10 suggestions from friends after 618

Weak consumption may be caused by a variety of factors, such as economic downturn, policy restrictions, lack of consumer confidence, etc. For businesses, they should start from the following aspects. This article gives the following suggestions, I hope it will be helpful to you.

After 618, I talked to some friends who are engaged in e-commerce, catering and offline retail brands. Some said that the situation was extremely bleak, while others said it was like heaven and hell.

In short, the consumer market is far from meeting everyone's expectations after the epidemic lockdown.

This year’s 618, no platform, whether it is Tmall, JD.com, or Pinduoduo, disclosed the specific GMV of 618, and the result is bound to be not good.

Later, I chatted with a bank president. They just cancelled a 1.7% annual guaranteed investment product. It was very flexible and could be deposited and withdrawn at any time. He recommended me to buy it. Now there are basically no products with guaranteed deposits and withdrawals. They either have an interest rate of less than 1% or a fixed deposit period of more than 1 year.

This operation of lowering deposit interest rates is to encourage people to save less money and use the money for investment and consumption, which shows how weak consumption is.

Faced with this situation, as entrepreneurs and small and medium-sized business owners, what can we do to maintain and develop our business?

Here I have summarized some suggestions mentioned in the conversation with them. Since everyone has different perspectives and situations, not every one of them may be suitable for you, but they can be used as a reference.

1. Moderately lower your expectations

Adjust according to market changes, don't embarrass yourself, and don't put undue pressure on yourself and your team. As the saying goes, there is life, there is hope. Team confidence is more important than gold.

2. Focus on your core business and don’t change your business easily

It is difficult to do business in any industry nowadays. There are always people on the Internet telling you that XX industry can make money quickly, but most of them are scams.

3. Reduce pure advertising costs and increase low-cost marketing and proactive sales

Nowadays, people's desire to consume is not high. For the same 100 people exposed to the product, in the past, 50 people would buy it. Now, only 10 people may buy it. The advertising ROI has been significantly reduced. It is better to reduce the investment in hard advertising now and increase the investment again when the desire to consume recovers.

At the same time, we will increase private domain traffic, content seeding, and product trial marketing. At the same time, we will increase active care marketing for old users, such as 1V1 private messages.

4. Add products in different price ranges to cover people with different spending power

For example, if you used to sell products in the 100-150 range, you can now add products in the 50-100 range.

5. Add new product categories to get the same group of people to buy more

For example, if you used to sell men’s shower gel and shampoo, now you can add toothpaste and facial cleanser.

6. Increase sales channels

The original channels are already mature, such as Tmall, Taobao, and JD.com, so we can add channels such as Pinduoduo and Douyin. This approach may increase personnel costs.

7. Optimize personnel structure

By adjusting business, optimizing processes, reducing staff and lowering costs.

8. Cut unprofitable projects as soon as possible, unless they can generate their own revenue

Don't hesitate, don't hesitate, doing this will save you cash flow immediately.

9. Take care of your body

Physical and mental health are the capital of entrepreneurship. There will definitely be stress and anxiety, and you must learn to actively relieve and release it. It is best to stick to a form of exercise, such as morning jogging, skipping rope, Ba Duan Jin, or Tai Chi.

10. Take good care of your family

Our family is the support of our entrepreneurship and business operations. We cannot ignore them. The love from our family will give us the courage to face difficulties.

Author: Yan Tao, Source: WeChat public account "Yan Tao Sanshou (ID: yantao-219)"