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Running an e-commerce business in an economic downturn can present intense challenges. Some businesses will thrive & grow. Others will struggle. Of course, we all want to survive. And if possible, thrive. That means we have to prepare ourselves to defend against a downturn.
To defend against a downturn, we must first all determine if we are yet in one. So first of all, we must figure out where we are at in an economic cycle. That’s actually extremely hard to a degree. And a personal judgement call. Nonetheless, one we have to make.
Next, we need to be prepared in advance. Trying to sort this out on the fly is a bad plan for several reasons. One is that we won’t be able to handle the workload and stress. The second is that our competitors will be after the same resources at the same time.
We need to think through a downturn optimal product strategy (physical vs digital). We also need to have a downturn optimal pricing strategy.
These are some of the many thoughts we explored in today’s discussion.
These are some of the many thoughts we explored in today’s discussion.
In this episode, we share 10 principles you can use to survive and thrive.
What you’ll learn
- 10 Principles for surviving and thriving in a down economy
- Why Productive Paranoia helped Bill Gates thrive in difficult times
- Why you should probably cut a lot of your physical product lines
- How the Star Principle applies and more importantly, when to use it
- What your product mix is and how to optimise it for a downturn
- The right time to push for market share!
- The big opportunity that comes from running your business well, while others start to fail
- The importance of timing your moves
Resources
- The Star Principle, Book by Richard Koch
- Pixie Faire, Jason and Cinnamon’s primary business
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