The Market Shift: How to Grow Your Service Business in an Unpredictable Climate
Episode 672: Show Notes
The truth of the matter is that the market is shifting. As small business owners, we absolutely have to be paying attention because how this impacts us in the next few years is going to be really important. We all knew things would change after the pandemic, but two years later, we’re seeing the results in unexpected ways.
There just isn’t a recipe anymore. Instead of following predetermined steps to success, we’re all having to figure it out as we go. The strategies that we all once relied on are no longer effective, and we can’t keep doing the same things and expecting to have more reach. Specifically, in the social media space, the strategies that used to bring success are far less effective on the organic side. It’s a gamble.
As a result, businesses across the board are having a much harder time predicting where their attention needs to be, where it makes sense to allocate resources and time, and planning for the future of their business. The conversations we have been having with our clients and peers have confirmed that everyone is having a hard time figuring out where to put their focus, where to commit, and where to go all in. What is it going to take to ride the wave and see growth through this unpredictable time?
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Two Things that Remain the Same Even When Everything Changes
With a global recession looming, the question is not only how we can change our model, but how the behavior of our customers and potential customers will change. If we use the onset of the pandemic as an example, we see how quickly businesses can and do change in response to their changing surroundings. What we are seeing this time around is that a lot of people are not changing or trying new things because of how messy and convoluted all of that feels. 2020 reminded us of the incredible value of simplicity in how we do everything, including business, which raises the question of how to simplify our approach within a messy world.
There are some facts that can ground us and restore a bit of our feeling of security within a disrupted economy. We want to offer you two truths that we wholeheartedly agree on. The first is that the foundations of what makes a business work have not changed. It’s easy to forget that when methods get sexier. We start to think the methods are what lead to success, but in reality, the methods are nothing more than a means to an end. The second truth bomb is that anytime there is a shift or a change, it is as much an opportunity as it is an obstacle.
Why it is Totally Possible to Grow and Scale in a Tricky Climate
Some of you may very well choose to focus on stability and rest during this uncertain season, but for us, challenges have led to amazing, unexpected growth. If you’re relying on the foundations of what actually makes a business work, imagine being able to look back and see how you grew during a time when other businesses were closing. You’ll have to shift your focus to what makes sense now. For so long, focusing on how to differentiate yourself from the competition was really important. But that was during a time when leads were plentiful. Right now, we are focused on working with far fewer people, on purpose. Why would you play the quantity game during a time when quantity is not available?
There are still ways for your business to grow, but it requires having a much more luxury price point, a more premium experience, and as a result, you’ll end up working with far fewer clients. It has been incredible to watch how fulfilled business owners start to feel when they cut down on how many clients they’re working with. What we are asking you to look at is all of the touchpoints that potential clients have before coming on board. They’ll be interested in what you offer, learn more, raise their hand to say that they’re interested, talk to you about what you offer, becoming a client, experiencing what you offer, doing offboarding, and becoming a past client. What do you focus on once they become a client?
Our Number One Focus Once We Start Working with a Client
Once someone has become a client, our goal is always to find new ways to surprise and delight them. We want to give each of our clients an experience so meaningful to them, that they come back for more and refer others to us as well. If our attention is solely on the client experience, our focus is predominantly on getting enough leads so that we can showcase the exceptional service we offer to more people. What do all the steps of the journey look like? How quickly can you get someone through all the steps of becoming a client and getting what you have to offer?
You have to be really intentional from the beginning. Sure, you may need to tweak your offer, you may need to edit the nuts and bolts on the back end, but that goes without saying at this stage of the game. What people are not expecting is for you to give them a phenomenal experience before they’ve even come on board. People who are being way more intentional from the moment that potential clients notice you are seeing the conversions come through much earlier in the process.
Where Your Biggest Opportunity Lies
82% of our website traffic comes from first-time visitors. You know where our opportunity lies? In converting those newbies into actual clients, or at least having them reach out to learn more.
This isn’t just true for service-based businesses. The number of people who visit any kind of sales-based business and don’t buy anything is astonishing. This raises the obvious question of how to convert that interest into a sale. How do you keep customers there for longer? How do you establish yourself as the expert? How is your website showing up for you so that you can capture people’s attention? You need to be keeping them there longer, but you need to be communicating what you are solving for them too.
It’s tricky, but it is such an opportunity! A confused prospect is a lost prospect. If your opportunity now is to get more clarity out for the people who are looking into what you do, then you need to address that. That doesn’t mean that you need to change all the copy and messaging on your website, but it might! Or maybe that’s just one piece of the pie. What does the prospect’s journey look like and what is the journey behind it? Do you know the search volume for what you offer and your city? Would you be booked out if you secured 10% of those leads? The part of your business that will always be relevant is your sales pipeline. How many of the people who booked a sales call have turned into actual clients?
You need to be able to measure these things and pay attention to your prospect journey. We want to partner with you while you really figure out how to supercharge things. We have an amazing team behind us which is dripping with the support you need.
Quote This
Any time there is a shift or a change, it is as much an opportunity as it is an obstacle.
Highlights
Two Things that Remain the Same even When Everything Changes [0:14:35.1]
Why it is Totally Possible to Grow and Scale in a Tricky Climate [0:19:06.1]
Our Number One Focus Once We Start Working with a Client [0:24:18.1]
Where Your Biggest Opportunity Lies [0:32:42.1]
Today’s Guest:
Abagail & Emylee
The Strategy Hour Podcast
We help overwhelmed and creative entrepreneurs break down their Oprah-sized dreams to create a functioning command center to tame the chaos of their business. Basically, we think you’re totally bomb diggity, we’re about to uplevel the shiz out of your business.
Key Topics:
Business Growth, Strategy, Sales, Opportunity, Marketing
