Selling on AmazonTips & Tricks

5 Actions Every Business Should Take to Survive a Financial Crisis

By April 10, 2020 No Comments
 

Guide Contents:

  1. Tip 1: Pull Expenses From Last 90 Days
  2. Tip 2: Make List of Every Opportunity To Reduce Waste
  3. Tip 3: Review Conversion Rates & Improve Performance There First
  4. Tip 4: Change Your Messaging
  5. Tip 5: Communicate With Your Customers (Give Value)

So I just prepared a couple things, tips that I was thinking of that I think any business should be taking right now. I mean, e-commerce businesses, selling on Amazon, literally any business. So if you know anybody else that runs a business, this stuff is also applicable. But yeah, a couple things here.

1. Pull Expenses From Last 90 Days

First off is really reducing a lot of the waste. A lot of this stuff tends to just pile up. So the first thing is, pull all of those expenses from the past 90 days. 90 days is good because it allows you to see a lot of recurring charges and it makes sure that you don’t just miss something that you know, for whatever reason billed you 45 days ago or 60 days ago and hasn’t charged you recently, but is gonna charge you again.

2. Make List of Every Opportunity To Reduce Waste

So pull all of those expenses and then make a list of every opportunity to reduce waste. Review conversion rates and improve performance there first. A lot of time you want to stack additional traffic on the side, on the business. Increase sales, increase ads, you know, what’s happening on FB ads or CPMs going up or down. You know, with the stuff going on right now I’m hearing a million different opinions.

3. Review Conversion Rates & Improve Performance There First

Look at your conversion rates first, like a few people mentioned here and improve performance there. I mean, that’s gonna be the most cost efficient way to increase sales. If you can literally just get a bump in conversion rates by changing some copy or some images, that’s gonna be a great way to increase sales as opposed to spending more on ads and hoping that that converts into extra business

4. Change Your Messaging

Fourth, change your messaging. I kept asking a lot of people today if they were changing their messaging and it may be an opportunity, depending on where you use this and I don’t, once again, recommend, you know, going directly after corona virus. I think it’s potentially unethical, depending on how you look at it. But I think also it’s not very tasteful, and it’s probably not supportive of your brand long-term.

However, with everything going on right now, people’s minds are in a different state and then you can always update it ’cause things six months from now will be different also. And update it then too if you want maximum conversion rates, maximum relevance for your audience.

5. Communicate With Your Customers (Give Value)

Last thing is, is you know, some people talked about communicating with employees. Great advice, Justin mentioned that. Also communicate with your customers. Now is the time to give extra value. It’s a great time to build good will with your customers, right now when they’re mind may be completely distracted. If you’re the person out there, who’s not just giving the 7000th, hey we’re trying hard while stuff is going on.

We’ve all received those emails. But if you actually give them something valuable, I mean, this is the perfect example. Like we’re not trying to get anything out of this, we just wanted to let you, try to give you all some good information and some good perspective, you know, when people need them most. And so now is a great time to do that, ’cause they’ll remember that later. Where they may be in a position to meet and you’re not, now is a good time to go out there and give them some good value.

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