While the economy might be down in much of the world, that doesn’t mean every business is out of luck. In fact, regardless of your industry, there are plenty of ways to locate and secure new clients during this trying time. Here’s what you need to know to make it happen.

Expand Your Horizons (and Tech Offerings) in Foodservice
Even small-town restaurants can go big when it comes to expanding their customer base — and adding to their offerings.

• Consider a foodservice industry pivot that’s applicable to your business model.
• Get your menu and ordering options — online and in apps.
• Take savvy steps toward marketing your restaurant to new patrons.

Move Retail Efforts Online While Staying Customer-Focused
Retailers still have plenty of product to move; however, it might take savvier marketing efforts to net new customers.

• Offer more value and better experiences by centering your efforts on the customer.
• Use promotions and strategies to get better sales (online).
• Adapt to the current crisis, but make moves to preserve customer relationships.
• Determine which areas of your business you can safely outsource.

Take a Dynamic Approach as a Law Professional
Working in the legal field doesn’t make you immune to dips in business, but it does mean you need to take a more dynamic approach to secure clients.

• Develop dynamic marketing methods to highlight all your offerings.
• Recognize the most sought-after services (such as estate planning) and appeal to clients accordingly.
• Share your knowledge in more personal ways, such as through blogging, e-books, and other resources.

Update Your Business Model to Address (Germ) Gaps
Cleaning services are a huge industry most of the time, but coronavirus means a pivot is necessary for continued success.

• See how other cleaning companies are adjusting amidst coronavirus concerns.
• Take steps to ensure sanitary practices so you can accommodate COVID-19 cleanup.
• Try tips like advertising in online marketplaces for coronavirus-specific cleaning.

Set Up Your Home Office Space
​Working remotely is the “new normal,” but that doesn’t mean you’re properly equipped just yet. To best serve your clients, you need a workable space and the right gear.

• Decide what type of equipment you need to work remotely.
• Zero in on the required bandwidth necessary for telecommuting.
• Figure out the costs of equipping your home office.

No matter your industry, there are ways to keep growing as a company during the COVID-19 crisis. Every type of service or product can either pivot to stay relevant or boost offerings to better address consumer needs —  all it takes are a few key strategies!.
Photo via Pixabay

Contributed by Courtney Rosenberg 

For the past few days I curiously went around and asked different businesses what their day to day problems were.

The answers varied, but a large bulk of them responded they needed more customers.

The majority of the businesses I visited were owned by Baby Boomers. Coincidence? No! Here’s what I came up with.
 
Baby Boomers grew up in the era of radio and the yellow pages. That's right! You put an ad on the radio or in the yellow pages and the customers came!

Build it and they will come, right?

Although I believe in the 'build it and the they will come' concept, now that we are knee deep into the Internet era (one I happened to have grew up in) having a method, a strategy, a playbook saves you time, essentially money!

Now, why am I telling you this?

Throughout the time I spent around numerous well-earned and revenue generating businesses and entrepreneurs (roughly 8 months), I've learned that the real secret to spiking your revenue and building your brand awareness is right in your homes and in your hands. The Internet! More specifically, Facebook.

I know. You already knew that because you’re on social media posting quotes and sharing pictures of the food you ate today and such. My question to you is, are you making any money doing that? I'm no psychic but I can guess that your answer is probably no.

Facebook likes and comments are nice. No, they really are! Interaction is everything, even if you have only a few followers. However, if you do not know how to convert that interaction (or traffic) into sales, you're pretty much wasting time. And time is money, right?

I'll wrap this up here. I've done the work to let you know that you're not alone. Everyone is having the same problem, even some business owners who are already generating over million dollars. How'd you think I got one of my first clients?

Therefore, now that you know there’s a problem or that you can do something better, hire someone to fix it. Outsource! The market is centered around social media and my advice to you is, don't try to beat the market or hunt for treasure without a map. It's the quickest way to waste a ton of time and eventually end up BROKE!
 

While I have never been one to use the latest buzzwords, “growth hacking” is a concept worth adopting and its implementation can be the difference between your company thriving or just surviving. If we look back in history, the closest concept to growth hacking would be “benchmarking”, which is the practice of analyzing your competitors to see if you can learn methods of improving your market position. According to businessdictionary.com, the objectives of benchmarking are (1) to determine what and where improvements are called for, (2) to analyze how other organizations achieve their high performance levels, and (3) to use this information to improve your company’s performance.

