5 ways to help your business thrive in any market

It’s been an unprecedented time in business. After people were forced to stay home through the COVID-19 pandemic, businesses that sold things like roller skates, bread makers, and even musical instruments were suddenly struggling to keep up with demand as people latched onto hobbies to pass the time away. And while many businesses found themselves succeeding beyond their wildest imaginations, once they were met with the challenges of consumers tightening their belts in 2023, they couldn’t figure out how to keep up momentum.

Finding success even through the difficult times can be challenging, but it’s not impossible. It takes a special focus and knowing how to navigate every market. Here are 5 tips to help your business thrive in both the good and bad times.

In sports, when a team goes on the offense, it refers to a team going on the attack with the objective of scoring points. It’s similar in business. In fact, it means that rather than offering incentives to motivate people to buy or trying to protect your profit margins, you should innovate, focus on strategic growth, and look for new ways to meet customers’ demands.

Going on the offense sometimes just takes a change in mindset. It takes staying positive even when the market seems dim. And it takes knowing how to plan diligently to prepare for challenges. But when you’re willing to train and build a solid offense, it means you can take the ball and run with it during those challenging times rather than going on the defense the moment things get stressful.

AdAge reports that it’s important to increase ad spend even in an economic downturn because it’s critical to retain your share in the marketplace. When you think about some of the brands that were able to grow despite economic downturns — companies like Warby Parker, Airbnb, Microsoft, and Lego — they were able to identify customer needs they could solve, then build brands that stood apart.

If you’re focused on building a business or brand that is innovative, genuine, and willing to take risks to stand apart, you will elevate your brand in your customer’s eyes. Be willing to share your company’s story and create value beyond your products or services alone. The more you focus on sharing that story and vision, the more your brand will stand apart in any market.

Digital marketing is growing in importance year after year. With the global digital advertising and marketing sector set to reach $786.2 billion by 2026, digital marketing isn’t something a brand or business can ignore. That’s especially true if you’re dealing with an economic downturn where buyers are more cautious about where they spend their money.

Digital content like videos and blog posts are affordable, low-cost ways to help people research you and your company or brand. Consistent, quality content will also help you build a fan base and increase loyalty for what you have to offer. Don’t ignore the need for digital content during a market turndown.

Your most loyal customers are critical during economic slumps. Data shows that on average, nearly 65 percent of business is from repeat customers. That means you can’t afford to overlook your most loyal customers. In fact, it means you need to step up your game to ensure they’re getting a personal touch from your business.

You may need to take some time to brainstorm great ways to deliver that better customer experience. After all, it all depends on the type of business you run and how your customers interact with you to truly understand what would resonate. Whether it’s a loyalty program, and handwritten thank-you card, or a gift of some kind, if you know your customer, you know what will work to retain their loyalty during the tough times.

Uncertain times in the market can be unsettling for your team. If they suspect things are unstable within your business, they may start looking for other opportunities elsewhere. And good people are hard to find in business. That’s why it’s important to take care of them and invest in them despite a stressful market.

It’s important for you to be transparent with your team. But just as important is to continue to give them the tools to grow. Whether that looks like additional training, leadership opportunities, or programs that empower them to try new innovations, the more you invest in them, the more their morale will remain high, and your business will find success because of them.

Do you have other ideas that have helped your business weather the storm? I’d love to hear them. Share your thoughts in the comments below.

Jim Allen is a business leader and entrepreneur who has built one of the top-producing real estate groups in the Triangle. He is President of The Jim Allen Group, which is consistently named one of the top real estate teams in North Carolina and even North America.