The pandemic may be past its prime, but this doesn’t mean we’re back to business as usual. The war in Eastern Europe and what The Economist called the coming food catastrophe are bound to leave a mark.
If your business survived the pandemic or even thrived through it – congratulations! Take a moment to pat yourself on the back, but make sure it’s not more than a minute. Because, even if you’re not in Eastern Europe or connected to the food industry in any way, you’ll still be headed for a bumpy ride.
Economists and other analysts have a lot of explanations that sound complicated: the rising of interest rates fueled by the need to stop a record-breaking inflation, supply chain problems, political unrest, low crop yields due to extreme weather, and so on.
Their concerns are, of course, valid. And, of course, they will affect us all, irrespective of where we are and what we sell.
Why? You don’t need buzzwords to explain this: when everything gets more expensive, people are going to be a lot more careful with what they’re spending their diminishing salaries on.
Are You in the Way of a Domino Effect?
Stagflation fears are rising everywhere. If we cross that point, we might start thinking about the 2008 crisis fondly. But I don’t like apocalyptic scenarios, so I’m going to focus on what we do know.
2022 is definitely not the good year we were expecting. After the initial wave of enthusiasm at pandemic-related restrictions being lifted almost anywhere, people are starting to be more cautious with the way they spend.
Fewer nice-to-haves to make room for the increasing utility bills. In the business world, a lot of company owners will delay their expansion plans indefinitely. Plus, if you’re in the B2B sector, take a close look at who you’re serving.
Are they companies that are most likely to be affected by the crisis? If so, how can you support them?
If not, create a backup plan nonetheless. 2022 might be the year of the big client churn.
Here’s what you can do to stop your losses and even grow your business.
How to Find Certainty for Your Business in an Uncertain World
None of us know what’s going to happen (if you have a working magic crystal ball, please let me know in the comments section, I’d love to book your services). Joke aside, you can still thrive in an uncertain climate. Start here:
1. Re-Assess…Everything
What happens if your clients leave? Do you have a plan to find new ones?
Ideally, you should never stop looking for new clients, irrespective of the field you’re in. Now, this tactic is more important than ever.
Re-assess your marketing strategy – can it be easily scaled and adapted to a crisis situation?
What about your staff? Are they happy enough with your company to ride out the great resignation and stick with you even if things get more hairy?
If not, it’s time to start building new strategies. Now, before you’re in the midst of the crisis. Cooler heads will always prevail, so don’t wait for pressure to build up.
2. Come Up with New Ways to Keep Existing Customer Close
It’s far easier (and cheaper!) to sell to an existing customer. But only of those customers are happy with what they’re receiving from you.
Not sure? Start asking.
When the answers come in, think about ways to improve your services, add extra bonuses, or create new offers that are more aligned with the current situation.
Bundle discounts, loyalty programs, referral bonuses, VIP customer service for your best clients – all of these are good starting points in showing that you care about your customers, not just the cash they bring in.
3. Support Your Clients in More Ways than One
You may have excellent customer support, but what about a pro-active approach? If you already have some data on your clients’ behavior, pain points, and needs, then you must already know what worries them.
You may not be able to stop inflation for them, but you can support them in other ways. A lot of my agency’s clients, for instance, have already started offering free content that helps their customers navigate this (weird) year.
There are definitely a lot of ways to show support and inform people. Here’s some inspiration from our clients’ content:
- Explain what your company does to reduce its carbon footprint (bonus: add ideas your readers can implement as well).
- Offer new revenue streams ideas that are connected to your niche.
- Simplify your subscription plans and offer loyalty bonuses (some of SaaS customers have already started implementing this).
- Tell your own story about pivoting. Be open with your readers and inspire them by explaining how you dealt with difficulties in the past.
- Showcase your team on your blog or in social media. This will help humanize your brand.
Need help with content that gets read and converts or with a revamp of your marketing strategy? My team and I are just a click away.
