To quote the lead characters from Stephen Sondheim’s sensational Broadway musical “Sweeney Todd: The Demon Barber of Fleet Street,” times is hard.
In the show, Mrs. Lovett spent her days bemoaning the state of her pie shop and the difficulty of acquiring quality meat. However, her partner in crime Mr. Todd was much more focused on acquiring new customers for his barbershop; thus, he developed a plan and went to work.
Hopefully, none of us will mimic the actions of either Mrs. Lovett or Mr. Todd, but we can ask ourselves: How are we going to react when times is hard — like they are right now. Because now is the perfect time to sharpen your tools and build a plan for the future. Simply put, you can’t be afraid to think big, even when you face a less than ideal market situation.
Don’t lose focus on what made you successful in the first place, and recognize the opportunities that are built into your current reality by keeping these three things top of mind:
- Be ready for the rebound. It’s going to happen. And when it does, will you be in a position to take advantage? How will you attract new customers? And how will you reestablish connections with existing ones? Then, what can you do to build your brand beyond what you ever thought possible?
- Take a hard look at yourself. Really peel back the layers and look deeply into the marketing mirror. Do you like what you see? Now is the time to figure out what actually works and what probably doesn’t. Then double down on the strategies that will build brand love for the long term.
- Search for new opportunities. Crisis creates change. It also creates new economies. Is it time to adapt your business to fit the new reality in order to keep it moving forward?
Nothing is more valuable than time. Use the time you have right now to be ready when customers start beating a path to your door once again.