In the February Harvard Business Review article, Seize Advantages in a Downturn, they say that "Inaction is the riskiest response to the uncertainties of an economic crisis." A natural reaction of many business owners right now might be to put the brakes on. However, you need to rally against this tendency in your gut, forge forward and allocate your resources differently this year.
- They suggest that you "reallocate marketing spending to bolster immediate revenue generation rather than long term branding." This is something that small business owners tend to do anyway as their eye is on short term, top line revenue generation.
- They recommend looking at your pricing models. Can you make adjustments to make it easier for your clients to buy? Break down services into "a la carte" vs. bundled?
- They talk about offering a new service that is not only more affordable but better meets the strategic needs of your clients at this time.
These reassessments are driven by the economy this year but looking at these three factors every year enables you to stay close to your changing market.
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