How To Grow Your Business In Times Of Uncertainty

It’s not easy, but it can be priceless

Unless you’re selling toilet paper, pasta, or hand sanitizer, it’s tough times for a business owner, huh?

While the majority of the world is freaking out because of COVID-19, most entrepreneurs are facing additional struggles, such as how to pay their employees when their shops are locked down for weeks.

While many small business owners are using this time to pivot their business models according to the digital world, some of those who are already dominant in the digital world are shamelessly exploiting the fear and anxiety of their customers.

I don’t think we should stop doing business because of the pandemic.

I even believe it’s a great time to get supported by coaches, buy products that support our immune system or mental health, invest in books, or check out some equipment for home-workouts.

Selling per se is not bad.

Neither when markets are rising, nor when they are falling like right now.

However, it’s more important than ever before to take care of how you market your products and yourself.

Uncertain times require different ways of marketing.

It’s not the right time to do business as usual.

Neither is it a good time to exploit your customers and force them to buy out of desperation.

Many people’s lives are significantly impacted, and they are facing more fear and anxiety than ever before.

But…

You can still grow a business during a crisis

You just need to take care of how you do it.

You might choose to stop doing business for a while and figure out how to continue once all of this is over, or you can decide to pivot.

Now, if you can afford to pause, go for it.

But most entrepreneurs and businesses aren’t able to do so.

We have families (or ourselves) to feed, bills to pay, and employee payroll stacking up.

Some of the most successful and amazing companies of our time have actually been founded during the last crisis.

Uber, Airbnb, Slack, Pinterest, Whatsapp, and Square, to name a few of them.

Everything is possible as long as you make the right decisions and keep in mind what the purpose of your business is.

A volatile economy bears at least as many opportunities as it destroys.

Of course, your industry matters, and some companies have an easier time than others.

However, for the majority of entrepreneurs, this time is about minimizing losses in terms of revenue, trust, and reliability.

Here are a few strategies on how to deal with the current difficulties and build a loyal customer base despite hard times.

Stay true to your purpose

It’s easy to have a cool brand and stick to nice values when the economy is thriving.

However, being true to yourself and your customers is challenging during difficult times.

Yet, what most businesses miss out right now is staying true to their core values.

Instead, they try to take advantage of the vulnerability and anxiety of the crowd.

Don’t forget why your business exists and what your ultimate desire as a company is.

And if you don’t even know what your purpose as a business is, maybe you should stop worrying about sales and have a critical look inside your organization.

“Very few people or organizations know why they do what they do. And by “why” I don’t mean “to make a profit.” That’s a result. It’s always a result. By “why,” I mean: What’s your purpose? What’s your cause? What’s your belief? Why does your organization exist? Why do you get out of bed in the morning? And why should anyone care?”

— Simon Sinek

If you know your why as a business, your customers will also know it.

And those who resonate with your mission will stay loyal customers, even in times of and after a crisis.

Strengthen your customer relationships

We’re all a bit afraid.

None of us has ever faced a pandemic like this one ever before, the whole situation is new to all of us.

Even as a business or entrepreneur, you can be open and vulnerable.

You can share your struggles and beliefs and connect with your followers and customers on a deep, personal level.

Some might stop following you, but some others will deeply resonate with your message and become your superfans.

These are the people you should be looking for.

As Simon Sinek puts it:

“The goal is not do business with everybody who needs what you have. The goal is to do business with people who believe what you believe.”

Even during difficult times, honesty and openness will win.

Some of the most successful businesses of our time are those which we feel connected to on a deep level.

And right now is the perfect time to present your business, its employees, your values and beliefs openly and attract those who believe what you believe.

Consider the crisis as an opportunity to share your companies characteristics and attract new followers and subscribers who might turn into some of your most significant customers.

Here are a few of the many things you can do to build deep connections with your customers:

• Communicate content that is relevant to your industry and buyers: I still see businesses that display their usual content calendars and post what they’d post anyway. That’s horrible. Nobody is interested in your typical content right now. Pivot and deliver what people want to see.
• Make it easy to connect: Be more engaged on platforms such as Instagram or Facebook, where customers can directly message you. Find out where your customers spend most of their time and start investing in these platforms. Provide quick answers despite all the noise in the social media world.
• Set up virtual webinars and trainings to provide value and show the relevance of your product or service.
• Develop easy-to-understand FAQ’s so that customers can make buying decisions quicker and more comfortably.

