Problems are not typically things we welcome into our lives or our businesses. But when you really think about it, the products and services we provide to our customers are always based around the idea of solving a problem on their behalf.
The bigger the problems we solve, the more remuneration there is.
With coronavirus, all of us would agree that many problems have emerged. From the big health issues to the smaller challenges of working from home, figuring out childcare and staying active in a time of self-isolation.
The problems are numerous but so too are the opportunities. If you’re feeling like you’ve got 99 problems right now then don’t worry because profit doesn’t have to be one of them. It is going to take some reinvention but if you can adjust what you are offering to meet the current needs of your consumer, you’re going to become a very valuable business for many.
Problems aren’t always problems. Your business is built on the belief that they are opportunity for profit.
Here are five quick tips on turning problems into profit:
1. Search for the real needs
The number one marketing mistake is to talk about yourself. Instead talk about the needs of your customers and of course, these have most likely shifted significantly. Whatever problems your business solved before, unless you adjust to the new and pressing needs, you’ll find a disconnection between you and your customer base.
What are some of the problems right now? What about the following:
- Kids running riot at home
- Staying fit and active during self-isolation
- Accessing basic supplies and services such as food etc
- Co-ordinating staff and productivity
The list goes on and on but more likely than not, there would be some way your business can meet a pressing need. It’s going to take some searching.
2. Be ok with changing everything
This is a truly painful time for many brands and businesses. In-person experiences and services that have been established perhaps for generations are swiftly falling to the ground. And emotionally we’re attached to that which we do.
It’s important to take a reality check and to assess what is actually working right now.
If you can be flexible and quickly lean into change instead of clinging to the past (as a glorious as it was) then you’ll figure out a way to navigate this season well.
The most obvious move of course is the move from physical to digital. For a business that has relied on the practical, it’s time to seriously consider how to market and reach new customers with new technology.
3. Talk to your customers
Whether a good old fashioned phone call to your staunch loyalists or reaching out in the digital space, create connection and use this opportunity to firstly establish the heart and soul of your business but also to do some very valuable market research into what people are actually facing and how you can help.
Social media is awash right now with live interviews and conversations.
Instagram Live can be a great way to connect to your customers and create more brand awareness.
People are looking for a human connection right now more than ever before so there is a real willingness and desire to start a conversation if you create space for it.
4. Flip your mindset
From the stock exchange to the advertising world, when everybody plays it safe, suddenly there is space for risk-taking businesses to occupy. Let’s take paid ads on Instagram or Facebook for example. Naturally many have cut their marketing budgets in a time such as this but what that really means is that there is less competition around.
This equates to being less expensive to advertise as the competition goes down. If you can take risks whilst everyone else is playing it safe, you’re opening yourself up to the possibility of turning your problems into profit.
We’re quick to assess the potential risk of new ventures but sometimes the most dangerous thing you can do is to stay where you are.
5. Become a student of the season
Although we’re itching for things to return to normal, it’s well worth using this time to assess how we might do the everyday differently. Whilst digital does not completely replace physical for many, it is an excellent supplement or creative injection to reach new customers and to strengthen brand loyalty.
Consider this time a hyper-focused digital immersion experience.
Now is the time to experiment and explore. It’s getting us ready for a brand new way of doing business.
For example, this time has shown us the power of video meetings. No doubt some of those in-person meetings will be eliminated or moved to video even as the world returns to normal. The sense of care and checking in on employee wellbeing is also a great quality to bring through into the next season.
The power of social media cannot be underestimated right now but also in the months to come as the world returns to a sense of everyday.
Use this time to become a master of the digital world and you’ll set yourself up for a successful future.
We’d love to see how we could help solve your problems and turn them into profit. BoltLDN is a social media agency with a wide range of digital expertise and experience. Why not lean into the time we’ve found ourselves in and invest in your business like never before.
If you’d like to go to the next level, just email [email protected].