Adapting to Changes in the Business Environment

Right now, the world is about as predictable as the British weather, i.e. not very. It’s therefore difficult to know how to adapt to changes in the business environment effectively.

From lockdowns to general tech updates, there’s always some major development forcing businesses to step up their game in order to stay relevant. This is why it’s always good to have a backup plan.

Need advice on how to adapt to major changes? Read our tips on some of the most common scenarios below.

“Our event got cancelled. Now what?”

Whether it’s down to budget issues, venue trouble or social distancing, events can fall through at any time. So, in the event of your event becoming a non-event (stay with us), the answer is simple…

Go digital!

Many platforms, such Microsoft Teams and others, have the capabilities to host a live event. If you already have a list of people who agreed to attend, along with plenty of content ready to be shared, your show should go on.

Make sure all your seminars, presentations etc. can be adapted to work in a digital format. The more of your content that needs repurposing, the longer reorganising your event will take. You should therefore always bear in mind the possibility of going digital.

“What am I supposed to do with my marketing budget?”

When times get rocky, freezing your marketing budget might seem like the sensible thing to do.

But although the UK TV ad market estimated a 10% decrease in revenue due to Covid-19, social media is a different platform entirely.

Of course, marketing isn’t something most businesses focus on day to day. If your marketing activity hasn’t generated results at the best of times, you should put your budget to better use with something like Outsourced Demand Generation.

This approach means you’ll get targeted sales and marketing campaigns run by experts. It’s also more cost-effective than doing everything in-house. Most importantly, business owners in numerous sectors have already seen this tactic improve their bottom line, even in the most turbulent times.

“I’m struggling to connect with prospects.”

durhamlane’s Sales Mantra #4 is “Professional persistence”.

Essentially, don’t be pushy and don’t give up. Unless you’ve had a firm “No”, you’ve no reason to stop trying.

Of course, with the Working From Home (WFH) movement becoming more popular, reaching prospects on their office phones isn’t as easy as it used to be. So, what’s the solution?

Simple – try a fresh approach.

There are plenty of things you can try when traditional outbound activity isn’t going your way (aside from meditation and/or having a breakdown). Tactics such as social selling and direct mail are making a comeback specifically because of these kinds of changes in the business environment.

“How do I adapt my messaging to the current situation?”

The focus of your messaging should always be your prospect. More specifically – your prospect’s key interests and pain points.

If your products and services can solve the resulting pains of changes in the business environment, that should 100% be your core message. But if what you’re selling isn’t relevant to these new issues, stay relevant by reminding prospects that their old problems still need solving.

It’s all about making your messaging relevant in the current climate.

Yes, you have targets you need to hit, but you won’t get the results you need by shoving irrelevant content down your audience’s throats.

“The future of my industry looks uncertain. Is it wise to hire new salespeople?”

When changes to the business environment arise, most in the business world are hesitant to hire new salespeople. This is especially true in the B2B sector.

But even though pausing recruitment is understandable, your business needs to be prepared for when demand inevitably picks up again. That’s why the best thing to do is to continue looking for top sales talent.

Video or phone interviews are perfect for this type of situation. Just be aware that this might mean conducting interviews despite being unable to give a firm start date.

Worst case scenario: your candidates find work elsewhere and you keep looking. But when the dust settles and your business climate returns to normal, the most high-performance companies will be those with a healthy pipeline of candidates eager to get to work.

Want to talk more about how to adapt to changes in the business environment effectively? Get in touch by filling out the contact form below.