If you’re operating a business in a declining market like the UK, you need to consider how you can survive recession. It’s crucial in these situations that you realize just how vital a business marketing and sales strategy is. Today, I explain why.
Perhaps your business has been doing well pre-pandemic. And although you took a knock during the pandemic and its subsequent lockdowns, you still saw your business through. But now, you probably begin to notice a decline in your average customer spend. The economic decline has affected most people’s income, which means they have less money to spend.
You might also feel that the shrinking economy has led to fewer leads for your business than you’ve had before from referrals. For this reason, you need a business marketing and sales strategy to survive recession and ultimately steer your business forward despite being in a market that’s on a downturn.
And if you already have a marketing and sales strategy, you have to ask yourself, have you updated it to tackle the current declining market? Is it enough to move the needle for you?
Stay tuned to see why having a business marketing and sales strategy can help your business survive recession, and how you can develop one that’s sure to help you thrive despite the down market.
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-------------------- ABOUT PETER BOOLKAH --------------------
Peter Boolkah (AKA The Transition Guy) is the World’s #1 Business Transition Coach whose main passion in life is to work with talented and high performing business owners who are in the process of creating exciting, high growth businesses.
Peter helps you to navigate and transition through the crucial growth pains that all growing businesses experience making it as painless and exciting as possible.
It is important to remember that businesses do not just grow and develop on their own, it is up to us and our teams to make this happen by making every day purposeful.
As businesses grow some parts of the journey will be easier than others and most owners do not have all the answers. Starting a business is one of the most exciting things we get to do and we all have aspirations of achie
-------------------- ABOUT PETER BOOLKAH --------------------
Peter Boolkah (AKA The Transition Guy) is the World’s #1 Business Transition Coach whose main passion in life is to work with talented and high performing business owners who are in the process of creating exciting, high growth businesses.
Peter helps you to navigate and transition through the crucial growth pains that all growing businesses experience making it as painless and exciting as possible.
It is important to remember that businesses do not just grow and develop on their own, it is up to us and our teams to make this happen by making every day purposeful.
As businesses grow some parts of the journey will be easier than others and most owners do not have all the answers. Starting a business is one of the most exciting things we get to do and we all have aspirations of achieving great things. In fact Peter is yet to meet someone who started a business with the intention of failing.
Peter’s ultimate life goal is to inspire and empower over 100,000 Entrepreneurs to create long term thriving businesses resulting in the creation of 1,000,000 jobs.
So if you are scaling up your business, you’re in a bu...
(light upbeat music)- Hi, Peter Boolkah here, and welcome to today's edition of "The Transition Guy." Today, we're gonna look at sales and marketing and really how that is critical to your business, especially if you're in a market like the UK right now where we're currently in recession, and markets around the world are going into an economic decline. What does that mean for you? You probably noticed that a number of your clients have started to shrink their spend with you because let's face it, they're not making as much money as they did in the past and perhaps you don't have the abundance of leads coming through that you may have had through referrals and other strategies. What does that mean? You need a marketing plan and a sales strategy for a market that's in a downturn. Now, if I said to you, "How many of you have restructured your marketing plan this year to accommodate a downturn?" Most people haven't. A few may, but most people haven't. And that's one of the biggest mistakes that businesses make right now. You see, when you're in an economic downtime, like downturn cycle like we are right now, you shouldn't be reducing your marketing. You should be increasing your marketing because right now, you need new customers. You need new customers to stand still, let alone get ahead. If you don't market and get those new customers, your business is going backwards. And based on inflationary costs and everything, the chances are if you're moving backwards, you're moving towards losing money. That's not sustainable, especially with all the incurred costs, rising inflation that was brought upon by COVID, and you've got supply chain issues, people sort of issues. It's just, you've got to keep moving forward. Now, you have got businesses that do some marketing and it's what I call guilt marketing, where they'll go out there and they'll do some stuff because they should have a website, they should do some social posting, but they never, ever question the results from it. Or if they're working with agencies, they have blind trust in the agency that it's gonna deliver results and they're quite patient with it. They'll wait a year or two years hoping that there's gonna be that inflection point where the leads come in. But at the end of the day, that tends not to happen. So as an entrepreneur, you've gotta take ownership. You've gotta take control of your marketing and your sales strategy if you want your business to succeed. And if you've got a team that does it for you in-house, you've still gotta take ownership to make sure they're working on the right things. Do not abdicate this like most people do. It'll be catastrophic for your business. So first and foremost, where does your leads come from? Now, the majority of people, they probably get their leads through either referrals or if they're lucky, they'll get it on the internet. And let's face it, the biggest source of information today is Google. My question to you is, are you on Google and are you visible on Google? The number of websites that don't rank on Google are blocked from indexing because they're not properly structured, the content is weak, it doesn't conform to Google standards. It is mind blowing. And therefore, the only thing that people then do to compensate for that is they go onto the whole Google Ads campaign, which is fine. Short-term results, brilliant, but it's like being on crack cocaine. Once you get onto it, it's difficult to get off.'Cause as soon as you get off of it, you get the withdrawal symptoms. From a business point of view, it means you don't get no sales through the door, you don't get no leads, you don't get no website visits. So you really need to start thinking deeply about what your strategy needs to be. And are you playing in the right space? If you don't understand marketing, you need to start understanding marketing. Right now, there's companies out there totally bashing the sales force. There is a great book by a guy called Marcus Sheridan called, "They Ask, You Answer." I implore you all to either read it or listen to it. It will change your mindset around the marketing space. Most of today's sale is done way before the customer actually makes contact with you, providing you have the right content strategy and the right touch points in place. You need to be ranking for the stuff that people are searching for in relation to your service, product or whatever you offer. So my advice to you today is think marketing first, sell second. Don't beat up your sales team. Your sales team's job really isn't to be going out there and getting the leads. Your sales team's job is out there to convert the leads, which should be generated by your marketing engine. And actually, if you get it right, your marketing becomes your sales engine because it will do the conversion for you. Now, if you've enjoyed today's episode, please like it, share it, and don't forget to hit the subscribe button so you don't miss future episodes. Really important because there's tons of content coming out every week. Don't want you to miss out. If you've got any questions around the marketing and sales, you wanna look at your structure, head over to boolkah.com and get in touch. But like I said, first place to start would always be"They Ask, You Answer" by Marcus Sheridan. It's a fantastic read and always remember that failing to learn is learning to fail. Please stay safe and I'll see you on the next episode.