CFO of Advertise Purple – Affiliate Management Agency.
Just when you think that navigation would go smoothly, unfortunately I come to you with a little misleading news. E-commerce has been one of the bright spots during the pandemic period, perhaps along with the inventory market, but inflationary fears persist, sending customer confidence plummeting to a five-month low in July. Basically, customer trust can dictate market performance, GDP projections, and which themes at most, have an effect on your company’s backline.
While it’s not the time to throw the baby out with the bathwater, as sentiment is still particularly high from last year, at least, there may be even more uncertainty on the horizon. And I know that uncertainty has been the watchword for more than two years, but don’t worry.
As CFO of digital marketing, I think I can know how, at our agency, we have been able to help our business clients achieve their business goals while managing finances internally and keeping our own shipment afloat. for a business leader (regardless of the length of their business) to put their business in a position to thrive despite persistent uncertainty and inflation fears, as while many brands have earned credit for the e-commerce hump during Covid-19, there is no worse business strategy than resting on their laurels.
Let’s look at the steps I mentioned.
1. Reduce prices without being “cheap”.
During the pandemic, many brands have discovered tactics to function more efficiently. Unfortunately, in a dubious environment, it can be more complicated to generate higher income.
However, don’t be afraid. This doesn’t mean you have to cut employee salaries, but rather that you invest in smart tactics for your positioning, especially when it comes to your balance sheet.
Some would say that making an investment in marketing is reckless when times are tough, yet I’m here to let you know it couldn’t be more of the truth. Of course, I paint a bit on the virtual, but I know for delight in the sense that virtual marketing can generate new sources of profit.
You can run a more classic store, but the concept here is that there are many tactics to digitize your brand, and this can do so in the long run.
It absolutely does not replace your business philosophy, in what makes you you.
In many ways, one of the hardest things to replace is your point of view. Remember what works for your logo and don’t deviate from that course unnecessarily. It’s most productive for a reactionary mindset, so make sure you stay out of this path. thinking. If you sell slippers, don’t look to sell loafers, so to speak.
Understand why you made the decision to paint where you paint or start this business in which you dedicate your life and your soul. If you know your “why,” you’ll be able to perceive your “how” more easily, especially in difficult times.
Again, be proactive rather than reactive.
3. Trust loyalty.
Never that your maximum valuable resource, but still perhaps your painters and those who paint for you, is your client. The consumer deserves to be treated at all times with the utmost adoration and respect. And if you have unwavering customers, you’re bigger than a store that only offers for new ones. Create consistent profit streams from those who surely can’t get enough out of your product and will be more likely to thrive.
However, don’t give up on yourself to succeed on new leads either. You may have noticed AT’s announcement.
There’s no need to alienate your new consumers who show interest, just because you have users or consumers who have been around for a while. You’ll be equally excited to begin an unwavering visitor adventure with both.
Remember that the trend is the trend, at the macro level, focus on your own microeconomy and you will have satisfied customers.
4. Remember that “this too shall pass. “
This is the most important. Because there is no worse leader than one who is desperate or without vision of how to get out of it.
After one and a part of the craziest years, where the economy has been consistently inconsistent almost everywhere, your doors are still open and you have a business to run.
You’ve reached that point. Of course, there will be more complicated moments and complicated decisions, but if I told you that you would be afloat in August 2021, two or 3 months after the pandemic began, you would be delighted.
Treat yourself and invest in yourself and your team. Don’t bend or replace your strategy just because things have been bad for a while. Stay on top of the most sensitive trends, but don’t let trends keep you up at night.
Do the right thing and do your own thing. Do not abandon ship; on the contrary, the hatches and we continue sailing!
Forbes Finance Council is an invitation-only organization for executives of successful accounting, money planning and wealth control companies.
CFO of Advertise Purple – Affiliate Management Agency. Read Jonathan Moisan’s full profile here.
CFO of Advertise Purple – Affiliate Management Agency. Read Jonathan Moisan’s full profile here.