Navigating a Downturn in Business Revenue

by Sean Foster | August 29, 2024 | Strategy

If your business is seeing a downturn in revenue, it could be tempting to increase your ad spend or try similar strategies. However, unless you have cash to burn, this option is unlikely to be your best choice. I have two simple recommendations, but instead of just reading my words, take a moment and truly mull over them.

1. Find Your Business's Low-Hanging Fruit

For every business, there is always some low-hanging fruit—those opportunities that are easier to capture and can bring in additional revenue. What is this for you?

This is where you need to hunt for that extra income. Think about your past and existing customers, and those who have made inquiries in the past. But instead of sending them a placid email, how about having an actual conversation with them? 🤔 A direct conversation can create a stronger connection and uncover opportunities that a generic email might miss.

2. Moving Beyond the 'Average'

If you are doing the average, then at best, you will achieve average results. In your next post, email, or however you spread the word, consider how you are going to step out of being ‘average’.

Is it your intention to grab their attention or make some sort of statement so that your customers give you a little more of their focus? A simple hack here is letting your GPT loose: get a little brave, confrontational, and maybe a little controversial, as long as you stick firmly to your values. This approach can make your message stand out and resonate more deeply with your audience.

Conclusion: Take Action and Reconnect

Instead of getting caught up in the broader negative sentiments, focus on what you can control. Reflect on these ideas, take action, and reconnect meaningfully with your customers.

At BIG we recently ran a short workshop on this, happy to share the mini-recording if you message me.