We know that we are heading for an economic crisis, in fact, thanks to the media – we’re already there. It’s easy to get swept up in the hysteria but as business owners, we are better placed than most people to create our own economic parachute around ourselves to weather whatever comes.
Many businesses can and do thrive in a recession and in times of crisis. What’s important to remember is that people are still buying and people will continue to buy and it’s those businesses that step up their game and put their customer front and centre of their marketing that will prevail.
My travel company actually grew during the pandemic – a time when the entire travel industry was put entirely on pause. We acted quickly to the needs and wants of people locked in their homes on furlough, still earning money and wanting something big to look forward to when “this is all over”.
You might need to adapt what you sell or you might need to tweak your messaging to overcome new objections. To help you out, I’m sharing ten actions you can take to thrive in an economic crisis.
Each of these actions comes from one of my podcast episodes and to dive deeper into the subject, I’ve linked to each episode on this blog so you can find the help you need immediately.
Let’s get you crisis-ready!
1. Adjust your mindset
Any advice that I or anyone else gives you is useless unless you are in the right mindset. Let’s set the record straight that every business owner is susceptible to mindset pickles but how fast you change this to a solution-based mindset is crucial.
If you are not selling then it’s time to stop blaming the economy and start looking at what you need to do on a granular level to build momentum. Set targets, gamify them and give yourself a reward at the end. Once we start building momentum, it quickly gathers speed.
For more practical tips on mindset, listen to episode 138 – How To Get Out of the Doom and Gloom Business Mindset – here.
2. Help people make investment decisions
You have all the power you need to encourage your future clients to invest in your services. When buying during uncertain times, people are more cautious about spending. They have more fear and therefore need more reassurance.
Grab your case studies and social proof to help allay those fears. You’ll also need to give more reassurance on your sales calls. This means pricing with integrity (and I’ve got more to say on this later) and giving them more of your time in that pre-sale period.
With this in mind, make sure that you are creating quality content and being strategic about where you are present.
Episode 134 was originally released during the first covid lockdown and it’s as relevant now as it was back then. Listen to Big Money Decisions in an Uncertain Market here.
3. Add a high-ticket offer
Selling high-ticket is one of the best ways to bring in a high injection of cash into your business during turbulent times. Many people cut back on the smaller lower ticket luxuries, but when you sell high ticket, you’re generally selling to someone with a big problem or need who’s willing to pay more or some who is less affected by budget. Check out episodes 120-127 for my 8-part high-ticket selling series where I cover every possible question you can ask about introducing, pricing, and selling a high-ticket offer – including how to find the clients you want to buy it.
However, we can be our own worst enemy when it comes to creating a high-ticket offer and in part 3 of the series, I cover everything you need to know about confidence. If you don’t believe in what you’re selling, how will anyone else?
If you’re creating a high-ticket offer (and I strongly recommend you do) then check out this episode on How To Get Confidence To Sell High Ticket, to make sure you’ve got your mindset monkeys sorted.
4. Nail your USP
If you do not have a concrete USP then you need to get this sorted urgently. Having a USP will transform your business and cut right through the noise to position you front & centre of your audience. Being able to articulate why you are the number one choice in your niche will bring clients to you rather than you having to chase them.
In one of my most popular episodes, I walk you through four types of USP for your business so you can make sure you have your concrete USP nailed.
Listen here – Four Types of USP to Differentiate Your Business
5. Make sure your messaging is on point
There is one thing that all seven-figure businesses have in common and that is they’ve got their messaging on point. They know who they are talking to, what they want and what their specific problems are.
If your messaging is off then it makes it so much harder to sell. While fancy sales funnels and adverts might look like they do all the hard work, without the right messaging, people simply will not buy.
As I mentioned earlier, you need to be spending more time allaying fears and overcoming objections in an economic crisis. This means there is even more pressure riding on getting that messaging right.
Messaging is also the key ingredient to scaling your business so you can stop delivering and start acting like the CEO.
For some truth bombs about messaging and a whole lot of juicy tips, listen to episode 100 – The Real Secret To Making Seven Figures.
6. Price with integrity
While it’s far more common to be undercharging, there is a movement to tell people to simply “double your prices.” This is done without the evidence you need to justify your prices. When you’re on a sales call and a prospect questions your pricing, you need to be able to back this up with evidence.
This means you need to price with integrity. Saying “because I’m worth it” is not enough. You should be pricing based on the transformation you deliver. But there are also some other things to take into consideration – Dive into this full episode on Pricing With Integrity here.
7. Get an email marketing strategy
If you’re experiencing a feast and famine business where one moment you’ve got plenty of work and next month it’s crickets then it’s time to invest in an email marketing strategy.
Relying on social media to sell is not a sustainable way of doing business. When it comes to thriving in an economic crisis, you need a reliable and sustainable source of prospects. This comes from building a list of people who are excited about what you sell.
Your email list is an asset in your business and people are paying attention to emails more than they are when scrolling through their phones. Dive into this tactic here in episode 99 – Email Marketing.
If you need help building your list, check out this episode on building a lead magnet.
8. Make sure you’re selling to your existing customers
It is far easier to sell to someone who has bought from you before than to find a new customer. Yet, we put a lot of effort into marketing to new people but forget we have existing customers who need more from us.
In episode 48 I share two easy ways to sell to your existing customers, which will save you time and money looking for new prospects. Listen to the full episode on How To Make More Money From The Same Clients here.
9. Make the right decisions for your business
At the start of the pandemic, many businesses rushed into decisions that were at best unhelpful and at worst harmful to their business. It is easy to get distracted by moaning and negativity. To get swept away with the wave of doom.
When in fact, if we take a moment and look at what’s happening critically, we can make better strategic decisions. Podcast Episode 24- Create a Prevailing Mindset to Pandemic-Proof Your Business was recorded at the start of the pandemic and packed full of juicy advice that is still relevant today.
10. Listen to 5 Ways to Thrive Through an Economic Crisis
I recorded this podcast in May 2022 as so many people were worried about what might happen during the cost of living crisis. Even now as I write this blog, we still are not in the depth of the crisis.
So I put together five real actions you can take to make sure your business thrives during a recession. Each of these actions is relevant for any kind of turbulence in business. Events beyond our control happen all the time. We can quit and get a job or we can take action. You can listen here.
It’s the businesses that falter and have a wait-and-see mindset that struggles. Businesses who take action, respond to the situation, and most importantly, listen to what their customers want and need are the ones to continue growing through any event.
Book a Clarity Call
If you are struggling with any of the above points, then I can help. Book a Clarity Call where we can find out if I’m the right person to help you thrive through this economic crisis and beyond. Giving you the tools to scale no matter what else is happening in the world.
Book your call here – bit.ly/claritycalljenhall