Expertise to help you succeed in a downturn—and emerge stronger
There’s no doubt about it: COVID-19 is reshaping our world—and our economy—in fundamental ways. Many economists are forecasting a downturn, if not a full-on recession, over the next 12 to 24 months. And as a result, business leaders across the globe are considering how to best position themselves and their products to weather the oncoming storm.
For many, the threat of an economic crisis inspires fear and uncertainty. But, I’m here to tell you from experience that not all hope is lost. Strategic, smart wins can still happen in a downturn—Audienz is proof of that.
Audienz was founded in 2008, amidst one of the most impactful recessions our country has ever experienced. However, with the right mix of expertise, strategy, and guts, we were able to help our clients survive and thrive during the downturn—emerging stronger and in a more competitive position than before the recession.
So, as we look ahead toward the challenges that will inevitably knock on our doors, I wanted to share some of our expertise to help you and your organization succeed in a downturn.
1. Act now. Don’t watch the waters rise, passively waiting for the flood to occur before building your lifeboat. Hope for the best, while preparing for the worst. Put plans and strategies in place now—and quickly. This is not business as usual.
2. Do your homework. Building off the first point, it’s important to keep your eye on the horizon. Understand how COVID-19 could impact your business, your customer’s business, and your vendor’s business; and then be ready to adjust or modify your approach based on those understandings.
3. Don’t second-guess your customers. I repeat this because it’s so important: don’t second-guess your customers. Reach out, listen, and interact. Now is not the time to pull away. Take the time to hear from your customers and understand their needs, fears, and shifting priorities. This is invaluable information—and also an act in empathy that will not be forgotten when times get tough.
4. Reposition your product. Align your product benefits to meet the emerging needs of your customers. Their priorities are changing, so your positioning needs to as well. Leverage what you learned from your customers and use it to refine your messaging and content. In other words, acknowledge their challenges while optimistically focusing on opportunities.
5. Embrace digital. Human interaction is completely and thoroughly disrupted. There are no in-person events, tradeshows, conferences, or lunch meetings to fill your pipeline. To adjust, you need to rethink how you approach customer engagement. How? Digital. Embrace the tools and technologies at your fingertips to empower your marketing and sales teams. Webinars, virtual events, or digital demand generation; each of these approaches represent a wealth of opportunity if you invest in the right strategies.
For more advice, make sure to join our newest Audienz Elevate webinar series, Marketing and Selling in a Downturn. In this one-hour session, I’ll be sharing my expertise to help you:
- Understand the impact of the COVID-19 on your business
- Quickly assess changing customer priorities
- Align your product benefits to these emerging priorities
- Restructure your messaging and tactics to reach your audience—driving new successes and wins