October resumes the student loan payment crisis that is currently plaguing the US economy by $1.77 trillion dollars • • And while social media portrays a pseudo- phenomenon of “booked and busy”…reality is there will be a drastic shift in spending, especially as holiday season quickly approaches. The increase in disposable income that resulted from the pause on SL payments, for services, products, and other luxuries (may) take a hit, simply because a “new bill” has shown itself within your customers household budget. • • As a business owner, now is a good time to tap into your business continuity plan. 1. Cut business expenses! Audit your subscriptions, memberships, vendors, and services that either duplicate or are non-essential to your operations; ie there is no need for multiple email marketing providers or running ads from multiple platforms if there isn’t a positive ROI. 2. Trim the menu! Offer services and/or products that convert…quickly! If it isn’t selling “quickly” that is an indicator to lack of demand. As the household budget tightens, customers will increasingly purchase based on value. 3. Know your customers! Understanding “who” your customers are will provide more leverage in sustaining operations. Explore customer segments and curate marketing strategies on specific segments within your TA. Quality over quantity is a great customer strategy to deploy over the next quarter. 4. Stay consistent! If you begin to notice that sales , engagement, interest and/or growth is slowing down; do not internalize! Take nothing from the business cycle personal nor question your worth/potential. Keep your brand visible!
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