Our very own CEO, Mike Brian, presented the first of two Professional Development Series hosted by the Salt Lake Chamber designed to help businesses thrive through the pandemic. The title of his first webinar, “Prepare Your Business for What’s Next” may be self-explanatory, but we still took some notes for you.
Continue reading for a general overview of Mike’s presentation, or simply watch the full video to learn more about each topic and for the Q&A following the presentation.
According to Mike, these are two of the most important things you can do to save your business during this pandemic:
Retain Your Current Business
Did you know that it costs five times more to acquire a new customer than to simply retain a current one? Building relationships with your clientele should always be high on your list of priorities. Staying engaged with your current customers is a key factor in maintaining those hard-earned relationships; don’t let them think you’ve forgotten about them!
Invest in the Window
During this time, you should be judicious when it comes to how you spend your marketing resources. But, continue to spend them. New business opportunities may arise, so make sure you’re making potential customers aware of the services/products you offer.
Maybe it feels like you’re at the end of your rope. You’ve done all that you can do, but you’re not getting anywhere. Stop, take a deep breath, and keep going. The future is waiting.
With the continual changes happening in our economy, look for opportunities to pivot your business safely. For example, when the pandemic began, shoppers relied heavily on online grocery shopping and curbside pickup options, and they continue to use those services today. Additionally, don’t be afraid to collaborate with businesses who otherwise might be your competitors in order to expand your offerings to additional resources.
Five Key Focuses
- Search for Opportunities
What are your clients buying from you right now? What’s your business offering? Don’t be afraid to try a new market – you could open up an entirely new channel of customers.
- Avoid Losing Clients by Staying Engaged
Whether it be a phone call, a text message, an email or even a handwritten letter, do something to uphold communication with your clients. Don’t let them think you’ve disappeared. Make it easy for them to keep you at the forefront of their minds.
- Don’t Save Yourself Out of Business – Invest
Spend the resources you need to keep your company viable and competitive. Continue to reach your customers. Keep an open dialogue and find opportunities to communicate with your clientele.
- Pivot Into New Options and Future Relationships
Don’t be afraid to move into areas that can make you and your business more accessible, more convenient, and more valuable.
- Take a Deep Breath – and Go
If you have a win, reward yourself! Keep yourself and your staff motivated when the situation is not ideal.