Reinventing Your Business to Thrive in Turbulent Times – Let’s Pivot
- Have sales dried up and your team has lost their MOJO?
- Need to PIVOT and get more new business and sales in a hurry?
In turbulent times it pays to reinvent your Business to THRIVE not just survive during a Sales Slump and Economic Downturn.
As John F Kennedy said – “the best time to repair the roof is when the sun is shining” so get ready to pivot back to profitability with these ideas…
Start by Getting Your MINDSET Right to Turn around a Sales Slump
- Adopt a Winning Mindset! – Be a Beacon – Work on being Energised, Optimistic & Friendly
- A positive Attitude helps you find Opportunities in Turbulent Times – Always Look for the Good and What’s Working
- Fan the “Flames of Success” – FOCUS on finding and highlighting any small wins and personal bests
- Maximise Your Opportunities in Tough Times – Making the most of what you already have! – every lead, enquiry, customer, sale, staff member, past customer etc
Focus on Improving Your Customer Experience During a Sales Slump
- Deliver EPIC Customer Experiences –Find & Remove the Ouch! & Wow them. better first & Last Impressions.
- A Positive Environment is a Magnet – Improve your Surroundings – Décor, Music, Refreshment, Comfort, Nicer Toilets
- Retail is DETAIL – Time for a makeover – Decluttering, Improving Flow & Layout, Clear old stock, Refresh w/Paint&Carpet
- Asking more ‘Million Dollar’ Effective Questions – Learn The “Phrase that Pays” and Words that Sell. Develop a better script and templates. Sell more Extras and Addons.
- Online Reputation Management – get more positive online reviews, Manage any damaging review or publicity
- Create Your Retail Wonderland – An Awesome Retail Experience – retail technology
- Think Vending! – Sell additional products at all hours using vending machines
- Packaging Perfection with beautiful bags, packing, gift wrap, ribbons for presents
- Offer Speedier Service – Fast & Responsive, 24/7 support, Livechat online, Quick Email response. Podium is great for websites too.
Here are SIX ways to PIVOT your Business in Turbulent Times
1. Reinvent Your Market – Really Understand Your Customers
- Finding Your Ideal Markets – There are Riches in Niches – Look for Geographic and Web market opportunities
- Use your Unique Selling Proposition (USP) against Competitors – Target WHO? and use niche Reasons WHY? (especially targetting quiet times and offpeak seasons)
- Build your tribe of fans – VIP Loyalty Clubs – Going tribal with rewards and belonging
- Focus & Clarity – Segment your contacts and customers – Use the 10/100/1000 Strategy
- Your Love Lists – Use your ‘loved ones’ to turn ONE into Many – Ask for their help & assistance – reviews, referrals, leads
- Work your Advocates & Connections – Get Testimonials (Video too), Endorsements, Reviews, Events and join their Groups
- Maximise your CRM/Database – Collect and segment Data – prospects, clients, alliances, suppliers
- Database Marketing – Repeats & Referrals – E-news, Newsletters, Cards, Blog
- Ideas for Overcoming Internet Store Sellers -Use The FUDGE principle (Fear, Uncertainty, Doubt, Guilt and Ego) & Top 20 reasons to choose us
- Find and support a Cause – Supporting Charity & Community causes
2. Reinvent Your Marketing in a Sales Slump – Get Better Known
- Web Marketing Basics – Website, Google Business Profile, Local Adwords, Adwords, Meta Ads and LinkedIn local ads
- Get better known and slightly famous – Speak, Write, Make Videos and Blog online
- Go Mobile – Mobile website, Maps, Apps and Directory Listings
- Extend your Range beyond your location – Use a Distribution system with Man in a Van/Delivery and Install, Click and Collect for online orders
- Create JV/Alliances – find partners for mutual success, Joint Ventures and Co-operatives
- Offer more Samplers – People love Freebies & Free Trials – Sampling, Giveaways and Try before you buy
- Local Area Marketing and Community Connections – Groups, Clubs, Schools, Gyms etc
- Leave a Trail behind you – More great Business Cards and Flyers, Stickers and Magnets
- Create an Annual Marketing Calendar – Special Events and Sending out Cards and Gifts
3. Reinvent Your Products & Services Offering
- You can use Innovation Triggers to create new or different products & Services – read the book The Star Principle by Richard Koch
- Offer Awesome Products – What’s New, Hot and Different. Find Exclusive / Innovative / Creative Products especially from the local area.
- Finding your Star & Hero products, Signature Product & Famous Products
- Add More Services – Customised, Unique, Bespoke, Tailored, Fitted, Repaired, DIFM,
- Train your team in product knowledge – start with the BEST sellers and hot/new offerings and PREMIUM & HEALTH products for international market
- Learn how to sell more in your Off-season and quiet times – put more of your attention on your quieter times
- Turn over your old stock – Liquidate or get rid of old inventory – Your not running a museum!
4. Build a Loyal & Engaged Team
- Better Teambuilding – Recruit and Retain the best staff. Learn how to Pick Winners and develop a recruitment system. Read the book People power by Sadhana Smiles.
- Hire Sales Superstars – Increasing Average Sale with Extras & Add-ons, Upselling and Shiftselling. Start by offering customers a MENU of things you can addon. Use a plasma TV in the foyer with a powerpoint of pictures of add-ons
- Using Team Incentives & Competitions that really work – Visual scores on the board
- Ask for more Help and Support – use your team of experts – council, accountant & associations
5. Reinvent & Build Your Brand – To Make Marketing Easier
- Think Visual Marketing – More Signage & Screens that Sell – Internal & External
- Work on your Brand – brand experience, symbols, language, titles, name, logo, tagline, recall
- Be Sticky and Memorable – Boosting Recall with Promotional Products – Alibaba.com
- Use more Advertising and Promotion – Building both your Brand & the Bottom Line
6. Reinvent & Organise Your Admin & Finance in a Sales Slump
- In turbulent times you need to Focus on your Financial Numbers and Sales Statistics – regular reports from Xero or Cloud Financial software
- Work on Cost Downs & Expense Reduction – Rent decrease, study negotiation skills
- Systemise for success – Consistency with Processes and Procedures – Read the E-Myth by Michael Gerber
- After you have created your Systems and “A Team” Consider Scaling, Replicating and Expansion – Consider Multi-store Models and Licensing your ideas
Having a Sales Slump or Downturn?
Think DICEY – Different, Innovative, Creative, Exclusive & Young!
“Whoever Owns the Customer Owns the Market” – Get closer to your customer and find out what they really want and don’t want. Solve their problems. Where there is a PAIN there is a Profit.
