Got an interesting Facebook message yesterday.
Dave asks:
“Hey Kyle, Wondering if you can help me. My sales are down 52% from this time last year. My salesletter that was getting a respectable 2% conversion rate is now below 0.9%. My leads have almost dried up. Got any advice on how to survive the recession? It’s killing me!”
Here’s my reply:
Hey Dave
Let me ask you a question.
You’ve told me what’s changed.
You’ve told me what’s not working.
But you’ve left out the most important information… what action have you taken to fix it?
See, when things are booming you can get away with being lazy. Create a system. Set it and forget it. And you get more business than you can handle.
You can get away with not testing.
You can get away with not following up as often as you should.
You can get away with releasing products that are only 80% on target.
You can get away with “surviving” during a boom.
Everyone is spending money and every damn idiot is making money.
However when things slow down you better be ready to adapt or you’re gonna get smoked.
If you’re just trying to “survive” then you’re not going to make it. This is no time to batten down the hatches and wait for things to blow over.
People are more careful about what they spend their money on. They respond to a different tune than they do in a boom. But they’re still spending money and they’re going to spend it with someone.
You’ve got to be proactive and think thrive not survive!
So…
What are you testing in your business?
What new lead generation systems have you setup to take advantage of the current economic climate?
How have you changed your marketing message to meet the conversation currently in your prospects’ head?
What new products and services have you launched that meet your customers current needs?
How have YOU adapted to meet the market?
The answer to those questions will tell you why things have slowed down… and what you need to do to fix it.
Talk soon
Kyle
{ 1 comment… read it below or add one }
Rock solid advice, my friend.
I get these kinds of calls and emails too. Inevitably the person on the other end feels boxed in, as if they had no say in the matter. You might say that their business is happening TO them rather than because of them.
Fear of change and the unknown is going to be more and more debilitating as the economy slowly rights itself from its wobbly punch-drunk stupor.
There really is a simple answer though…
Buyers are demanding more and more value for their increasingly scarce dollars. The marketers that win in times like these are the ones that work extra hard at communicating that superior value. Sounds simple because it IS.
You’ve read my thoughts on increasing prices a little in order to deliver greater value. When times are tough, value always wins.
Make sure your customers understand WHY you are the greater value and they’ll give YOU their money instead of whoever else is willing to make that point clear to them.
Best,
Brian