As uncertainty continues to change the economic landscape, companies are making operational changes and adapting. By shifting aspects of your business strategy and priorities, your business can persist through difficult times. From making changes to operations and finances to utilizing new tools and honing focus on development, companies all over are pivoting to make sure they thrive rather than just survive in the new normal. Use GROWL’s top 5 1/2 tips for pivoting.
1 During uncertainty, cut costs
Companies in all different industries are looking at how they spend their money, and what is most important during uncertainty. Leaders must modify the budget to focus on customer retainment strategies; things that they are confident will continue to generate revenue. Leadership should pay close attention to their spending to cut their expenses that don’t yield a high ROI.
With so many small businesses, and large corporations alike cutting their costs so drastically, finding a focus (marketing & sales or strengthening existing customer relationships) will help build a business strategy for during this time.
2 Embrace digital tools and communication
While many companies have been forces to go remote, their teams haven’t slowed down. Companies that once relied on personal communication and face-to-face interaction are utilizing new virtual communication tools that keep their team connected while they are apart. Open and reliable communication is vital for businesses, not only internally, but with clients. Keeping communication avenues open and offering new ways to connect helps build trust and loyalty.
3 Go virtual, or go home
This new normal brings a need for virtualization. Rather than postponing all in-person events, look into tech tools and ways to host virtual events. When going virtual, focus on practicing, testing tech, and promoting in advance.
4 Customer experience is everything
Keeping a stable income is the goal for most companies during uncertain times. One way to ensure this is to maintain genuine relationships with customers. Focus on connecting, building strong relationships, empathizing, and merely being a friend to your clients. When you understand their needs during uncertainty, they are more likely to support your brand during good times.
5 Focus on YOU (brand development)
During uncertainty, it’s easy to focus on revenue; however, downtimes are the perfect time to pivot and improve your brand. Try taking time to strategize, adjust marketing plans, build up content, and launch inbound tactics. A strong brand and purpose will immensely benefit the company in the long-run.
5 1/2 GO LONG (pivot and think long-term)
Strategizing for the future is an excellent move when companies pivot during uncertainty. While some situations will limit your ability to predict and project, considering long-term strategy will help your brand get back to normal. Rather than creating detailed plans, think of general goals, accomplishments, and evolution.
Need help with your pivot strategy? Contact GROWL today, and visit our business resource hub for more information.