Are you concerned about whether your business will survive the current worldwide health crisis? In this Expert Insight Interview, Tony Guarnaccia discusses how business owners can successfully navigate through the unknown. Tony Guarnaccia is an entrepreneur, founder of Result Trained, growth strategist, marketer, author, speaker, and innovator.
The interview discusses:
- Factors to focus on
- Moving quickly in experimenting
- Creating a value
The Results Loop
When we find ourselves uncertain of how to handle a business situation, we should first break the things down into three primary areas to understand the situation as best as we can. The first thing is to decide what we want to achieve and which strategy to use for it. The second step is to make an action plan. And the third step is to take that action and to adjust as needed. Our goals still need to have SMART characteristics, but because of the volatility of the situation, we should prefer short-term goals. The Results Loop represents the growth factors to focus on in any circumstance. Those factors are the markets we serve in, the products or services we provide, the value we create, the number of customers, brand loyalty, and referrals. In a crisis, some markets get affected more than others. Agencies that work in heavily affected markets must be able to adapt their offerings in the new directions that markets go to. In this case, that direction is the virtual world. One company started to live stream funerals across the world, and who knows, this trend might continue after the pandemic is over as well.
The process of changing to or adapting to the new market requires a lot of experimenting. It requires quick movement if the feedback shows that the project is failing. Thus, it is important not to get too involved with the projects because they might fail quickly. However, people do “marry” their projects sometimes, so the appropriate messaging to those people can be very helpful. We should look at the failed projects as lectures that lead us to successful
In a crisis, already established businesses should focus on loyalty. Current and past customers are more likely to buy from you again. Try to get those customers to buy more or to refer new customers. The way to increase sales opportunities with already loyal customers is by being useful to them in times of crisis. Now is the time to help people by giving them free ideas, tools, software, anything that adds value to them. By adding value, you can make your business to stand out from the rest of the companies which sends only good thoughts to their customers via emails.
John is the Amazon bestselling author of Winning the Battle for Sales: Lessons on Closing Every Deal from the World’s Greatest Military Victories and Social Upheaval: How to Win at Social Selling. A globally acknowledged Sales & Marketing thought leader, speaker, and strategist. He is CSMO at Pipeliner CRM. In his spare time, John is an avid Martial Artist.