I was talking to a business owner the other day and asked how things were going, considering our current situation. He was a restaurant owner locally where I live. He said things were “ok” which is what I hear a lot of lately. “A little slow”, he followed up with.
I asked what he was doing to increase business and get his customers back quicker, spending more money with him instead of his competitors. His answer…“Nothing on the books.” What??? He said he was cutting back on all his expenses and had nothing planned for marketing to get his existing customers back or get new customers for his business in the future.
This is dangerous, especially right now. You can still market, even during a Pandemic, inexpensively and effectively to get your existing customers back and get NEW Customers. Beware of this bury your head in the sand mentality when it comes to marketing to increase sales.
Most people, when times get tough, pull in their efforts and cut back on their marketing. They hunker down and start focusing on cutting costs – not building business. You should run a tight ship but not when it comes at the cost of your customers experience or the ONE Thing that is getting you more business.
Don’t get me wrong, I understand the situation everyone is in right now and how tight cash flow is – but that just means you need to be conscious of what you are spending and what you are spending it on. Obviously, you don’t ever want to waste your hard-earned cash on things that don’t work.. I get it.
But, when you run into a slow period or difficult point in your business under a cash crunch, the thing you should focus on is getting more sales. That means you must MARKET MORE! It doesn’t make any sense to me when people cut marketing as the first thing to save money. Why would you stop doing the one thing that brings you in business and cash? Just be smart about it.
You have to get “promotions” out the door. On time. Frequently. Consistently. With urgency. Napoleon Hill wrote, “Your ship cannot come in unless you have first sent it out”. He referred to a popular phrase of his time, about young men waiting for their ship – meaning their opportunity, their “break” – to come in. In my businesses I used to refer to, each sales letter promotion or postcard, email, post, click, Google or Social Media Ad, webinar (yes the list is extensive, good lesson here) as a “ship”, and I asked, “How many ships did we get sent out TODAY?”
Many business people look at “business being slow” as some kind of condition or circumstance that happens of its own accord. COVID is not in your control, I understand that, but how you react to it IS. An empty harbor today is usually representative of very few ships sent out yesterday. Fishing boats do not appear at night, they come back at night!
My income would increase, in part, for a pretty simple reason: there is the promotion just ended, the promotion in progress, the next promotion getting its “final touches”, and several promotions in development after that.
Nothing Bad EVER happens when I market my business. EVER!
How many ships are you going to send out this year, month, week…today?