Challenging Business Times? Think About Diamonds

During challenging business times, companies are carving out new ways to survive. Marketing strategy adjustments can be a solution without changing your core business. One dimension to consider is how your business communicates with past and current customers. In this arena: Think Diamonds! Isn’t it true? Customers are diamonds.

According to BIA Advisory Services based in Chantilly, Virginia, 61% of SMBs (Small and Medium Size Businesses) report that more than half of their revenue comes from repeat customers, rather than new business. Therefore, common sense dictates, it is important to reach out to past and current customers as much as possible, especially in challenging times. Some ideas: Communicate with creative announcements, incentivize referrals, snail-mail ‘Thank You For Your Business’ cards, remember special customer occasions (in addition to Birthdays), and create unforgettable customer promotions.

Effective communication with clients can be compared to evaluating a diamond. What do we think about when evaluating Diamonds? The answer is 4 C’s: Clarity, Color, Cut, and Carat Weight. Let’s see how this applies to your business.

Clarity: Communicate clearly with your customers. Make sure they understand what you are offering in a clear, visual, and uncluttered message. During the Pandemic, people are distracted. Clear communication is needed.

Color: In stressful times, often earth-tone colors are exceptionally appealing for visual communication. Think about using ‘comfort colors,’ communications’ comfort food, for your social media posts, and printed materials. These colors have extended into fashion and home decor trends. According to Better Homes and Gardens, chestnut, burgundy, and deep olive green offer a soothing organic element to indoor spaces.

Cut: Diamonds are cut in a multitude of ways. Likewise, your business can grow by offering new, exciting, and helpful products and services. Locally, I have seen many needed services develop such as Food Delivery, Tutoring, Pet Sitting, Yoga Classes, the list is endless.

Carat Weight: Ever buy a diamond ring? A solitaire diamond is one option. However, another popular choice is a sizable diamond, surrounded by smaller ones. Similarly, in business, a common-sense approach for expansion is to balance larger clients within a foundation of bread-and-butter customers. Loyal clients grow. They start purchasing more frequently. Plus, you gain referrals.

A robust and strategic strategy directed at past and current clients will help your business face challenging times. Why not find a spectacular, never-to-be-forgotten diamond? Your business is full of diamonds. Just ask your customers.