November 1

Recession Changes Everything: 5 MUST-Have Strategies To Grow No Matter What The Economy Does

Okay, I know some of you don’t want to talk recession. And I get it; I mean, there is this feeling out there that if you just don’t talk about it, it won’t exist. Or there is the argument that if you don’t participate in a recession somehow, it will not happen to you.  

Now, if that works, good for you; who am I to judge? I mean, maybe hope is actually a strategy. But for me, ignoring reality has never worked. I do much better when I see what is coming, embrace it, and create a plan.

While I may not be an optimist, I am not a pessimist either. I believe no matter what the marketplace does, there is opportunity; I mean a lot of opportunity. I actually think that your business could grow more in 2023 and 2024 than it did when the economy was red hot. Why? 

Because I think your customers need you more when the marketplace is shifting, and the economy is tough than they did when things were healthy and consistent. Also, I think a tough economy thins the herd, so to speak. Your competitors either drop out or struggle because they don’t adjust and they don’t change. This leaves the playing field wide open. 

So rest assured, things may be changing, and there may be obstacles ahead, but none of those things will prevent you from growing. If you are open to understanding how the marketplace is changing and you are open to adjusting your strategy. 

5 MUST-Have Strategies To Grow No Matter What The Economy Does

1. Secure Your Base – you need to begin by talking to your customers. JUST talking to them with no intention of doing anything but learning. Before you create your strategy for success in a shifting marketplace, you need to understand how it impacts the most important part of your strategy – your customers. 

As the marketplace changes, so will they. The challenges they face, the problems they’re worried about, the goals they have, and most importantly, the support and solutions they will need.

You need to invest the time to learn what they need, so you can build a plan that fills their needs and predicts their challenges.

2. Redefine Customer Service – no longer will remembering your customer’s birthday and being hyper-responsive be considered good customer service. No, if you want to succeed no matter what this marketplace does, you need to redefine customer service. Believe me; your customers will. 

Again, your customers need you. They need you to understand the marketplace, the obstacles they’re facing, the challenges they don’t even realize they have, and come to the table with new ideas and new solutions.  They need you to provide confidence and a plan and give them the security that they can count on you to help them successfully navigate this shifting marketplace. You need to redefine customer service to mean proactively providing customer solutions. Service now means being one step ahead of your customers, predicting their challenges, and having the solutions and answers they need to succeed. 

3. Super Charge Your Sales Process – when the economy changes, so does your customer’s and prospects’ decision-making process. They both get more unpredictable. Face it – as this marketplace becomes more uncertain, customers and prospects are more reluctant to make a decision and even more reluctant to buy from a sales professional or business owner who appears to need the sale. 

Success in a tough economy is a matter of increasing your activity, so you have more moving through your pipeline, more chances to close sales, and you’re able to give your customers and prospects the room they need to get comfortable with decisions. 

The more you have moving through your pipeline, the less you will push prospects, the more confident you will be, and the more sales you will actually close. 

4. Embrace The Suck – the only way out is through. I learned that phrase years ago from a groovy yoga instructor. The meaning is that you cannot avoid pain in life and that the only way to find success and move past the pain is to move through the pain.

Now don’t worry, I am not about to get you to hold hands and sing KUMBAYA. The teaching style may be out there, but the lesson is solid. As this economy turns and the challenges start to mount, don’t run away from them. Don’t avoid them. Embrace them. Embrace the suck. If you accept the shifts and changes happening in the economy and focus on what you can control, you will actually start to find new innovations and solutions. Innovations and solutions that will be valuable for your customers and your own business. 

5. Review and Adjust – and last but not least, you need to realize that some of the things you are doing right now to grow your business will not work in three or four months. Now, it will not be your fault they won’t work; nothing you are doing wrong; it is just that as this economy shifts, so will the skills and strategies you need to succeed. 

To keep up, to continue to succeed, every few months, you will need to objectively look at what is working in your business, what isn’t, and what you could be doing that you are not.  Review and adjust to stay productive, not busy. 

Again, I think we are in for challenging times, and this next year is going to be full of some unexpected bumps. But I still think it can be one of your best years, if you embrace these strategies and realize recession changes everything. 

Meridith Elliott Powell

Voted one of the Top 15 Business Growth Experts to watch by Currency Fair, highly engaging corporate motivational keynote speaker Meridith Elliott Powell delivers a cutting-edge message, rooted in real-life examples and real-world knowledge. Meridith’s presentations are full of powerful content, highly interactive, and fun. She helps her clients learn the leadership development, sales and business growth strategies to turn uncertainty to competitive advantage.

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