Jim Connolly Marketing

How to thrive during the cost of living crisis

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cost of living crisis, marketing recession, marketing cost living crisis

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.

Let’s go!

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.

What?

Yup!

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.

Here’s what your marketplace wants from you right now

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Leaders leadership

Clearly, we are living in very uncertain times. And your prospective clients hate uncertainty. It makes them anxious. It creates confusion. It causes them stress.

What does this have to do with you and your business?

When things feel uncertain, people proactively look for leadership. They are powerfully drawn to those who display clarity, confidence, direction and a cool head.

So.

  • If you’re a leader, there’s never been a better time to demonstrate your leadership. (This shows you how).
  • If you’re thinking of becoming a leader, there’s never been a better time to get started.

Because that’s what your marketplace is eagerly looking for right now. They value it more than ever. And no matter what industry you serve, the opportunity is immediately open to you.

He’s very optimistic, as he slowly kills his business

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It’s important to feel optimistic about your business. However, the wrong kind of optimism will crush your chances of success.

Let me tell you about the meeting I had with Bob. His story explains exactly what I’m referring to.

I last spoke with Bob (not his real name) regarding his business, back in 2015. He’s the friend-of-a-friend and seems like a really nice guy. He’s also very optimistic about the future of his business. Optimistic enough to refinance his home, something he said he’d already done “more than once”. I found his optimism interesting, as in the 7 years since we last spoke, his business has barely limped along.

And back then, he’d already been struggling for years.

So, his business has been going nowhere for a very long time. And based on the plans he shared with me, there’s no realistic chance the business will see any future growth.

That’s because his business development ‘strategy’ totally fails to address his actual problems. Sadly for him, he’ll simply be repeating the same common errors that have been hurting his business all this time.

So, why is this happening and what’s the lesson?

The 2 types of optimism

Like I said at the beginning, it’s great to feel optimistic about your business. In fact, we have to be optimistic. But only if our optimism is justified. You see, there are 2 types of optimism. One is essential. The other one is toxic.

I’m referring to justified optimism and unjustified optimism.

  • Justified optimism is based on sound planning. It’s the confidence that comes from knowing you’re doing the right things, correctly. And the knowledge that your business is making measurable progress in the expected timescale. This kind of optimism is clearly justified.
  • Unjustified optimism is very different. It comes from ignoring the reality of your situation. It comes from hoping things will ‘just get better’, without making the ESSENTIAL improvements your business is screaming for. It’s rooted in fear; the fear of change and ironically, the fear of loss.

Unjustified optimism comes with a very dangerous side-effect: It has the exact same power on your mind, as justified optimism. If your business is stagnating or even shrinking, yet you choose to believe everything is going to be great, it acts like a narcotic.

A narcotic?

Yes, a narcotic!

Why?

Because pumping yourself up with optimism, even unfounded optimism, takes away the pain (or urgency) you need to feel, in order to motivate yourself to fix what’s wrong.

Here’s an example I use, when explaining this to groups of young entrepreneurs.

It’s like seeing black smoke bellowing from the back of your car, but choosing to ignore it and instead, telling yourself that your car is doing great. Even if you 100% believe your car is in amazing shape, the engine will still get trashed if you ignore all that black smoke. The unjustified optimism does nothing to solve the problem. It just stops you doing what’s required.

Business owners tend to be optimistic. Let’s face it, we have to be! The fact we started a business in the first place, with zero guarantee of success, takes a lot of optimism.

The key here is to make sure that our optimism is always justified. And that our optimism is grounded in the reality of our situation today, along with the plans we’re making for tomorrow.

Your business, Steve Jobs and Malcolm Gladwell

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marketing ideas reality

Today, I’d like to share a business development idea with you that’s seldom talked about. However, it’s a key factor in the success of some absolutely remarkable people and businesses.

Let’s go!

Malcolm Gladwell was once asked in an interview, if he would reveal his “secret sauce” for writing a best-selling book. After all, he should know! His reply was extremely interesting. Here’s a snippet from what he said:

“The moment you write a book hoping it will be a best-seller, your chances of it becoming a best-seller go downhill. […] You write the book you would want to read.”

He then went on to make an excellent point about Steve Jobs. He explained that Jobs never commissioned the development of a product or service, based on what he thought would be a smash hit. Instead, Jobs developed the type of products that he himself wanted to own.

Now, let’s unpack that and look for the common thread. Because it’s pure gold!

  • Malcolm Gladwell writes the kind of books, which he would want to read. And interestingly, his books are unlike any other books in his niche. (Until ditto-head authors decide to rip his ideas off). Gladwell’s books are also among the best selling non-fiction books of the last 2 decades. And those 2 factors are directly connected.
  • Steve Jobs created products he wanted to own. He famously shunned focus groups, deliberately striving to produce the kind of remarkable products he longed for. In doing so, Jobs’ success with Apple led to his company being the most highly valued in the world. Again, those 2 factors are directly connected. Recommended reading – Steve Jobs, marketing and liars!

