Let’s be honest, 2020 has not been good for business. I know some people have had a good year. However, this does not mean that the economy has been expanding. Usually in times of crisis not everyone is affected at the same time and some businesses appear to be doing well. However, if one doesn’t take precautions, one’s business can be effective negatively
This doesn’t mean that one can’t make good money, it only means that one has two be prepared to do more to get results.
In the last years lots of people had jobs, contracts and clients because there were lots of jobs, many companies were desperately looking for partners, products and employees, so there was enough work for everyone.
One must realize, that there still is enough money everywhere.
The real situation we have is that people who have money, companies who have money are a little bit uncertain in these times, which means they don’t spend their money as easily as in the last years.
We need to help people decide and purchase.
So, what we’re really doing and must do in these times is to create want and focus on their current needs.
Those companies who take advantage of this and master this skill will scale and expand in crazy numbers once the economy starts to improve. Once the people start feeling comfortable spending their money again, those companies who mastered creating want are going to expand.
Here are some strategies for 2021
Satisfy current needs – advertise on search machines
This hasn’t changed very much, since people will always have certain needs which have to be met. Whether it is food, shelter, transportation but also a small vacation to get out of town for a few days.
Advertise to these people prominently when people are searching for something. Know what people are searching for and make sure they find your company.
Realize that people are changing their priorities right now.
For example, due to the regulations around the coronavirus, people are obliged to air out offices, classrooms and other locations where people meet every two hours.
These companies which must air out have had an idea that it’s smarter to place air conditioning machines and save the hassle and they’re searching for these solutions.
So, in this case one must be able to recognize what is being looked for now and making sure one is seen when these things are be looked at. This is a typical case of advertising on Google or Bing.
Here are some examples of circumstances, I have observed during the corona crisis which people can take advantage of
- Company looking for new providers for services since theirs (your competitor) went out of business.
- Companies looking for local providers or services due to regulations and problems with trade overseas.
- Local hotels were getting lots of business because travelers couldn’t leave the country
- Of course, we have the obvious example of masks where everybody must wear a mask so suddenly masks are very valuable.
- Investors wanting to get rid of cash and buying Real Estate, which means the markets for real Estates are stable.
- Another example is people having to prepare their staff to work in home office offices and that means buying computers, desks and digital software.
These are all examples of short-term needs, which your company can take advantage of, if it’s relevant for you. The good thing about this strategy is that one can easily get new clients. Of course, it only works if your company can provide something which is wanted right now.
NOTE: When going toe to toe with direct competitors, there are a few things one must pay attention to:
- Know your unique selling proposition and make sure people know immediately what it is when they find your company.
- Try to avoid saying the same thing as your competitors. Make it a rule to say it FIRST or something DIFFERENTLY.
- Put your potential client’s attention on those things that helps sell your product. For example, if you are particularly good with privacy issues, mention that immediately as a must have.
Innovation and repackaging
When you are in a highly competitive market one of the ways to keep clients and to get new clients is by producing innovative products or repackaging it which makes your products more exciting.
This isn’t something which everybody can implement but it is worth mentioning that your company might be able to find a way to do something better and making that known.
It is a known fact that during a crisis of a great number of new companies come to existence and bring new products on the markets which often replace old failing companies.
Maybe you can find something which helps your company get ahead of the rest.
- Restaurants delivering to homes
- Digital concerts
- Tools to digitalize workflows
- Phone system made for home office integrating voice, sms and maybe something else.
It can also be as simple as
- Making a cooler website using a new technology
- Changing products to make them organic and therefore more interesting
This form of advertising is usually done in Facebook YouTube or by placing ads on big platforms where you can target audiences who are not actively searching for something.
The way to get independent of people looking for your services or products is if you master creating want. The examples above are based on existing needs of people or better said existing wants of people.
If the two options above don’t work for you or the competition is too high, you must focus on another strategy which is called “The Uncustomer”.
The “uncustomer” is somebody who doesn’t know that he will buy your product today. Using your advertising, you are going to sell him something which he wasn’t planning to buy yet.
Again, this is all about advertising to somebody, getting his attention, getting him interested, and having him act.
I must admit this is one of the more difficult forms of advertising.
In this case you must look at the target audience. Who are we speaking to? What do we want to sell them and how do we get their interest?
Let’s break this down a little further and look at the target audience. Per definition the target audience has certain characteristics, it should be at least seven different things.
Digital sales strategies:
This could be like is a business owner who wants to expand company, company belongs to him, doesn’t want to do everything himself, is willing to hire experts to do work for him and is willing to try new things. His company is in the business of providing services like selling and maintaining machines.
Renovating high-end real estate:
Clients have enough money to spend 100.000 euros, don’t feel they can do it themselves, value planning and other services and, are located within a radius of let’s say 200 kilometers, are over 45 years of age, have either built or renovated an apartment or house before. They don’t feel standard solutions will meet their needs.
Find out what interests them, this is not necessarily what you sell. Do whatever is necessary to understand their pains and their desires.
For example, you might want to sell a dentist a solution to get more patients. So, you reach out to dentists who could have more patients. But they might not be interested in more patients, but he or she might be frustrated that he waits and is idle between appointments of his patients. So, you might be able to interest him by showing him how to take more advantage of time management.
The thing to do is approach him regarding optimal time management and booking patients and then when you have his attention to show how your product will fix that need. Once he has so many patients, he won’t have that problem anymore since there is no more waiting.
Sell your product and get money !!!
This is a brief description, but I hope it helps to give you some ideas to boost business in 2020 and 2021.