We asked our top-tier specialists for their key data-driven insights for 2020. Here are the top three priorities for SMB success in 2020.
1. Create and simplify your value proposition
Make it strong. Keep it simple. Make your purpose clear. Play on your strengths. Message your simple proposition consistently, spending your marketing dollars on the right mediums in the right market. Doing this will tighten your service offering and ensuring you are in the best position to attract those ideal customers.
2. Market when business is good
Far too often, SMBs neglect their marketing in boom times, then pay for it when things slow down. We're seeing this now with COVID-19 and the recent bush fires. Things have slowed down and many businesses don't have enough leads in their pipeline to sustain them.
The lifeblood of an SMB is your lead-generation metrics, such as: number of leads, cost per lead and conversions to sales. Busy or quiet, these must be consistently managed. If you are too busy to market, simplify your lead machine. Create simple marketing structures and focus on no more than 2-3 marketing channels. If times are still slow, then focus on building you lead machine so that you can turn it on when the market recovers.
3. Retain and value people
Attract people who will consistently perform well. If you don't trust the current recruit process there are a variety of tools you can use to ensure you attract high performers. Peopologica is one we have use to great success. Once you have attracted high performers, recognise and nurture them. If you don't develop and affirm good people, someone else will.
We can email you more insights from our Specialists. They are short, simple and practical steps to achieve greater success in 2020. Contact us below.
Head of Strategy at Strategic Specialists Group
This article is part of Friday Sign Off - a weekly series that features the thoughts and opinions from our top tier specialists.