I was talking with a friend yesterday about how the market is changing.
What people were looking for a year or two ago is not necessarily what they are looking for today. How we connect with prospects and close sales is – frankly – not as easy as it was during the ‘heyday’ of the covid years. (There were many challenges during covid but the online business space was booming.)
Now some folks look at this as a bad thing. I look at it a bit differently.
It’s business as usual.
We are simply ‘settling’ back into a season where we may have to dig deeper, be more strategic and approach things differently than we have been. I’ve been in the online business space since 1999 and I’ve seen this cycle happen many times. The “woo hoo! everything is rocking and rolling and things are flowing to me” stage and the “ooof wait a minute, I may have to roll up my sleeves here and dig in” stage.
The ‘heyday’ doesn’t last forever.
If you are newer to the online space – having started your business 2020 or later – this may be the first time you have been in this part of the cycle. And it can feel unsettling. Especially if you (or your clients) are struggling right now.
But I assure you there is success to be found here as well. I’ve been through it many times!
The bottom line is – people are still hiring. Money is still being spent. But they aren’t necessarily spending in the same ways that they were a year or two ago.
A few of the things I’m seeing right now:
- Knowing your ROI is mandatory – It’s essential that you can clearly explain to clients what the ROI is when they work with you. What exactly will they get? What will it look like? What kind of impact does it make for your client? For their business? Too many folks have been burned in recent years spending oodles of money and feeling like they didn’t get what they expected. If you can’t clearly demonstrate your ROI – and deliver on it! – then you may not get the gig. (I’m thinking of doing a class on defining your ROI – hit reply if you are interested.)
- Providing a complete solution vs. a part of the solution – I believe we are experiencing a ‘strategy hangover’ of sorts right now. Folks have been inundated with strategy but haven’t necessarily been able to implement the strategy (depending on their own capacity, ability or team resources.) Those who are offering solutions that see things through to completion – strategy PLUS implementation – are the ones who are thriving right now. <– This alone could change everything!
- Consistency in Marketing – Put simply, if you aren’t showing up consistently in your marketing right now you may get lost in the crowd. Gone are the days when we could pop up ‘here and there’ and be able to find clients. The most effective marketing I’m seeing right now is when people show up DAILY. (Yes, I said daily… I can hear the groans and I get it.) This doesn’t mean you have to do all the things and overcomplicate your marketing – I’m a huge fan of choosing one channel/strategy – but you do want to be intentional and show up consistently.
I’m curious what you are noticing? What do you see working in the marketplace? What have you – or your clients – been doing differently that you’ve found helpful?