If you’re a business owner, these past few years have been so volatile with some businesses seeing huge declines, while others rapid growth. Then all of a sudden, those who experienced rapid growth, saw the same decline due to the current circumstances around inflation, and the knock-on effect.
Adding to that is consumer spending. There’s been a massive halt in spending due to the rising costs of literally everything around us. It was reported in the Australian Financial Review that Australians plan to spend 40% less this Christmas. And, rightly so.
Not to mention the way the world is changing in behaviours, putting pressure on how we market, including big changes on social platforms *cough* Instagram trying to be all of them in one *cough*. Another reason why we can’t put all of our eggs in one basket.
This has led to a lot of business owners feeling deflated, burnt out, and completely overwhelmed. But, don’t bury your head in the sand just yet, let’s attack this from a new angle.
The biggest thing I’ve noticed is a reactive approach. People rush to create offerings that don’t cater to their target audience, but to a wider one to fill the monetary pitfall. Leaving you feeling overwhelmed with so much more work to do, even if you don’t see it.
So, our advice – go back to where you started.
We’ve listed 4 things that can guide you back on track.
1. Who are you here for?
Don’t worry about the noise, focus on why you started. Nothing changed, your people are still out there, you just need to remember who they are and remind them you’re here.
Think about the current landscape, what they valued before may be different from now. People’s motivations change when there is financial insecurity, always continue to research with a strong focus on your people. When you understand their predicament, you can tap into the emotional side of purchasing. The way people feel about loss outweighs gain, so you have to include messaging on ‘what they’re missing’ if they don’t buy from you.
In our case, it’s the investment in good visual branding. First impressions are vital, it takes 0.05 seconds for people to cast an opinion on your website, if stacked up against competitors and your brand doesn’t cut it visually, you lose.
Tell them why they need you.
2. Why do they come to you?
There is a reason you exist. What made you start your business to begin with? What weren’t people offering that you felt you could? We all have our own differences, even if you don’t think so.
- Your personality
- Brand Culture
- Customer Service
- Cultural background
- Lived experiences
- Education and Skill
- General Interests
- Political or Activist Views
Revert back to our first point, ask your people why they come to you and do the research. There could be a key messaging pillar here that you’ve completely missed that can propel you forward.
Remind them why you exist.
Remind them why they choose you.
3. What problem are you solving?
People buy to solve a problem. What’s the motivation behind buying?
Are they time-poor? Need a quick fix? Pleasure (y’know, chocolate)? Overwhelm?
Find the solution to their problem, showcase how they’re feeling, and market yourself as the solution.
How is your product/service going to make them feel after they purchase?
Paint that picture, visualisation is a powerful tactic.
Let them envision the feeling.
Tap into the emotion and justify the value.
4. Focus on retention and loyalty
Here are some cracking stats for you.
- It costs 5 x more to acquire a new customer than to retain an existing one
- A 5% Increase in Retention Increases Profits by Up to 95%
- One customer experience agency found loyal customers are 5x as likely to repurchase, 5x as likely to forgive, 4x as likely to refer, and 7x as likely to try a new offering.
Having a strong retention strategy in place can help you tap back into your current client base and focus on building your current relationships as opposed to making new ones, which require a stack of time (this is a community-building long game, not a quick fix)
At the end of the day, we’ve all needed to pivot in one way or another (yeah I said the word, I’m not sorry about it) but it doesn’t mean you have to completely overhaul the way you do things. In fact, it means you need to double down on what you’ve always been great at and change the way you market the message. And, as always, try, test and measure.
Forget the noise.
It’s not about the trends.
It’s not about how often you post.
It’s not about the hard sell.
It’s about your purpose, their motivations, your solution, and your empathetic approach.
The best thing you can do is show up, be present, and talk to people every day both online and offline.
Go on, you got this.
If you have any questions or want to know more, click here and get in touch. Or check out the services page to see what’s on offer. Alternatively, head over and follow us on Instagram and see what’s happening with us daily!