Although the pandemic is, in one way or another, behind us, the fact is that businesses are bracing themselves for the next wave of problems. The war with Russia and Ukraine is having an impact on the rest of the world, meaning it will soon filter into our professional pockets. The financial problems are going to have a major impact on our abilities to do business, whether it’s with the cost of fuel or the fact that everybody needs to tighten their belts. But startups can weather crises because they have done it before. With the path to revenue full of dead ends, does ambition need to take a backseat? Let’s show you some ways startups can survive financial pressures like recessions.
Embracing Technology Trends
When 2008 began, the iPhone was little more than a year old, and smartphones were becoming the tool of choice for interactions, coupled with the rise of social networks, so companies had to adapt to this new world. This is where we can all recognize the power of technology as a wake-up call for businesses. While the internet is firmly established, this means that we’ve got to understand what technology can do for the next wave of business. Even a simple iPad rental service can provide resources for businesses that don’t have the finances to adapt or invest in burgeoning technologies.
We have to remember that businesses are going to use technology, but this doesn’t mean that we have to necessarily get the next great thing that comes flying out of the factory doors. Technology is crucial for communication, and being aware of trends allows us all to look at the next wave, so we don’t run the risk of becoming obsolete.
Using the “Long Tail Strategy”
This term came into existence in 2004 and the idea behind the long tail is, essentially, working with lots of smaller components rather than opting for the big fish. In any B2B setting, it may prove more fruitful to target smaller customers in abundance, rather than opting for a handful of big clients.
The benefit of doing this is that you can leverage business templates for all the smaller customers. You would already be working hard on a massive template to deal with personal clients, but in the business sector, where you already have hundreds of potential clients out there, you’ve already done the legwork, so use it to your advantage. Granted, this is where things can become muddy.
We may not provide more personalized service but this is where CRMs are invaluable to every business. In the world of marketing, Customer Resource Management software does a lot to guarantee that you can provide personalized service. We are all looking for that personalized service because this is what will keep us in bed with the people that want to sell to us. The long tail approach is, in many ways, spreading yourself thin, but you aren’t spreading yourself thin for long!
The economy will recover, and this means that when you’ve been using the long tail approach to dealing with many smaller clients with varying demographics, you are invariably going to encounter people who do not care about recessions. This is where the following becomes so important.
Choosing Younger Clients
Younger clients in a B2B framework can be hard to find, but when we are dealing with economic troubles, we’ve got to identify those who don’t necessarily have the same pain points as us. When we opt for clients who are well established, they will continue to count their hens and keep their cards close to the chest. Cliched metaphors aside, when you find clients who are almost ignorant of what is going on right now, you can attack them with great gusto. But you’re not only going to find people who are ignorant of events, therefore, you have to manage expectations and find those people who are willing to work with you despite what is going on.
When you market to them, you need to identify their pain points, but also identify features that could truly help in the current landscape. Learning to survive recessions can give you a lot of insight into your business. We have to remember that there can be numerous tactics, but we’ve got to remember that a downturn should force us to focus on the short-term. If we can get beyond that, this is going to help us navigate these choppy waters and achieve so much more when we eventually come out of it.