Today, I’m going to share some ideas regarding how to thrive during the cost of living crisis. I’ll focus on just 2 of the main issues. Plus, I’ll share an amazing opportunity that’s waiting for you.
What your prospective customers need from you is changing fast, as the global cost of living crisis takes hold. No one seems to know exactly how long it will last, which adds uncertainty to the mix.
Your marketing has to adapt to this radically different economy. This is especially the case, if you sell to small or medium-sized businesses, or to consumers outside the top income brackets. That’s what I will focus on today.
Here are a couple of major ways things have changed from a marketing perspective, plus some ideas to counter the negative impact.
1. Your prospects are thinking harder
You’re now (or will very soon be) marketing to people who are thinking a lot harder, before they spend their money or their budget.
People shop around a lot more whenever affordability becomes a greater priority. We see this on a small scale when an individual loses their job or an individual company goes through a serious downturn. We see it on a mass scale when the world economy is severely hit.
Here are some ideas for how to overcome this challenge.
More of the same isn’t a smart move
The focus of your marketing needs to address the new reality of your prospective customers. More of the same is not a smart move, because things are absolutely not the same. For example, the level of marketing motivation required will need to increase, as your prices or fees become a far bigger issue.
Timing is more important than ever
There is an important timing component to the marketing improvements you make. And it brings a huge, potential opportunity with it. (Not the AMAZING opportunity I mentioned at the start… you’ll get that in a few moments.)
The business owners who adapt first (and best), to the new requirements of their prospects, will be the net winners. They’ll gain the market-share lost by their competitors who sat on their hands.
We saw this during the pandemic and we’re already seeing it again now.
2. Your prospects hate uncertainty
The way people make decisions when faced with uncertainty is very different than in more stable times.
They are massively more aware of risk and the potential for loss. They also tend to put decisions off for as long as possible, even relatively small decisions. An uncertain mind tends to say ‘no’ regarding a purchasing decision, rather than risk making a mistake.
Here are some ideas for how to overcome this challenge.
Risk reduction and risk reversal
As well as the above recommendations, your marketing needs to include powerful, visible, risk reduction messages. In some cases, there are ways to very successfully offer full risk reversal on products or services; “total satisfaction or your money back” guarantees. I have one service that has always carried this offer.
Clearly, full risk reversal is not suitable for some products and services. But if there’s a safe way for you to reduce the risk, fully or partly, give it a go!
Long-term purchases need to be VERY compelling
The uncertainty over just how bad things will get and how long this will last, means people are now especially hesitant regarding any medium or long-term purchasing decisions. Making a decision that will be with you for a long time, is a great deal harder when you’ve no clear idea what the future holds. Again, your marketing needs to account for this and adapt.
This means placing a far stronger focus on highly compelling reasons for your prospects to take action now.
- You believe in your products or services.
- You know they are of outstanding value to your prospective customers.
- You DON’T know if another provider will take care of the prospect.
- This means you owe it to your prospects, to make sure they buy from you or hire you.
Now transfer your passion into powerful marketing messages, which will inspire your prospects!
Trust: Get your stars out
Your marketing also needs to build as much trust as possible. This is always extremely important, but in times like these, it’s essential.
One proven way to do this is to get your stars out. In other words, if like me you’ve been trading for a long time (27 years in my case) or have impressive accolades / achievements, these need to be far more prominent in your marketing.
If you would like to see an example of getting your stars out, here’s how I do it and it works extremely well.
Limitless potential and opportunity
The commercial potential ahead of you right now is incredible.
The opportunity is immense.
You’re facing incredible potential and immense opportunity!
History assures us that EVERY time we encounter a major economic crisis, literally every single time, there are business owners who win huge… business owners who win huge, in industries where their same-sized competitors floundered.
These are the business owners who focused on thriving, when their competitors focused on surviving.
How did they do this?
Well, here’s the most important factor I know.
They followed the direction of travel
Let me explain that. It’s the most important message I have for you today.
If you want to know the way things are heading, you need to closely observe the current direction of travel. This was a key philosophy of mine, as I successfully led clients through the pandemic. It’s the same concept Wayne Gretzky shared when he said; skate to where the puck is going to be, not to where it has been.
The business owners who thrived previously, paid very close attention to what their prospective customers were doing. They also studied social media channels, to learn what their prospects wanted and needed. They got a very valuable snapshot of the future.
And they ran with it!
They adapted their products, services and the way these were marketed, to perfectly match what their prospects were crying for.
The best overall advice I can give you right now, is to be willing to do the same. To be willing to adapt and improve. And sooner rather than later.