need a strategy to know what you are working towards and so you know where to prioritize, but this shouldn’t take months to complete. There isn’t any time to waste when it comes to taking action and continuing to take an aggressive approach to growing a business or non-profit. When you show up consistently and regularly and take bold action, results will show up, and we all already know that they won’t by wishing.
If you have any ideas for building and growing momentum to attract new opportunities, comment here and let us know!
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