What period in our history do you suppose accounted for the greatest accumulation of wealth? The answer is the Great Depression. How is that possible you say? It’s during periods of economic downturns, such as we’re in now, when investors and business owners see long-term opportunities at greatly discounted prices. You’ve heard the saying buy [build] when the economy is down and sell when it’s high. Well, now is a great time to begin looking past the current malaise to recognize opportunities to grow.
When your competition is retreating into a blame game (“the economy is killing my business”) isn’t now a great time to “steal a march” on them so then when the economy does turn you’ll be that much further ahead of them. So, ACT NOW! Don’t participate in the blame game.
One idea, instead of looking to increase your leads, why not focus on strategies to increase your conversion rate (the percent of leads that become clients)? These strategies are totally under your control, can be implemented easily and are low cost vs. spending advertising dollars.
Recognize the opportunity you have been given and take the initiative to leave your competition behind. ACT NOW. Don’t find yourself one year from now saying “if only I had done that one year ago”. It will be too late by then because your competition will most likely have adopted that idea and you’ll be left to catch up. Good hunting.
Do you know what percent of people or businesses express interest in a product or service you sell but eventually walk away without buying? I’ll bet you aren’t tracking your conversion rate, i.e. the percent of inquiring prospects who become customers. Begin immediately tracking the source of your leads and whether they end up buying from you. Track these statistics for one month. I’ll bet that you’ll be surprised with the results. Lower than you thought? The mere act of tracking will cause your conversion rate to increase, but there are many strategies we teach our clients to achieve dramatic increases in this rate.