In short, deliver the level of service that you’d love to receive. Create compelling products that you would love to own. Develop solutions for pressing challenges, which you’d love someone to solve. And make the experience of doing business with you so exceptional, that it would knock you off your feet if you were the customer or client.

Success leaves clues. Our job is to find them and apply them into our businesses.

Discover how the top companies keep getting the best referrals

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KFC image

In today’s post, I’m going to show you a powerful way to get more, great people talking about the services you provide. But that’s not all. I’m also going to explain how to overcome a major problem: how to get people to say the right things about you.

I’ll even throw in a world-class example of how it works.

Okay let’s go

The starting point, is to decide exactly what you want people to say. Otherwise, you’re relying on them making something up on the spot. And usually, when someone is asked if they can recommend a provider, it will be a generic, weak message.

For example, if you ask someone if they have an accountant they’d recommend, the reply is usually something like; “Sure. We’re happy with the (Whatever) Accountancy Firm”.

That’s nice.

But all it really says, is that this particular person is happy with the service they receive. It’s the bare minimum. It’s vague. It says nothing about the service this accountancy firm provides. And it’s certainly not compelling.

Here’s why this matters to you: It’s entirely possible you’re already being regularly referred or recommended to great prospective clients. But you’re unaware, because, as in the above example, the referral is totally ineffective. And an ineffective referral is close to worthless.

Let’s see how the fastest growing companies overcome this problem.

How to get this right

Okay, let’s look at that accountancy firm again.

Only this time, they were professionally marketed and had already incorporated a short, memorable strapline in their branding. Something like “building stronger businesses”. If used correctly, that 3 word phrase would become an automatic part of their referrals.

So, instead of; “Sure. We’re happy with the (Whatever) Accountancy Firm.”

You get; “Sure. We’re happy with the (Whatever) Accountancy Firm. They specialize in building stronger businesses.”

That second referral is massively more powerful with far greater impact.

Think about it. If someone is looking for a new accountant, they’re clearly not happy with their current one. If we assume their existing accountant isn’t really interested in their business, a trusted referral about an accountant that focuses on building stronger businesses is exactly what they want to hear. Such referrals could be 2X, 5X or maybe 10X more powerful at encouraging people to call the accountant, than a simple “we’re happy with them”.

Here’s the thing: Most businesses make it too hard for their clients, customers or friends to know what to say when referring them. And it loses them a fortune.

Make it easier. Correctly integrate an easy to remember 3 or 4 word strapline into your marketing, so people don’t have to make something up on the spot. When you get it right, that strapline becomes part of the conversations people have about you.

That example took me 30 seconds to come up with. Now let’s look at a proven, world-class example of how this works.

How good is their food?

The marketing team behind Kentucky Fried Chicken wanted to give their diners a simple way to describe how delicious the food was. So, they made it very simple. They placed a short, powerful strapline on all their packaging.

It described their food as, “finger lickin’ good”.

And the rest is history!

Those who ate and enjoyed their chicken, now knew exactly what to tell their friends. Moreover, they were delivering an amazingly powerful, professionally written marketing message.

Regardless of whether you happen to like fried chicken, the mental image created with that message is powerful. The idea of people enjoying their food so much that they licked their fingers, would surely motivate their hungry friends to give KFC a try. Plus, because people who eat at fast-food restaurants know other people who also enjoy fast-food, it was pure, marketing gold.

So, the message spread. Millions or billions of times. Worldwide.

Try this

Take some time to think about want you want people to say about your business or the service you provide. Then, spend as much time as necessary crafting a powerful, extremely short strapline. If you don’t have the time or expertise to get this right, find a professional who will do it for you.

Just don’t keep missing out on great word of mouth referrals or targeted sales leads, because people aren’t recommending you correctly.

What’s really blocking you?

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Marketing iPad image

Today, I’d like to share some ideas about what could be blocking you from achieving the results you want. I’ll also help you dispel a couple of common myths, which could be seriously damaging your business.

It starts with a quick look back at yesterday, and what I did in the first 90 minutes of my workday.

I began by reading what I had planned. Next, I replied to some emails. A few of them were from clients. One of which ended with a brief Zoom chat over coffee. The majority of emails were from readers of my newsletter. I then wrote my next article, put the iPad Mini I’d been working on in my bag, left the coffee shop and came back to my studio.

It’s that last sentence, which is the important part!

You have the tools

I did everything I just mentioned, using a cheap tablet device (see above). At a push, I could have done it on a phone.

This means you already have the tools you need to market your business, even if all you have is whatever device you’re reading this with!

It means you have the tools to connect with your marketplace, share your ideas, show your work, make connections with amazing people, demonstrate your value, build yourself a community and engage with them.

So, you have the tools you need.

The right time is now!

Finally, I have a question for you: What exactly is it that you’re waiting for, before you’ll take your business to the next level? If you’re waiting for the right time, unless you have months and years to burn, the right time is now.

So, you not only have the tools you need, you also know that the right time to get started is now.

This means you’re finally free to figure out (or admit to yourself) what your real barrier is.

Yes, I sincerely hope you find these ideas useful, but more importantly my friend, I hope this inspires you to take action on whatever is blocking you.