3 ways to steer your business through the coronavirus pandemic
Navigating during the global coronavirus (COVID-19) pandemic can be stressful as you try to maintain business while managing the impact on day-to-day living. While these are unprecedented times, there are strategies to help you stay laser-focused on your top clients, sharpen how you prospect for new business and fine-tune internal and external messaging.
1. Focus on your top clients
If your business follows the 80-20 rule, then 80% of your profits come from 20% of your client base, which is why it’s crucial to check in with your most important clients. Prior to your check-in, it’s helpful to anticipate what adjustments they may need, if any, or to have preliminary recommendations based on your knowledge of their business. These are uncharted waters, and clients appreciate partners who show an understanding of the times and proactively support them with ideas.
Because 70% of decision-making processes occur before B2B buyers talk to a sales rep, this may be an opportunity to impact their future buyer’s journey by being there for them during the crisis.
2. Consider your swayables
To maintain new business momentum, sharpen your prospecting strategy. Rather than spinning your wheels trying to convert a brand-loyal prospect, focus on the swayables. Using Randall-Reilly data products, you can identify prospects who have less than 75% of one equipment brand and accelerate sales by focusing on those swayable prospects.
3. Review/reassess your messaging
Your business messaging was most likely created for normal market conditions. Now is a good time to review your marketing messaging and make sure there’s nothing that’s out-of-step with current travel and social distancing recommendations. Here are three guidelines for communicating with your internal and external audiences.
It’s critical to use accurate, verified sources in order to cut down on false information and rumors.
Honesty builds respect, credibility and continued brand loyalty.
The current situation is continually changing. Keep your website, newsletters and social media as up-to-date as possible.
Lastly, consider ways your company may be able to offer support to your industry and your immediate community during this crisis.
While businesses adjust to the new normal way of life and business in the age of the COVID-19 pandemic, there are ways to continue to support your top clients, grow new business and show clients their brand loyalty is well placed. The old adage, “It’s not what happens to you, it’s how you respond,” is surely appropriate now.
Finally, the Randall-Reilly family extends our heartfelt support for our industry partners as we face the challenges of the coronavirus (COVID-19) pandemic, and we remain confident in America’s entrepreneurial spirit and ingenuity to move us past our current challenges.