Expect Drop, Protect Profit
You will suffer a drop, protect what you can immediately, and do it ethically. If someone is on your team that isn’t required in our current state then please let them go early, and if you see a future with them in it, don’t over promise, but realise they have immense value if they come back.
If you’re ad spend needs to be cut back, realise that your competitors probably need to as well. So you might not need to cut back after all and you can cost in that to sales.
Pivot to Where you Own the Space
Now is the perfect time to lop off your fringe products, be known for a limited number of items. Your customer probably only has space for your major products in their head. So don’t make them think about that next sale.
Improve Payment Terms
Sure I love Afterpay. But that’s not what I mean. Control the payments with your business, find a way to split payments and add a premium or go all in on a simplifier subscription model like Amazon Prime to give customers a constant taste of your business.
Experiment with Digital and Other Physical Products
If you are known for physical products, add an education or training arm. If you sell dog food, it also makes sense to have training regimes as a subscription access.
Use Marketplaces as Research to Compete, Not Sell
Marketplaces are known for cheapening brand value, as well as protecting profit, you should be using all your brand leverage you currently have in a deal. Aesop hasn’t ran a discount in forever and do you think that they are going to just dump units to turn a profit now? Nope.
Follow up! Oh my god, just do it.
Customer Mindset > Product Mindset
Your products have margin baked in but the value exceeds the overall price they paid to buy it. Why do you think that is? the customer purchased for a reason ie. to level up, to save time, to be seen as unique to peers.
Referral + Affiliate Programs
Referrals are the coin of your realm. Get out of obscurity. Get 3 of each of your favourite customers and get them to bring other customers up to the level they are.
Testimonials, public declarations, evangelical acts, should be top of what you want you want out of customers.
Scorch the Earth Social Tactics
If all else fails and you just need to survive. Go hard on social. Become a publisher, become your own news channel for your niche.