The importance of reacting to the market
2020 and 2021 thus far has taught small business owners many valuable lessons. Who knew how little control we all had over our lives and our businesses?
BUT, working with many different small businesses across varying industries has shown just how resilient we can be and how much potentiality we have to thrive, if only we exercise the secret ingredients at our fingertipsâ€¦
â€˜Lockdown Learning' from a Business Coach perspective;
Lesson #1 - surprisingly, there is very little we are actually in control of, accept that. Contrary to popular belief, too much time is spent focusing on the customer needs and whilst of course that is important, we are better placed creating and developing more influence from within; team and collaborative output, keeping up to date with industry news, fresh marketing content and our own personal and professional development. Do this and work more effectively with your customers. â€˜Together we are stronger' has never felt more true to life.
It doesn't matter how big or small your business is, this insight from Moneywatch hits home;
â€˜Being a “trusted adviser” is only possible if you take the time to gain insight into industry issues, typical customer problems, and the broader business context.'
Lesson #2 - Positive mindset has played a huge part in how businesses have been able to move forward. Those business owners who went into lockdown with resourcefulness and a positive outlook are emerging with a strong and stable business ready to deal with any fresh challenge.
Lesson #3 - The importance of being able to react to the market. Many small businesses run their marketing on autopilot, (if at all) and this has proved to be detrimental to their success over this past year. Without the systems and processes in place to handle even minor changes to the outside environment, let alone complete chaos that the pandemic has brought, it meant many businesses were unable to communicate and sell to their customers for many months. And, once on the back foot in business, it's an even trickier challenge to get then ahead.
Keeping Marketing Fresh
If keeping your marketing fresh and up to date is a key factor for your business, you will have noticed an increase in enquiries, engagement and a greater sense of motivation and adaptability over the past year. Rather than having to do a complete U-turn and start from scratch in order to interact with your customers and reach new ones, you will have found a tweak here and there will have ensured you have kept at the forefront of your customers' mind. Let's give a thumbs up to KFC for dropping their â€˜Finger Lickin' Good' slogan in light of the pandemic, a very clever adaptation to the market;
“We find ourselves in a unique situation - having an iconic slogan that doesn't quite fit in the current environment,”
Always keep an eye on your industry's trends. What's happening out there ought to influence your innovation of products and services and therefore your marketing strategy and content. Adapt accordingly. For example, how can you use these recent trends to influence how you innovate and market; increase in start-ups (particularly across the creative industry) or perhaps remote working through to natural products becoming more effective and desirable?
Birmingham Art Gallery & Museum have been providing online virtual tours, due to people feeling more nervous about crowds post lockdown
And finally practicing what I preachâ€¦The start-up years are notoriously difficult, add in the pandemic uncertainties and you're creating an extremely challenging recipe!
We revisited what businesses owners are looking for and they needed an â€˜all in one' solution, so we tweaked and re-launched the â€˜Business in a Box' coaching programme. It bridges the gap for any ambitious start up seeking business growth through collaborative working. Thanks to a team of dedicated professionals the re-launch has been pulled together seamlessly to help more aspiring business owners bring their dreams of a running a successful business, a reality.
If you feel like you are ready to talk, book in for my complimentary Kickstart Session - a 1 hour call to understand whether you are ready to turn your dreams into reality.
Meta4 Business Coaching