Q4 Updates: 5 Ways to Survive the “Recession” with Kunle Campbell from 2x eCommerce (episode 114)
by April Buencamino-dyKunle Campbell is the host of the 2x eCommerce podcast, and an outsourced eCommerce CMO for a number of DTC businesses. And for just over a year he’s been a co-founder of the super exciting investment business Octillion Capital Partners.
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Trim the Fat in Your P&L
Look at all your line items and determine if everything is necessary at this point.
Costs are real and still going up, so you have to review where your budget goes because you can’t pass it all to your customers. Look at your supply chain as well and find alternative suppliers and get their rates, then renegotiate with your current providers.
Lastly, also review manpower costs but do remember that people are not just line items, Kunle says.
Segment Your Customers
This is segmenting based on a more psychographic or emotional-motivational standpoint.
Customer segmentation is more crucial now than ever. Find out who your most active customers are and also who your lapsed customers are because you need this data for what you have to do next.
Survey Your Customer Segments
Once you’ve segmented your customers, talk to them to learn more about what they’re going through using surveys.
Based on the responses you get, you can then begin to adjust your offers and your products accordingly.
Create Bundles to Offer Value
Because consumers are now shopping for value, create SKUs that deliver more value to them.
Make the adjustments based on how your customers respond to the surveys. The sooner you’re able to do this, the better it will be for your business.
Invest in Top-of-Funnel Content
Build a content platform over the next 12 months and make sure you track your targets.
This is not without its own challenges, such as cost and expertise, but you have to do it if you want to outperform your competitors.
Insider Tips
Newbie advice: If we’ve inspired someone to take their first step – what do they need to know to give themselves the best chance of success?
Kunle says empathy is a superpower, so take the time to understand your customers and their motivations.
*For more on this topic, listen to episode 101 with Rob Harrison-Plastow where he takes us through his Empathy Blueprint to make it really easy to understand how to empathise with your customers.
Once you’ve started of course you’ve got to ‘keep optimising’! What’s your favourite way to improve performance?
Talk to your customers all the time, and do so by using methods such as surveys.
In order to make informed decisions when it comes to your products, marketing, and other areas of your business, you have to listen to what your customers have to say.
If someone listening wants to learn more about this is there one cheap/free resource you’d recommend?
Kunle gives us two:
- The book Stolen Focus by Johann Hari
Crystal ball time – what’s coming up in the next 6-12 months that we should be getting ready for?
The economy will improve and hopefully stabilize in the next 12 to 18 months.
Recessions happen, but if you follow even some of the tips he’s given, you’ll survive this period.
Interview Links
- Check out Octillion Capital Partners
- Read Kunle’s full LinkedIn post on surviving the recession
- Email Kunle
Kunle on Social media:
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