Technology for Humans: Gloom and Doom... But We Will Persevere

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Business Strategy in a Downturn

From: Robin Krieglstein, 10/14/08

Thanks for proposing this question that's on everyone's mind, Michael. I'm looking forward to hearing people's ideas. Here is a collection of thoughts on the subject: 1. The key is to keep emotionally strong, adopt quickly and jump on the new opportunities presented by the changing landscape. 2. Focus on what you can control. 3. By focusing on helping clients survive and thrive during these times, you help your business and you help the economy recover faster. 4. We're assuming we won't get any more funding for awhile, so we're thinking of where we can cut costs to stay alive. 5. Those companies that react fastest will have the advantage. 6. We think we'll probably lose some of our competitors in the turmoil. 7. We're also driving harder toward revenue in the short term. 8. But more importantly: at GoalTribe we're thinking about our clients - How can we be of most value to them in these tough times? We believe that sincere compassion for your customers leads to good business outcomes. They have serious needs right now, and will be grateful if we can help in any way. So that line of thinking leads to doing interviews to see where our customers are at right now. How are their needs and thinking changing? If they're cutting out discretionary spending, how can we be a must-have service in the areas they are focusing on? (Finding and keeping jobs, managing their finances, cutting costs, etc..) 9. It's also time to do new research into the right language for communicating value in your marketing now. Hope people find these useful.