While COVID-19 is impacting our personal and business lives, businesses are rapidly evolving, dying, or hoping. With the benefit of a few month’s experience, we can now see a bit clearer picture of the economic impacts we are facing.
Some industries are facing near-insurmountable challenges, such as travel and hospitality. While others are enjoying unprecedented surges in business, like Zoom and other remote working technologies. Many other businesses find themselves somewhere in between. They are able to stay afloat but are adapting to reduced revenues and hoping that things will return to normal before their cash reserves or lines of credit run dry.
In times of uncertainty, it is natural to seek out historic events that could provide clues about how to best adapt to our situation. “History doesn’t repeat itself, but it does rhyme.” – Mark Twain
Can we learn from the past?
In times of change, those that adapt fastest tend to win. While those that wait and hope, do not.
It can often seem like there is no way to win, that the situation is so out of control there is nothing you can do. However, there is nearly always a way. It helps to think of a dark joke about escaping a bear attack.
“You don’t need to outrun the bear, you just need to outrun the other people being chased”.
We specialize in helping businesses adapt, work smarter, and grow more business. In times of economic growth, we help our clients achieve their growth objectives. Lately, our services are helping businesses rapidly adapt, survive, and outgrow their competition.
Our clients have all successfully adapted to the recent onslaught of change and are realizing double and triple-digit growth rates, without breaking the piggy bank.
Real-World Client Successes in the past 90 days:
Consumer Health Supplement Company
- Reduced overall marketing spend by 30% to preserve critical operational headcount
- Reallocated marketing budget to increase sales by 60% with a 30% ad spend reduction.
- Introduced new business offerings to increase average order value by 120%
- Created a recurring revenue business model to provide sustained revenue growth.
- Implemented AI and Machine Learning to reduce cost of customer acquisition by 90%.
Film Production Music Licensing Company
While almost all television and film production has been put on hold, we partnered with our client to adapt to capture new revenue streams while using the slowdown to implement a more efficient digital workflow by implementing a unified digital systems integration project.
- Successfully captured enough new revenue to offset an 80% reduction in traditional customer segments.
- Implemented a new CRM and marketing automation platform with integrations to their operational systems and accounting platforms for less than the cost of standing up a Salesforce package.
- As television and film production is coming back online, the company will bounce back 2X stronger with sustained new revenue to augment their returning traditional revenue streams.
When you are ready to explore how you can make the most of a challenging economy and enjoy growth in a downturn, schedule a free consultation.