Cracking the Code

With the recent economic downturn being a hot topic, many people are asking me what the successful “downturn navigators” are doing to stay afloat and in some cases thrive.

The answer is the following.

First, you must ACCEPT  the economic woes as a fact and understand that going forward things will be different. Don’t try to “get back to normal” because that won’t happen. The only option is to move forward and before you can move forward, you must accept the fact that things will be different.

Second, you must UNDERSTAND the shift. Accepting the change is not enough, you must spend some time understanding what has happened. What was the cause and more importantly how does it reflect on your business. For example, with this downturn, people are jaded with spending money because they have already been spending money they didn’t have and that’s what got them in the mess they are in. Therefore, adopting a “value-first” concept will be very helpful. Understanding what caused the shift will help with the fourth step.

Third, expanding your awareness will be key. You don’t know what you don’t know so take the time to get educated. The North American Journal of Practice Excellence recently published a report titled:

New Hope in Hard Times: Education Offers Salvation To Ailing Practices

We know education will be a big part of your navigation and recovery.

Last but certainly not least, the most important part of the puzzle is you need to ADAPT your strategies. What worked two years ago may not necessarily work today. Actually, I can pretty much guarantee it won’t work today because the landscape has change and its time you adapt your marketing strategies to the new realities of the market place.

Think about this:

• Are customers more or less trusting than 20 years ago
• Are customers more or less sceptical than 20 years ago
• Are customers more or less educated than 20 years ago
• Are customer more or less aware than 20 years ago
• Do customer have more or less options than 20 years ago
• Etc, etc, etc…

My point is you need to realize things are different, accept that fact. Understand what is different, expand your awareness and adapt your strategy to ensure that your properly delivery the tri-pod formula!

P.S. Value-first is the concept of using attraction marketing devices or magnets to attract prospects. Don’t wait until they buy to give them “value-added” – attract them by giving them “value-first”. For example, download this FREE report.

P.P.S. In case you don’t know what the tri-pod formula is –> Market + Message + Medium