In times of economic uncertainty, particularly with rates of inflation high, monetary policy interest rates high, and soft economic growth, it’s important for drone service businesses to proactively adapt sales strategies to generate revenue. While a less than optimal economy may present challenges, there are still opportunities to attract clients and expand your customer base. In this guide, we’ll explore different strategies to think about, so that any drone service business can hopefully navigate the economic slump and thrive in this market.
Identify Inelastic Industries and Clients
You may have noticed a decrease in business over the past year, compared to others. However if you research and identify industries and clients around you who are less affected by an economic downturn, they may be your ticket to continued demand for drone services. Inelastic demand means that the demand for services from these industries are less impacted by economic cycles than more elastic industries. For example industries in agriculture, construction, or infrastructure inspection are all relatively cushioned from economic slowdowns as people still need to eat, construction has long lead times, and important infrastructure still needs inspection. Within these sectors, identify potential clients who can benefit from your services and tailor your sales approach to address their specific needs and pain points. I’ve written other guides regarding industries that give you a good sales approach.
Build Strong Relationships and Referrals
Building strong relationships and leveraging referrals is always important, but it becomes even more critical during an economic downturn. Of course, I don’t need to tell you to prioritise client satisfaction and aim to exceed expectations. If you deliver high quality work, provide exceptional customer service, and establish yourself as a trusted partner, the client will be sure to continue coming back for your business. Better than that, they will be more likely to refer your services to others in the industry, expanding your network and attracting new business through word of mouth. You could try reaching out to previous clients, to bring yourself and business back to front of mind. Even if it doesn’t lead to a sale, it’s still good to foster these business relationships. It’ll pay off down the line.
Offer Flexible Payment Options
When money is harder to come by, businesses are obviously more budget conscious. Assess your pricing structure and consider offering competitive rates without compromising on quality. If your client is taking too long to approve the work, consider giving them a deadline with a discount. That might just entice them to act on your deadline. What may also work is providing flexible payment options to help your clients get across the line. Being able to create instalment plans, or customised packages to accommodate their financial constraints could win them over.
Showcase Cost and Time Savings
The reason why clients are asking for your services are obviously because you provide cost and time savings for them. Hand in hand with building strong relationships as discussed above, build case studies and reiterate success stories that showcase real world examples of how either they, or perhaps their competitor achieved cost and time savings through your services. That would get them thinking how they can shore up their bottom line, through reducing expenses. You’ll just have to be sure that your service costings would indeed cost less than how they would do it without you.
During difficult economic times, adapting your sales strategy is crucial for the success of your drone service business. Through identifying potentially new target industries, fostering strong(er) relationships, and offering competitive/flexible pricing, you can navigate the challenges and find work even during these uncertain times. Stay proactive, flexible, and optimistic, to position yourself and your business to grow and succeed in the drone industry.