Well I'm sure I'm not the only one that's finding this 3rd lock-down more of a slog. But importantly most businesses seem to have far better adjusted to working remotely or safely with PPE and spacing, etc. To date, there seems less of a drop in business activity compared with the severe economic shock of the 1st lock-down, March 2020.
Where needed phone transfer systems have been put in place if office receptions have been unable to re-open Covid safe. Therefore reaching prospects has become easier and bit less reliant on emails. Online noise pre-Covid was already very loud but with the widespread shift to remote working, online noise got even more amplified.
Going forward, I think the human approach will be really quite refreshing after all the time spent out of the office or wherever your regular place of work is.
With the ongoing vaccination program really helping to accelerate traction out of lock-down, plus the government's recent provisional road map out of this, good times are starting to look more like a possibility sooner rather than later. Spring is in the air and economic growth looks like making a comeback too! Which means:
There might be a great V shaped rebound, especially for some sectors that will finally be permitted to properly open. For those lucky enough to have experienced full salary or incomes throughout the pandemic, there's a lot of pent up demand just waiting to splurge or spend at least some of their increasing forced savings pot.
There are good grounds for optimism that this time we will get back to at least near normal conditions so businesses can function as they should and reach their pre-Covid potential again.
Time to plan, kick start and ramp up your prospecting activities.
If you need any help reaching out and getting new business, get in touch.
Have a good Spring.
Well it's been a rough few months for many and the prime minister said to expect the months ahead to be 'bumpy'. Therefore, it's reasonable to expect varying Covid restrictions to continue for at least another 6-12 months. For some sectors, e.g. the travel industry, it looks likely to need a vaccine or herd immunity to help them return to anywhere near norm.
Commercial trends and the big economic disruption is forcing through change.
As we now have a better understanding of the future, it's a good time to review your New Business strategy. Ask yourself:
Yes? then good for you, carry on as planned.
No? then it's time to consider a re-pivot.
It can be hard, bewildering or upsetting to accept that what worked well in the past is suddenly not working so well for you now. Try to stand back and evaluate your portfolio of work and the markets you've been servicing.
Some aspects to consider:
The above is some broad guidance to help work out the future. For my thoughts on your specific situation, get in touch.
With lock-down easing, businesses stirring and reopening over the next few weeks, more confidence will gradually return for decision makers to restart projects and think about future plans.
So it's important that your prospects are aware and reminded of your services. Leaving it until when the economy has returned to near pre-shutdown levels (which is unlikely for a number of sectors this year) will probably place you behind the uplift and a real risk of struggling to withstand this severe contraction.
Whatever your offering is you will need to prove that you can provide or add value, so marketing materials need to be focused on getting that point across as well as demonstrating your fantastic capabilities.
Impacts on Business
As a return to norm will be gradual and incremental for different sectors your new business strategy will require a more nuanced approach. Some sectors are going to be operating in survival mode only for the next few months, whilst only a lesser number will be in a place to think of growth and investment plans.
However, with the massive amount and speed of money printing going on (really digital money creation), along with various business stimulus schemes and Rishi Sunak's vow to do 'whatever it takes' to reinvigorate the economy and stimulate an increase in demand, a business recovery will be sooner rather than later. Fingers and toes crossed this situation will be as short lived as possible.
I think we're already in a recession, which means less opportunities about, so you'll need to put greater efforts into finding new work. Inevitably recessions will impact businesses of all shapes and sizes leading to mergers, consolidations and sadly liquidations.
Often in these scenarios existing agencies may be ditched and a new, fresh approach agency brought in. Purchasing teams and internal marketing departments may also face a shake up of personnel - which may again trigger an opening for a new agency approach.
If you can get through this tough time, you may even benefit from the possibility of reduced competition about for a while. As an economic recovery takes off, there maybe a bigger slice of the pie to be had.
When best to reach out?
Really you need to reach out before not just after recovery. I'm pretty sure at least some of your competitors will be upping their prospecting game. Do you really want to let them to get ahead of you? Doubt it.
Doing nothing is far riskier than allocating some time prospecting.
So what are you waiting for? Just get on with it.
And if you'd like outside support, get in touch.