During these unprecedented times, many of us are navigating a new reality. Rely on CLBN as a trusted partner to not only help protect your business’ position, but even thrive during these challenging times. Take a look at these tips on how to come out on the other side much stronger, poised and ready for a quick recovery.
“If I was down to my last dollar, I would spend it on public relations.” – Bill Gates
It’s a well-known marketing principle that those who continue to market and advertise their product or service during a recession or economic downtown will typically improve their market share and return on investment when the recession ends. Those who continue to invest in their marketing efforts will pull ahead from their competitors and position themselves as the leader in the market when the economy rebounds. This lesson is more important now than ever. An analysis by McGraw Hill backs up this claim - citing the effects of marketing spend during an economic slowdown, dating back to 1980. The study concluded that the firms who had maintained or increased their advertising during the recession “boasted an average sales growth of 275% over the next five years (while) those companies that cut their advertising saw paltry sales growth over the next five years of just 19%”. Now is a fantastic time to build your project pipeline with best-fit clients by collaborating with CLBN to execute a fully integrated marketing and sales process.
Virtual Idea & Design Sessions
We cannot stress enough the importance of keeping your sales pipeline intact. Just because you can’t have a face to face interaction with those in your pipeline, doesn’t mean you should stop communicating with them all together. Video conferencing software like Zoom have free versions of their tools - and many are offering steep discounts on popular video packages. If you don’t want to invest in new software, utilize tools like FaceTime or Android-supported video conferencing on your cell phone.
Maintain Continuity While Remote
Some of your office-based employees may be working remotely for the foreseeable future. Make sure that lines of communication remain open while everyone is working from home. Give your employees the tools they need, options like Skype, Slack, Zoom, and Microsoft Teams are great places to start. Try implementing a daily meeting so members of the team can report on what they are working on, and keep information flowing between appropriate departments. And remember - not everyone will take to working remotely the same - take the time to work through your employee’s concerns or frustrations like you would in a typical face to face interaction.
Stagger Project Start Dates
Several construction-related companies are reporting issues with their supply chains—especially those who source their material from China and Italy. It is estimated that nearly 30% of all US building imports come from China. Homebuilders that rely on those materials from China could see higher costs for materials and potentially slower project completions. If your clients are ok with starting their home remodel or their custom home project a few months down the line - you might be able to buy some time to navigate the supply chain disruptions coming from China, Italy, and the United States. Plus, it may be beneficial for your clients as well. Starting a project later than expected allows your clients to increase their cash flow and recover from the impacts of COVID-19.
No matter the global environment, there are always winners. See how one California builder is taking this time to prepare for the future and set his company up for success.