When the economy waivers, risk increases as advertising and marketing budgets recede for businesses seeking a higher return on investment. Similarly, business owners tend to purchase less frequently and perform more extensive due diligence when making financial decisions. For most, times like these hold the trappings of (a) either closing up shop or (b) changing the business model to find alternative revenue.
Since there is more to lose from making an impulsive investment, proper management implies performance benchmarks and higher returns (to compensate for waning sales from consumers). Despite the economy, the one thing that remains priceless to all, is the value of a solid business relationship and the trust that exists as a result. This trust when coupled with the power of referrals is a dynamic form of emotional currency that can fuel sales and conversion through leveraging the power of networking.
As markets fluctuate from the ripples of cause and effect, your business can either shift and adapt or be overwhelmed by the momentum in a positive or negative fashion.
As a result, your business can either sustain itself amidst the turmoil (and just get by), lose its way (and fail) or adapt a new path to embrace the market place to produce positive cash flow with less risk. To the untrained eye, this means change, but how you adapt is entirely up to you.
When considering who your target market is, it is better to remove your blinders and see beyond your own perception of who your best customer is when sales just aren’t coming in as expected. Aside from taking time to work on your own projects, this is where the power of networking can offer a ready-made customer base replete with relationships and trust behind every transaction.
When business to consumer sales slow down to a trickle, business to business sales can still flourish. The power of the third party referral and cross-market promotion based on supply and demand exist. For example, say a graphic design company with a strong presence in corporate branding and logo design combines forces with an SEO & Web Design Company, each has clients who could both benefit from the others services.
This type of referral based marketing can yield numerous opportunities that simply did not exist before, so the possibilities are endless for each to share their resources (services) to the others client base. Obviously, this is based on trust, which is something that money cannot buy, which is why it is such an effective medium for conversion.
Are their opportunities you are looking past, just because you are looking in the wrong places? Take a chance and shift your focus from marketing with blinders and think about behaviors and how each company is probably reacting in the same fashion to the “what do we do now that business is slow?”.
It is important to know how to play both sides of the coin if longevity is your objective. Online business is no different, but you just have to remove the tunnel vision to see past your initial business model and be willing to adapt to overcome change and adversity.
It is much easier to sell products and services to other professionals than just a random cold call (which is the equivalent of spam). If resources are a concern, then diversify your product offering and marketing tactics in order to spread the risk as well as the reward.