In the digital age, growth hacking does share some of the same attributes of benchmarking, but on a much deeper level. Growth hacking concentrates more on gaining market traction through application of data driven strategies that are tested, retested, and duplicated across as many platforms as possible.

For example, if you have a target audience of 11-17 female, you can use software to examine marketing techniques of a famous artist like Taylor Swift to get a glimpse into how her marketing department best reaches that audience. Using this type of software gives your company insight into an average number of hits on Taylor Swift’s website, where the hits originated, key words used in SEO efforts, and samples of ads run over several campaigns.

Armed with this information, your company should A/B test versions of your website pages, splash pages, and information downloads in order to determine which iteration lead to the desired conversion rate. Be sure to chart the results of each change, but be careful in the number of changes you make per iteration. Try not to change more than two elements per session and have the test page be 40% of exposure to ensure you are not losing conversions as a result of trying something new.

The final stage of growing hacking is increasing your company’s voice as a thought leader in your discipline. Write a book, preferably in collaboration with a well-known influencer, send articles and blogs to local, regional, and national publications; build relationships with bloggers, who reach your consumer with different products or topics and offer to provide content, and add your company’s names to the lists of experts for local television and radio shows. All of these methods will help drive traffic to your new and improved website, significantly improve your SEO rankings, and increase conversions and profitability.

In summary, benchmarking has been a very effective tools for companies to increase market share, but growth hacking represents the next era of competitive analysis and growth through incorporating proven methods and strategies from many industries globally.
 

I recently read a study conducted by St. Gallen University discussing business model innovation and how to tell when it is time to re-think your current business model. So what is a business model? In the study, a business model is defined as, “a unit of analysis to describe how the business of a firm works”. In simpler terms, your business model is a list of all of the various parts that make up your “secret sauce” and how that is transferred to customers as an item of value.

As a business strategist, my profession is to perform deep analysis on symptoms of errant business strategies, determine their origin, and rebuild strategies to get companies back on track. While we have been successful in accomplishing these goals, most solutions are built around concepts that were unknown or under-developed in our clients’ current core strategies, not business model innovation. This realization caused me to examine the difference between building better solutions and re-thinking business models to determine if my firm needed to re-think our business model.

Building Better Solutions

Building better solutions typically results when a current business measure has shown a trajectory other than what the business owners desires. This can includes employee turnover, slowing sales, loses in productivity and/or profitability, or team conflict, to name a few. In these scenarios, my team functions like forensic scientists, where they look at every possible cause of the trajectory change and systematically track its origin.

For example, we had a client whose sales were not meeting company expectation. While the natural assumption would be a problem in marketing and advertising, our team found that the problem was with the relationship between the sales manager and the sales team. After coaching sessions with the sales team alone, management alone, and one session with everyone, sales improved 15% in the next quarter. After reading the St. Gall study, I have to wonder if the improvements would have been greater if our solutions were used to help the business owner re-think his/her business model.

Business Model Innovation 

While building better solutions usually results in changes in processes and practices, it does not require changes to the overall business model. Business model innovation (BMI) occurs when a business owners examines their target audience, value proposition, delivering the value, and the revenue model to capture customers seeking that value, and making changes to two of the four sections. As the study describes, BMI does not have to be an industry changing breakthroughs, it can start as simple as adopting proven strategies from corporations that have achieved the level of success the company desires.

For example, in the tire industry it is common to see sales that offers “buy three, get one free”. What if a retail company used the same method, but modified to fit their industry? Imagine the response if a retail store offered, “Spend $200 in one department, get a $50 gift card for any another department”?  By making this change to the value proposition section of the business model, the business could expand their market reach within existing customers, increase sales in departments that are under performing, retarget customers if the $50 gift card is not redeemed the same day, and introduce an enticing concept to new customers.

To make the BMI complete, the business owners would also change the revenue model to one that makes the $200 purchase be in a department where profitability is high (i.e. clothing) and require all customers to register to receive the $50 gift card, to fortify the sales funnel. Further, using digital marketing and social media customers could be re-targeted based on the purchases in both departments and offered incentives for referring friends and family.

Conclusion

After my analysis I have concluded building better solutions is “a pound of cure” and business model innovation is “an ounce of prevention”. Our clients and business owners in general would be better served by looking at the totality of their business model in response to unwanted trending. Definitely make changes to processes and practices to get the business back on track, but use those strategies as a measure of the effectiveness of the related business model section. During the re-thinking process if changes are made, the business owner must also examine the effect of those changes on the other three sections and adjust accordingly.

Click here for a video summary of the study.

Click here for our BMI notes.