One of the things you’ll have time for in a recession is to sit down and really analyze your client list in terms of profitability and scope.
This is the time to categorize your client list and focus in on what are your tier 1, 2, and 3 clients.
Tier 1 clients will be your most profitable accounts and the ones you can double down and focus on during a recession. During a recession, all previous plans can go out the window and the client has to re-evaluate priorities.
Now is the time to stay close to the Tier 1 clients because they will make changes to their go-to-market strategy. You want to renew the conversation about how your partnership is working for them in light of any new economic developments or what changes they’ve made to their strategy.
Asking a simple question:
“What is your plan for the future?”
Can help you stay close to your clients while they restructure and re-plan their future. Staying close will help ensure your product isn’t on the dreaded, proverbial chopping block.
Take the time to set up meetings and ask what you can do to help and provide value. Whether it’s advice on the market (as an expert in the industry/market), what training, onboarding, or strategizing you can provide to make yourself more useful to them.
Understanding how these shifts in prioritizations will affect your business, and your offerings will help you adjust your business plan accordingly.
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