Will 2024 be a year of economic uncertainty, with the looming elections? How can your business continue to compete in the year ahead? These are the questions on the minds of many business leaders today.

Some music businesses will need to identify risk exposure by waiting on major investments and spending. Other music businesses will need to cut headcount to improve efficiency to weather the inevitable revenue slowdown. Other music businesses may choose to hold off on launching new items or line extensions. Perhaps now is the time to evaluate a new marketing campaign. Sometimes the best offense is a good defense.

Whichever path you decide to take in your business keep one thing front and center always: Do what you can to keep your core consumers happy and well served.

Here are some ideas to keep up with the competition in uncertain times:

  • Use social media to highlight shining reviews from your dedicated client base and to build awareness of usage ideas, or tips and tricks.
  • Leverage an active message board where you can sustain engagement.
  • Consider new videos on YouTube or on your own website.

If you haven’t done so already, make sure you gather your executive team and reprioritize initiatives for 2024. During this meeting, decide two key things: what are your “must dos” and what are the things you can stop doing to free up your time. Also, during this meeting keep your revenue forecast from of mind.

Competing in uncertain times is challenging—but with the right strategy good leadership can align business objectives to meet new or modified goals.

Here are some ideas for some things you might add to your “must do” list:

  • Consider cost reduction projects like product reformulations or operations enhancements for better throughput.
  • See if there are some lower cost things that you can do to strengthen your market positioning.
  • Maybe consider a logo refresh.

Again, keep your business needs and customers top of mind when creating a list for your own businesses. After you have determined your “must do” list, it is time to get strategic on eliminating non-value add projects or even “nice to have” programs.

Perhaps some things you minimize or eliminate include:

  • Reducing complexity in complicated promotion programs.
  • Consider the inventory you have or services you provide and if it is too much.
  • Identify where you are losing money and get rid of it.

Be prepared for some employee push back or negative comments as you make changes for 2024. Make sure you are able to show how enduring a modest amount of pain can set you up for renewed vitality in the future.

At the end of the day, it comes down to one key question: Should you question your go-to-market strategy, your playbook?

The answer, of course, depends on your business, your sales trends, your team, and your business model. You must identify what is working and what is not. That is the first step in competing in uncertain times.

From there, a sound strategy needs to be grounded in consumer insights. Of course, this is true no matter what the economic backdrop is, but it certainly helps significantly in economic uncertainty.

Take the first step to a more successful business today.

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  2. We’ll provide real-world case studies showing the process in action.
  3. If we’re a fit, we finalize the details and get started.