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LETS GET DOWN TO BUSINESS.

Question :
HiMy design and advertising business has seen a drop in demand. I am looking for help with how I can get more work either with my existing clients or new clients.Cheers Justin

Question submitted 16/04/20 @ 08:51am
Industry: Brand & Marketing
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  • Hi there – marketing services businesses are generally badly hit as we go into a recession – first thing companies cut. This one is worse, because many many of your clients, I’d guess, have absolutely no ability to sell stuff to clients so no need for your services.

    I’d look into your client base one by one, and identify any who still have a real need for what you do, right now – or have the resources to pay for you to do stuff now so they’ll be ready to hit the ground running when trading resumes. Then contact them with a specific proposal for how what you do will help them.

    While doing that, be alert for patterns that identify a subset of your clients who represent a specific sector or type of business… and then start prospecting for similar types of clients, but again on a truly individual basis, perhaps with an example of what you’ve done for their type of business in the past and most importantly, why that will be relevant in the future.

    And I know it’s not helpful right now, but your sector will change dramatically as we come out, and are you spending at least some of the time right now preparing your product and service offering for the new normal?

    All the best
    Debra

    Hi Justin

    I’m sorry to hear about this. What we’re seeing here in Hawke’s Bay is that there is a lot of demand for advice. Tomorrow I am about to start a series of free workshops underwritten by the regional business partners. So many people have signed up that I have had to add extra sessions (!!). This is a great way to meet businesspeople and understand what they need – as well as share your vast experience. I’m not sure where you are but the first thing you should do is contact your local chamber of commerce or NZTE and ask what you can do to help other businesses. Good luck.

    Cheers
    Matt

    Hi there
    The most important thing right now is that you need to be a “Positive Realist”

    Business is down for most that aren’t an essential service and this is going to be the new normal for many.

    I have created a few LinkedIn posts on this over the past few weeks with some straight forward suggestions in what is hopefully a digestible form

    1. The Three P’s
    Invest in the Three P’s Right Now

    I thought I would go a little deeper and share a little about what we will be covering in our upcoming online workshops for our KIC Accelerator Program Clients

    Right now we need to think about the three P’s

    Protect:
    Over service an communicate often to your Existing Client Base
    Go through every expense line and strip out excess cost (including staff if needed – better to have a ship running at half speed than sinking with everyone on board)

    2. Promote Online:
    Visibility is key now to build a pipeline of goodwill (But Messaging is Key). The days of the hard sell based on fear and scarcity are never going to go away but businesses have got the biggest wake up call ever and you need to show value.

    Pivot: Know your lane and go deep BUT what else can you do that is aligned with it. If you do something completely different that is not pivoting and it is dangerous

    A wind up is not necessarily a bad thing, protect your war chest if there is no medium term opportunity. Protect cashflow and be ready to rejoin the market when you can

    Strategies that SME can focus on with little to no budget right now. You have time so invest that time in creating content, working on your website SEO, Creating Lead Magnets

    Give value today to build your list that will buy – create small bump offers to help identify the best prospects for higher ticket sales that you can approach directly

    Link to the video that goes into more detail: https://www.linkedin.com/posts/glennmarvin_businessplanning-activity-6650128290629677056-qpdl

    I have plenty of other posts there as well that cover tips, ideas etc and resources to help that would take far too long to type out

    Morena Justin. Well done on reaching out for help.

    Make sure you are focused on the 80:20 rule or you can be really bus with not much output. Create a quick matrix of your current clients and what services they might need, so you can go out to them with a targeted offer. To stimulate demand you might need to offer them a creative solution that might help them get back in business – something they might not have thought of – or offered them a discount or deferred terms.
    Then make a list of possible new clients – who is doing ok in the environment and might need some help – might be a short list but there will be some on it. Then look into your network and see who might be able to give you a way in or endorse you.
    Finally – who have you always wanted as a client. You’ve got time – pitch some creative usable ideas to some one you want to work with in the future. Give them a solution to a current problem. They might not be able to say yes now, but it is an investment in your future.
    Finally and a little off topic – make sure you are chasing all your receivables in person. Make it hard for clients to put you at the bottom of the list and get paid for the work you have already done. Good luck.

    All good points above. I’d just add that some if not all your clients may well be shedding marketing staff. Are you and your team in a position to be able to offer to fill the gaps temporarily or on a longer term contractual basis and be seen to be supporting your clients “new” business when we are on the other side of CV19? Vickys last comment is the priority I suggest. Cash is king right now so pull in all your receivables with a personal call. Best of luck

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