Each year during February and March, many organizations review their previous years’ operation and set ambitious targets for the upcoming year.
People who do good in the last year, aim to increase 3 days or 5 times. Others that missed their previous year goals, plan to perform the program correction and aspire to increase at least 2 times.
This year everything it’s different. Most companies are struck by doubt. In a brief while, each dream has become anxiety. Most company conversations nowadays are focused on ‘the best way to endure this doubt’.
If all of the news needs to be considered, a staggering 43 percent MSMEs will close store if the fear extends too long.
Building the right mindset: To navigate through uncertain times, business owners must choose to respond appropriately. There are 3 options which most of us possess –flight, fight or freeze. The automatic reaction of most businesses would be to mess (escape) or freeze, but the perfect answer is to battle. Most companies don’t opt for the struggle response only because they lack the ideal mindset.
A struggle response would indicate that company owners cultivate a future-focused mindset and prepare yourself to do it rather than be absorbed by the anxiety focused mindset and response.
Firms which are fear concentrated either quit engaging in actions that may grow their small business or make half-hearted efforts. Their plan is to conserve and endure until the money continues. To the contrary, companies which are future-focused innovate, make quick decisions, adapt and adjust to the new methods and means of attaining the client.
Staying future-focused doesn’t necessarily mean staying positive or becoming optimistic. It means staying applicable, thinking ahead, being elastic, and solving the recent requirements of the client.
Firms that refuse to cultivate a future-focused mindset and prepare to do it will eventually endure and confront the sole choice of shutting down.
Understanding your market:
Folks purchase feelings and now emotions are always high.
As the purchasing power shrinks, the emotions which pertain to the marketplace sooner, might not appeal to them today. By way of instance, items that were perceived as luxury might not be given as much importance today.
Thus, what can companies do?
Businesses need to prioritize understanding the current market and its existing emotions. They need to then match those feelings together with the solutions that their service or product may offer.
Also read: Top 6 Tips to Stay Focused on Your Financial Goals
Customers experience three types of emotions and they expect relevant solutions:
1. When customers want to fix something that is not working, they experience pain. They are seeking a solution to an existing and known problem.
2. When customers want to stop something perceived as a risk, they experience uncertainty. They are seeking a solution to an anticipated and unknown problem.
3. When customers want to stabilize something, they want to experience a sense of importance. They are looking for a solution to enhance their lifestyle / luxury needs.
If we take time to understand the market and its emotions and then solve their current or anticipated problems, we will be one step ahead in navigating through this adversity.
Customizing Your Message: As we understand the feelings behind customers’ purchase decisions, it is important that we create a customized message to reach the right customer.
Old marketing campaigns with outdated messages will not achieve the results we want. If the message is not current and is not addressing the customer’s feelings, then the customer may just skip listening to the message.
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