The magic pivot or play
As an entrepreneur and business owner, I have spent the past few months working hard, focusing on change management and pivoting the business into markets that are open to leveraging marketing to stand out from a crowded market place.
This has held us in good stead and allowed the business to not only survive, but to set in place building blocks for the future.
There are four things that have stood out:
Every business needs a marketing strategyLast years marketing strategy just won't do. It's not relevant to the current economic conditions, buyer habits and market sentiment. Companies have had to move away from physical meetings and events and up their online game, which takes a shift in strategy.
Cash is kingEvery business needs to save for a rainy day. No-one knows how long this will last, so cutting costs is a must. Most employees realize this, and those that don't unfortunately have a hard lesson to learn. Every cent outs and that means no unnecessary expenses across every area of the business.
Employees that are employed are more gratefulSpeaking from personal experience, what has become abundantly clear to me is that employees are thankful to have a job and all of their preconcieved ideas of what an employer should do for them is replaced with what they can do for the business to help the business get through this period of time. It's more of a two way street rather than a one way lane.
Products and solutions need to represent valueThe arrogance of brand and the complacency of businesses is no longer sustainable. Every business has to create value for their customers whether it is a product or a service. No-one wants to buy something that is not quality and does not represent value for money.
Pivoting is clearly a term that many companies are using. As a company, Marketing Eye has relied heavily on disrupting the industry, and with this unprecented occurrence, we have played a different game. For companies that have revenues of less than $1,000,000, we are offering them a three month contact at half the price of our normal hourly rate. This is allowing companies to use marketing to stand out, get their messages into the market and talk to more leads.
We have found that this change in our business is very satisfying and gives us hope that together we will all get through this.