Surviving The Recession: Don't Listen to Us "Experts."
May 01, 2009
By Mary Schmidt, Marketing Troubleshooter
Overheard at a meeting: "I can coach on you on marketing success...or anything else you need coaching on." (?! Oh, really? And, I'm still puzzling over the "Financial Serenity Coach." So? I'll feel better about being broke?...;-)
From Kristof's NYT column, Learning How To Think:"...But do experts actually get it right themselves?...The predictions of experts were, on average, only a tiny bit better than random guesses — the equivalent of a chimpanzee throwing darts at a board."
My Facebook Status: Mary Schmidt notes that simply doing something doesn't make you an expert. Helloooo, "Social Media"
Ike Piggott's comment: Wouldn't that make all of us respiratory therapists?
I loathe the word "expert." I hate it when well-meaning people call me an "expert." Just as has been done with the words "liberal" and "conservative" - the word has been so misused, abused, and appropriated for nefarious purposes that it's totally meaningless. At best, it's misleading. At worst, criminal.
"Experts" have led many biz owners down the rabbit hole. "I GUARANTEE You'll Increase Sales" (if you pay me a lot of money...and don't bother to read that fine print...) "In Just FIVE Easy Steps!" "In JUST ONE HOUR!..." "I'll help you realize your passion!" Now there are about a gazillion experts out there offering to give you the magic words and instant fixes to survive the recession (for a very (ack, ack) reasonable fee, of course. Risk-Free, Money-Back Guarantee!)
As a friend of mine said, "Why would I pay them to give me advice when they're barely making it?" (My friend and I work with and in a number of organizations, so we see the real men and women behind the consultant bloviating and the coach happy talk.)
So, no, I'm not an "expert" in anything, including how you can be assured of survival. Every person, business and location is different. But, here are some ABSOLUTELY FREE "I've got 30 years of experience and I like to think" observations for you:
1. Use the slow time to think. Sorry, but if you've not established customer loyalty before this, now's not the time to start bombarding them with sales pitches outta da blue.
You can use this slow time to revisit your business model, your employee benefits and service policies and see how you can make them better and more effective. (Don't simply throw panic money at new glitzy ideas.)
2. Renovate before you innovate. (I stole that line from a book...but...) Many businesses here in Albuquerque are doing just that - both literally and mentally. Dentist offices are redecorating. Service providers (like me) are thinking of how to repackage their services for different markets. Web businesses are (finally) taking the time to update their sites (which does take some time and money, but can pay back exponentially.)
3. Stop Chasing New Business. Even in boom times, this takes more time and money than keeping and increasing the revenue base you already have. Don't know who your customers are? Well, shame on ya. Pull some old invoices. Get busy and start making some phone calls; invite them to lunch; offer a free, no strings-attached seminar. etc.
4. Don't cut back. Cut out. Here's the only guarantee I'd ever make - I'd guarantee that if I looked at your books, I could find at least one area where you're spending money and not getting results. Even if you're bartering, you should be looking for and ensuring results. After all, you're trading something that impacts your bottom line. (Also, keep tax implications in mind whenever you're bartering.)
But don't take my word for it - check out what big-time, best-selling marketing expert wise one, Seth Godin says, You're nuts if you believe me.
Happy Friday! (And, remember, panic - in life or business - is never a good idea. There are 331 cases of confirmed flu now...out of a world population of - what? - 8 billion? And the first case has already recovered.)
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