Adapt Your Business Strategies to Thrive in 2024

Those that know me well know I’m a 20+ year student of astrology and will happily interpret your personal astrology chart if you ask me nicely. No, I’m not talking about those silly horoscopes that give astrology a bad name. I mean a real, mathematics-driven chart, composed of numbers and formulas and calculations.

While I don’t believe we’re governed by the stars, I do believe the stars can decipher the energy and environment around us. Astrology is a form of interpretation. Weathermen read the forecasts to tell you if you need your umbrella, I read the stars to divine the who, what and why of a situation.

Anyhoo, the two astronomical figures representing the energies of chaos and discipline have been warring with each other, only just recently coming into a truce.

A battle between chaos and discipline only ends one of two ways: either by complete destruction, never to rise again, or by total transformation, bursting through ash and rubble like a phoenix.

Me personally? I prefer the latter.

Today’s article is for those who’d like to join me in rising from the ashes of a shellshock of the past few years to transform your business as we near the half way point of 2024.

I’ve spoken with many business owners who’ve endured the chaos vs. discipline battle. Each company wanted discipline to maintain things yet were being antagonized by chaos demanding change. I had only one recommendation: focus on your e-commerce strategy.

This is true whether you’re a brand or retailer. Retailers especially have been hit the hardest because they’ve ignored for too long the data that customers increasingly prefer shopping online.

Customers are spoiled by home delivery of everything. Why put on pants, drive through traffic and wade through a mall when anything can be delivered as you Netflix-n-chill in your underwear?

Ignoring this has caught up to retailers, with this costly mistake affecting brands who once depended on these retailers for orders they can no longer place because store traffic is down.

“But Lilian!” you’re thinking. “No one’s going buy expensive jewelry without touching it first!”

To this, I give a defiant laugh. HA!

Having been that young, scrappy Tourneau salesperson in the early aughts who had a loyal client spend over $300,000 with me exclusively by phone, I tell you firsthand this isn’t true.

If a customer is familiar with a brand because that brand has made itself and its stellar reputation consistently visible to the customer, that customer will happily drop $10,000 online because the brand has earned their trust.

I speak often to companies who’ve disregarded PR for years, then turn to me to produce a pair of ruby slippers that transport them back to a time of easily swiped Amexes and Visas and Mastercards, oh my!

The thing about Dorothy’s adventures in Oz, however, is that while she’d always possessed the power to go home, she first had to follow the yellow brick road for miles before she learned this truth.

As we go deeper into Q2, reflect on what you’ve accomplished, where you’ve failed and what obstacles derailed your best laid plans. Now tell me:

What are you willing to give up to transform your business?

• Will you give up the belief that customers won’t buy from you online?
• Will you stop ignoring the extensive data on consumer behavior?
• Are you ready for a complete transformation of how you’ve always done business given event have shown you those ways no longer work?

Let’s talk briefly about the customer journey. Simply put, the customer journey is the many touchpoints a customer has with your company before, during and after they make a purchase.

• How does a customer first learn about you?
• How does she feel upon this discovery?
• What entices her to want to learn more?
• Where does she go for this information? Your website? Your store? Social media?
• What does she do when she gets there?
• What do you want her to do when she gets there?

These are some of the question that, answered correctly, help create trust between customers and your brand.

Trust is the only thing required to get a customer to spend $40,000 online without thinking twice.

Questions? Comments? Feedback? A desire for me to do your astrology chart? Message me!

KEY TAKEAWAYS:

1.      The Importance of E-commerce: It’s necessary for businesses, especially retailers, to adapt to e-commerce given the consumer shift towards preferring online shopping experiences over traditional retail settings.

2.     Impact of Consumer Behavior on Retail: There are consequences for ignoring the changing trends in consumer behavior, particularly increased demand for home delivery and online shopping options.

3.     Build Customer Trust Online: Building a trustworthy online presence and reputation can encourage significant online purchases without the need for physical interaction.

4.     Learn from Past Business Challenges: Reflecting on past challenges and failures is crucial for businesses to adapt and transform effectively. Engage a mindset of learning and evolution based on past experiences.

5.      Understand the Customer Journey: Businesses need to know how customers find them, their feelings upon discovery, and how they interact with the brand across various platforms. A detailed understanding of the customer journey, from discovery through post-purchase, is crucial for success.

6.     Adapt Business Strategies Based on Events: Be flexible and willing to transform business practices based on external events and internal assessments. The ways of the past are no longer be effective.

Every week, I answer a strategic marketing and communications question in my newsletter, The Advisory Salon. It’s completely free and is released EOD on Mondays as a palate cleanser to your day. Subscribers get first access to my articles and can request questions for me to answer. Sign up here. And thanks for reading!