The market changes like the tides, don’t let your business run on autopilot

To reach your goals for Q4 2022, and beyond, you need to approach this season differently. And perhaps even differently than what you planned just three months ago.

Allow me to flesh this out:

As business leaders, we set goals.

A common goal is to increase revenue. This breaks down into the core three ways to sell more:

  • Increase your prices
  • Find new customers
  • Sell more to existing customers

Then you work with the brilliant minds on your teams to create a plan – your strategy – to reach those goals. The creation of that strategy takes into consideration three things:

  • That special something, or somethings, that your business is uniquely positioned to do. This may be a price, quality, or speed advantage, and must take into account what you depend upon to deliver that advantage
  • The competition and how you stack up against them
  • Your target consumers’ needs, wants, and behavior

Once you’ve gathered all that info (data) and analyzed it, you make informed decisions about your strategy and the tactics you will use to support it.

Here’s the challenge and the fun: the data is always changing. It is a moveable feast. It is made up of a living, breathing group of consumers and businesses who are throwing up new hurdles and changing their behavior at an unprecedented pace as they strive to achieve THEIR goals.

That is why you must assess them freshly at regular intervals. We do this quarterly with our clients and in my own business. And we do this with great care before the busy season, which is different for different businesses within our industry – not everyone is a retailer.

You know the drill: it’s September and the rapid run-up to the holiday season is upon us. Same drill as every year? Nope.

I’m here to remind you that you don’t know the drill this year.

This month, what I’ve learned from all the business leaders with whom we interact is that, in the struggle to survive in these covid-times, which became a war-time with deep impact on diamond supply, which is now steering head-long into the cost-of-living crisis combined with looming recession – in these times it is very easy for business leaders to be looking at survival with such narrow vision that they take their eyes off the people and businesses they serve.

That’s taking your eyes off the information that informs the right strategy for RIGHT NOW.

All of your buyers, whether you are selling products or services to other businesses (B2B) or selling to the end consumer (B2C), have had the most unique six months of their life.

And you share that in common with them.

Be aware of this and don’t ignore it in your communications with them. This includes the tone of your emails, your ads, the services you are offering to address their unique circumstances.

Reach out to your best customers now. What’s on their minds? How can you help them to move through what lies ahead? Show them you are there for them. And gain invaluable insights into how to best serve them in the process.

Speak with them on your social media – what would help them most this year? Find out and offer it.

Brainstorm what new things you can do, what new products or services they might appreciate, and act upon what you learn.

The ebbs and flows of the economy are as timeless as the tides. Build the beach up, strengthen the dunes, get out your surfboards and be ready for whatever lies ahead.

And remember to update your digital spaces. You reassure existing customers and partners with your digital spaces. You validate yourself as an excellent resource to potential new clients and partners. Look at your website. Make sure your current strategy is reflected, that your relevant strengths are clear. Put at the top of each page what your consumers want and need. Point out the strengths and benefits you have uncovered in your fresh strategy review.

We’re doing internal reviews of each of our clients’ positions to identify how we can best underpin their success for Q4 2022 and Q1 2023.

We’re not assuming we can use last year’s techniques, or even last quarter’s.

And neither should you.

If you’d like help with this, DM me or email us at inquiry@hillandco.co

Be well,

Elle

PS: Would you like to see what over 150 businesses who have worked with Hill & Co. are raving about, including some of the largest retailers, brands, jewelry & diamond manufacturers globally from Blue Nile, Rapaport, Gabriel & Co., to fashionable newcomers like Futura and Cast?

Learn more about our Business Growth Game Plan by clicking here.

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