Find out what your clients need NOW

Right now, most people won’t waste their money.

A considerable part of the world’s population is facing unemployment or other struggles that don’t make it easy to spend money these days.

That’s why you’ll probably hardly make sales unless you find out what your (potential) clients need and deliver more of that.

We all have more time now, so this might be an excellent time to find out more about the desires, wishes, and problems of your customers anyway.

Once you start talking to your clients, you might come up with ideas of products and services on how to best support them throughout these difficult days.

What unique offer can you make?

We all have competition, but maybe you have some strengths nobody else has right now?

This can be a unique skillset, quick delivery, customization, or whatsoever.

You might not even need to come up with new ideas.

Maybe, you just need to have a closer look at what’s already inside your company and figure out how your unique strengths can serve your customers.

How could you make use of technology?

If your business is digital, you might skip this part.

If you, however, didn’t pay much attention to the digital world yet, this might be the perfect time to dive into it.

Several tech companies are currently providing their exclusive services for free.

That’s a huge opportunity you might want to use.

Zoom, for example, is allowing companies to use the premium version of their services so that you can host webinars easily.

Digital Marketer is offering its incredibly valuable courses for free until mid of April.

And many other big players do the same so that you can get a good picture of their services and cancel anytime if their products don’t serve your needs.

Make use of these opportunities.

Use your chance to build a more resistant, stable business through shifting to the digital world.

Does your pricing fit the current period?

Think of adapting your pricing structures during these difficult days.

Some people might need your service or product, but they might not be able to afford to opt into a membership for a year because of financial insecurity.

But they might join if they could cancel anytime.

Or maybe, a deferred payment plan might make a massive difference for some of your customers.

Again: Talk to your customers. Find out what they need.

Then, adapt your way of doing business in a way you become best friends with your customers.

Don’t be scared to sell

Just make sure you don’t thrive sales through people’s anxiety.

Yes, it’s a difficult time.

Yes, people are losing their jobs.

And yes, maybe your product or service won’t help to solve the crisis.

But if you want your business to last and make it through this crisis, you’ll need to keep going.

We don’t know how long all of this will continue.

And there are only very few businesses which would survive for months without making any revenue.

Yet, how you sell might have to change.

This might not be the time to speak to people’s pain points.

Because…well, we’re all in this together.

We’re all uncertain, and we all hope this is going to be over without more deaths, job losses, and economic downturns.

Instead of selling based on the fear of your prospects, show up, and lead.

Invite your potential clients to go this path with you.

If your product can help people right now, be confident, and sell with integrity.

Know your companies’ value.

Or find out which values you can provide particularly now.

How might your business make people’s live slightly better, more joyful, or safe?

Bottom Line

There’s a lot we as small business owners and entrepreneurs can do right now.

It’s true, it’s a difficult time to do business.

But it’s also an incredible opportunity to come back stronger than ever before.

Let’s use this time wisely.

Let’s have a look at why our companies exist, what our critical goals are, which tasks we could delete, what our important to-dos are, and how we can best serve our audience and communities in the digital world and beyond.

The fewer priorities you have these days, the better you’ll be at performing the critical tasks.

You don’t have to figure everything out at once.

Give yourself some time.

If you need to pause for a few moments or days, go for it.

No matter if you’re an entrepreneur, writer, artist, or employee, keep in mind that your health comes first.

And your mental health is at least as important as your physical wellbeing.

Give yourself time to re-arrange the pieces, find your way through all the sound that is buzzing from everywhere, find your voice, your unique value, and stay consistent with your message.

And while doing all of this, keep the following in mind:

“Profit isn’t a purpose, it’s a result. To have purpose means the things we do are of real value to others.”

— Simon Sinek

As long as your business has a purpose, you will find ways to pivot, adapt, and provide value. Just keep going and listening to your gut feeling and your community.

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