We are all still struggling with the “new” normal. Even with the latest health developments, we are not out of the woods yet, and the truth is that we can only speculate how long will it take to go back to our lives without any type of restriction. But life goes on and so does business! We can’t just sit back and wait for it to pass, we need to act now and stay ahead of the game if we want our business to survive. This is why we at Twelve12 (one of the top marketing firms in Orange County) want to talk about what struggling businesses can do to improve with some insights and fresh marketing methods .
We usually talk about how to set up a new company or improve your marketing methods, but today I want to redirect our attention to a new way of finding business opportunities and not just patching up the old one. If you have a business that has been bleeding money since the health crisis began, this is the right place for you.
Use what you already have. Keep in mind that it is not only your business that is suffering but also your employees, as many companies had to cut down some paychecks, and even let a lot of people go, just to stay afloat. Use your human resources in the best way possible and turn this set of unfortunate events into a competition at a large scale for developing new business ideas.
Ask your employees to form teams – or they can even work on their own – and find new opportunity areas; set up a board of “experts” and a date to hear them out, select the best ideas and then hear them out.
Keep your mind open! After all, you are already paying them and new concepts are not going to hurt your business. If you agree with the board selection of ideas, set up a fund that should cover the initial concept of the business model and then set up a date to have a presentation. Make sure to get everyone involved, you can even make a concept day out of it, and have a sort of summit where everyone is allowed to attend.
Think about some prices for the time spent on the projects and let people vote. You may be thinking at this point that this will be expensive or useless, but think about it: you will be conducting marketing research in-house at no cost, your employees will be feeling included and important, and your company will benefit from it.
Take it to two final projects. At this point you can do one of two things: you can either work with only one idea or you can work both ideas at the same time and give them a deadline to show some results. The teams should lead the projects and benefit from them too, and you can keep doing this every other year to expand your company.