Small Biz Optimism Index at 6 Year High - How to use this in your sales and marketing

There is undoubtedly a positive sentiment growing among most businesses.

Anecdotally, I’ve seen it in my conversations with fellow business owners and clients.

15-18 months ago there was a lot more negativity and fear. That has slowly gone away in the time since. The vibe is different.

Here is the reporting from Reuters to confirm what I’ve been seeing: ”U.S. small-business confidence surged to the highest level in just over six years in December…

The National Federation of Independent Business said on Tuesday its Small Business Optimism Index increased 3.4 points to 105.1 last month, the highest reading since October 2018.”

This is good news and can give us all a positive outlook.

But aside from good vibes…how can you use this in your sales and marketing?

A couple ideas that might work for you.

One, just use the data directly in your pitch. In speaking with prospects, it’s typical that they are assessing their own future success when considering engaging with a new vendor.

By making sure they know that they can rest assured that the “good times” will roll, it gives them a bit of confidence in moving forward with you. Of course prospects aren’t relying on your sales pitch to tell them what the economy is going to do. Yet it can be an effective data point to add to the mix. To show them that YES, right now is the perfect time to do this [whatever you sell].

Second, there are different ways to market and sell in times of “fear/uncertainty” (or economic downturn) compared with times of “confidence/positivity” (or economic growth).

Google’s Generative AI does a good job summarizing a lot of the different research on this topic, and I’ll include their findings below. Though we are not in an downturn, I am including these as well for a point of reference.

Key points for marketing in an economic downturn:

Value-based messaging:

Emphasize the practical benefits and affordability of your product or service, showcasing how it can save customers money or solve their current problems.

Customer retention:

Prioritize maintaining existing customers through loyalty programs, personalized communication, and targeted offers to encourage repeat purchases.

Cost-efficiency:

Optimize marketing budgets by focusing on digital channels with high ROI, utilizing organic marketing tactics, and minimizing unnecessary spending.

Brand building:

Invest in building brand trust and reputation to stand out in a competitive landscape where consumers are more cautious.

Targeted campaigns:

Precisely target your marketing efforts to reach the most relevant customer segments with tailored messages.

Key points for marketing in a period of economic growth:

Market expansion:

Explore new customer segments and geographical markets to increase your reach and capture new market share.

Product innovation:

Introduce new products or features to cater to evolving customer needs and potentially command premium pricing.

Brand awareness:

Focus on building broader brand recognition through large-scale marketing campaigns and diverse channels.

Customer acquisition:

Prioritize strategies to attract new customers with compelling offers and persuasive messaging.

Growth marketing tactics:

Utilize data-driven approaches, A/B testing, and rapid experimentation to optimize marketing campaigns for maximum impact.

Some of these may or may not apply to your situation. Take what you can from this, do your own research on the topic (which may include customer interviews), and build your own messaging strategy.

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At a minimum, we should not be using the exact same messaging that we were using 2 years ago. Where can you tweak your pitch to adjust to the current market conditions?

Remember, little tweaks can make a big difference! Taking your sales close percentage from 10% to 15% would be a 50% increase in sales.

Thank you,

Josh

Josh Turner

Multiple times Inc 500 + 5000, WSJ Bestselling author, dad, #LetsGoBlues, top LinkedIn expert, helping small businesses get more leads and clients online.