These are definitely uncertain times. Your customers are uncertain about their business and that translates into cautionary behavior—lower spending. At best that means price pressure for your business; at worst, it means lower demand. And it doesn’t look like this is ending any time soon.
We can just throw up our arms and resign ourselves to letting lower demand and price pressure negatively impact our revenue, or we can find ways to bring some stability into this unpredictable environment. Here are three things that will add stability to your business:
1. Focus on solidifying relationships with your existing customers. The best way to keep a bucket full of water, is to plug all the holes. You can try to put more water into the bucket, but without plugging the holes, you won’t get anywhere. Same goes for customers. Rarely can you sell your way out of a customer retention problem. Build stronger relationships with the customers you have and lock them in.
2. Understand how your customers view you and make changes so they view you the way you view you. From the “Truth Hurts” files: We are rarely objective about ourselves or our businesses. Our own view is frequently much more attractive than the view our customers have. Really understand how they feel, how they view you and make the corrections necessary so they see the partner they cannot do without.
3. Articulate the value of your offerings around the challenges your customers are encountering. Helping your customers solve their problems is much more important than making sure they are buying what you are selling. Way too often, we focus on what we think is important about our offerings, not what our customers need from our offerings. Solve their problems, solve your own.
There are probably many other ways to add some stability during economically challenging times. Getting closer to your customers must be at the top of the list.