Is someone going to call time-out on 2020? Your business may still be on its feet, but you’re no doubt straining from the stress and the strain of the past 6 months or so. You’ve had to forget everything you thought you new about business and adapt alike never before. You’re a living embodiment of Darwinism. And while you may still be swinging, all it takes is a sneaky yet skillful blow from one of your competitors to leave you out for the count. Make no mistake, the sharks are circling, and they’re coming for your customers. Relax your grip on them just a little, let your standards drop, or let them catch the barest scent of blood in the water, and things could prove disastrous for your business.
Part of adapting means rethinking our preconceptions (and misconceptions). It means being able to kill our darlings and slaughter our sacred cows. It means identifying when our hunches and instincts are actually fallacies that could leave our businesses dead in the water. For instance…
Every penny spent on marketing is well spent
It’s a no-brainer that if you want to get ahead of the competition, you need to put your efforts (and capital) into marketing. And it’s common knowledge that marketing costs tend to have a pretty healthy ROI.
But assuming that all your marketing spend will have a great ROI is a potentially costly money management fallacy. By all means invest in marketing, but invest smart. Check out this website to help you save money on large format printing for your campaigns. Pick your battles when it comes to choosing keywords. And make sure you follow paid ads up with engaging content and lead magnets to ensure that you capitalise on the momentum they build. Marketing can quickly become a money pit if you’re not careful.
Employee training is too disruptive and expensive
You need to keep your head above water and that’s absolutely understandable. But if your employee training ends with onboarding, your team may be woefully under developed. Not only does this mean that they’re less able to deliver the kind of operational excellence that keeps customers coming back, it also means that they are likely to be professionally frustrated, leaving you with the problems of talent flight and high voluntary employee turnover to worry about.
You should keep your eyes on what you’re doing and leave competitors to it
This one is so tempting. And it even makes a modicum of sense. Your customers come to you because you do things your way. So why not double down on that? But a good idea is a good idea, and when your competitors hit upon one that resonates with them, you may find that sticking to your guns leaves you with nothing but an empty premises. Never underestimate the importance of competitor analysis.
Business growth is about engaging new customers, so you should focus your efforts on that
Finally, in order for your business to grow, you need to invest your time and efforts into securing new customers, right? Well… yes, but not at the expense of your existing clientele. Engaging new customers is a risky and expensive process. Instead, why not try incentivising your existing customers to refer their friends, family and colleagues? That way you get to engage a new prospect through someone they know and trust. All while improving your relationship with an existing customer!