The dangers of ignoring change

The past few years have been all about growth for many companies. But now, in the wake of the pandemic, things have changed.

We need to switch from a growth mindset at all costs to profitability.

Change can be a tough pill to swallow, but keeping the company afloat is necessary. Here's how to make the switch.

The first step is acknowledging that things have changed and that the old way of doing things is no longer feasible. All of us, deep down, despise change. It's critical to be truthful with oneself and one's team about the new reality we're facing. Recognize that the discomfort of transition will be less than the agony of not changing.

Your budget is one of the most significant changes you'll need to make. Many marketing and digital teams have seen their budgets slashed in recent months. From now on, you'll need to be more judicious in spending your money. You may need to cut back on certain activities or invest in more cost-effective methods.

Work more with initiatives that squeeze out more value for the same effort.

For example, suppose you want more visitors to your website to make your numbers and revenue contribution but have no money for a bigger marketing budget. In that case, you may use some of your existing funds to orchestrate the buyer journey and boost conversion rates, allowing you to get more prospects through fewer attempts. I strongly advise taking care of this as soon as possible because it affects how many people are reaching out to reach out to YOU vs. how many calls are answered by YOUR Sales Agents, Boutiques, or Customer Service Centers.

Another change you'll need to make is in your approach to marketing. Instead of trying to reach as many people as possible, focus on quality over quantity. We used to concentrate on things like our identity, product, history, and purpose. But here's the problem: no one cares about you or your products! To ensure that you can continue selling your solutions, you must know your ICP better than your family and then focus on demonstrating how you can help them solve their difficulties and achieve their goals.

In these difficult times, every company needs to prioritize generating revenue and profit margins to sustain the business long-term. Customer retention is more important than ever, so companies must focus on finding prospects still interested in buying and converting them into customers ( instead of having Sales Agents who never follow up on a missed call).

My advice?

Keep in mind that everyone will fight the same bone under the dining table; make sure your team gets there first and doesn't drop it until you have a new and satisfied client.