As I read the latest numbers from the CDC, things looked bleak. As of this reading 10,442 people in America have contracted the Coronavirus. And two-hundred have lost their lives.
As a business owner or marketer it may seem like the sky is falling. Industries such as the restaurant, salon and other industries have shut down. What do you do in a “pandemic period?”
Identify Your Levers.
Okay, great, but what are they and how do you do it?
Identifying Your “Levers”
Your levers are the ways your business earns revenue. Think old, Vegas-style slot machines. Business owners make the mistake of focusing on their main “wheelhouse.” Take a restaurant.
Most of their sales may come from food and alcohol. However, smart restaurant owners know they have another lucrative lever….
Here’s how to identify the “levers in your business.
Step #1: Make a List
List how your business makes revenue. Check your numbers. Which products or services bring home the bacon? Put a star by each. The bigger your business the more levers for making revenue you have.
Once you’re clear on what brings in consistent revenue, it’s time for the next step.
Step #2: Learn Who Buys Your “Levers”
Now list your “Community of Believers” or customers who buy these levers. Is it single-mom’s buying your furniture? Are CEO’s buying your non-fiction books on time management?
Your current accounting or other software should breakdown which clients within your levers have the highest Long-Term-Value or LTV. Once you know these numbers, good news…
Step #3: Assign and Launch “Online Levers”
These are the products and services you can offer online. Think of those in the health care industry. Most of these companies offer CEU’s to medical pros in actual classrooms. With the COVID-19 virus hitting they have instantly switched to their online e-course platforms.
Which products and services can you offer online? You can set a lower rate for the online option. But do the math. Price according to your current needs, expenses and what the market in your industry will bear.
In every down-time in our economy or society there is opportunity. Don’t let fear keep you from finding it. Completing the three-step task will help you discover opportunities and markets you weren’t aware of.
Here’s to your success in helping others!