10 Tips To Get Through Tough Financial Times
How can you see where you are going if you can't see?
Use tracking and stats to help you during financial downturns.
- Use facts and reliable information to make better decisions: how and where to allocate budgets and resources.
- Generate growth and remain competitive by knowing exactly what your customers want and need. What are they doing on your site? Respond. Learn what your most important customers are doing focus on serving their needs. Sometimes called finding your niche market.
- Focus on your core business in times of consolidation, in other words, learn about and do what you do best.
- Do not stop advertising. Do make your advertising more efficient. Cut non-essential campaigns, cut fat, measure, renew and stay lean. Identify strategies that work. Focus on your target audience, pay only for markets and venues that perform.
- Determine if times really are tough - study the numbers. Is change really needed ? - maybe your performance is solid and the best advice is to change nothing.
- Low-cost access to essential technology. Software-as-a-Service (SaaS) (traditionally known as asp: application service provider) is more cost-effective that running a technical infrastructure because no investment is necessary and the server maintenance is outsourced. Cut expenditure; no investments, no overhead, just the numbers you need to make decisions. Pay-as-you-go. If you don't make regular use of an application re-evaluate what data you do need.
- Develop core in-house expertise: standard SaaS applications can tell you 95% of what a consultant will charge $$$'s for. Do your own homework. Outsource to low-end technical infrastructure and server management if you have the high-end knowledge.
- Do not become overly cautious, figure out what is still working and expand, don't lose valuable components by mistake. Don't "fire" your essential functions. Focus on accountability. In other words, cut the right budget items.
- Seek appropriate information - avoid overload - find the data you need and cut to the chase. Focus on strategies and decision-making versus gathering and processing audience data. For example, use a single clear set of variables and goals.
- If you target growth focus on lead generation - identify quality traffic and targets. Use internet research to identify the people and places where you can sell your goods and services. Find something that works, repeat it.
The Good News:
At the tail end of tough times you will come out stronger and better for it.