How to turn disaster into gold

The bigger you are, the harder you fall. However, that does not mean that you have to keep silent every time a giant like your company fall. Here are 5 ways to turn disaster into gold besides just keeping mum.

Apologize

Too many companies think that this is detrimental to the shareholders of the company and it is really a fact. However, shareholders does not pay your bills, they own a portion of the business. Customers are the ones who pays the bills and the longer the unrest is, the harder for your company to re-capitalise market shares. Jack Ma puts it simply “Customers first, employees second and shareholders third”. It will definitely be detrimental for sales either way, but by facing your issues, your customers understand that you are honest; an important trait in business. Have an honest video apologising and tell everyone how you intend to win their trust, your customers will appreciate it.

 

Volume Sales

Nothing says you are giving back to a customers than sales. Having a sale after a public apology will definitely drive volume sales up. It keeps the company healthy to tie through the possible tough times ahead and also engage real customers through analytics and find out how to reposition. Having a video to drive sales is an oxymoron it seems, but it is when your company is at its worst that investment in PR and Marketing truly pay off. If you follow the crowd and market only in good times, what differentiation are you providing?

Counter-Act

There is no better time than the present to hit back at your competitors. What I mean is that since you are in a corner, you might as well go down fighting. Gather your sales and marketing department and go all out for blood. Nothing motivates people than catastrophe and it is your equaliser at the moment. Getting down in the trenches and changing your approach of being too expensive for most to valuable for all will ensure sales go through the roof. No one will not stand behind a David in times of trouble and you will definitely get to see this happen in your favour.

 

Innovate

The mother of inventions is necessity and it is even more true in times of calamity. Being able to innovate under pressure since everyone is motivated is the best way to get the best works out there into the market. Quality attracts customers and nothing produces quality than a motivated team. See, you have just chanced upon the opportune moment you have been looking for!

 

Take out the trash

Warren Buffett has an important saying that benefits business as well “Only when the tide goes out do you discover who is swimming naked”. It is when the company is in the red that it is impossible to hide behind the efforts of others. This is the time to cut your losses in poor performance areas and consolidate in your better areas. What is even better than instead of retrenching that department, you repurpose it to support your key competencies. This approach of tightening down and pushing forward lifts colleague morale and align everyone in the same direction, a synergy rarely seen in big companies.

 

After reading the 5 ways to respond in terms of a disaster, it is important to spread the right message to your relevant communities. Be it speaking to your customers, your shareholders or your employees, nothing tells the story better than a heartfelt video.