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Crisis Management: Steps to Strengthen Your Business online

Today, I saw Martin Buch Thorborg’s post about the record low number of new businesses starting up in Denmark, and how it’s been 14 years since we’ve seen so many companies going bankrupt.

This morning, I spoke with an agency dealing with four clients going bankrupt, and just last week, two of my old clients from two years ago reached out because they anticipate bankruptcy in a few months and are looking for my help.

So, here are some things for every business out there to consider right now for short-term relief and fixing their business:

1. Fix your tracking ASAP

  • I still see too many businesses with either no tracking or broken tracking, which shouldn’t be happening. Agencies also play a role here—if your agency hasn’t sorted this out, it’s time to get it done.
  • Check if your Meta tag is sending both server and browser data. Make sure your purchase events have an Event Match Quality of at least +8, and other events like View Content have a score of at least +6.
  • Set up a Google conversion tag or, if you’re using software like Profitmetrics, make sure Browser Profit Conversion and Conversion Booster are configured.
  • Send all this data through your Google Ads tag:
    • Currency
    • ecomm_category
    • ecomm_pagetype
    • ecomm_prodid
    • ecomm_totalvalue
    • event
    • google_business_vertical
    • value
  • If you have a Shopify store and need help setting up, I’ve got a contact who can get it done in just a few hours at a fraction of the cost of other developers.

2. Optimize your audiences

  • Create Meta standard data audiences with intervals of 15-180 days (in 30-60 day increments).
  • Include audiences for website traffic, add to cart, view content, purchases, Facebook and Instagram pages, and customer and email lists (with compliance).
  • For Google Ads, connect your GA4 account and create audiences with the same intervals as Meta, up to 540 days. If you don’t see them in Google Ads, you might need to set up Google Signals.
  • If you’ve set up GA4 with the Google Ads/Shopify plugin, you’ll have audiences like Page View, View Item, Add to Cart, Begin Checkout, and Purchase.

3. Review your costs, profits, and KPIs

  • Make a clear list of all your expenses and revenue.
  • Software like Profitmetrics can help you and your agency stay on top of the health of your business with a live dashboard.
  • If you don’t use software, go through your bank transactions and revenue to calculate your profitability and set KPIs for your agency, like minimum ROAS/POAS and realistic targets.

4. Cut costs

  • Check your bank statements to see where your money is going and cut any unnecessary plugins, subscriptions, or overpriced software.
  • If your agency isn’t delivering, consider switching to a new one sooner rather than later.

5. Adjust your team

  • If things are dire, you may need to downsize your team temporarily or take on more work yourself.
  • Freeing up €2500-€5000 per month could be crucial for your business’s survival.

6. Focus on content

  • Prioritize creating content, even if it’s not perfect. Simple videos or pictures can make a big impact.
  • Your agency should guide you here.

7. Plan for short-term relief

  • A short-term sale might boost revenue and cash flow while you address other challenges.

8. Webshop Optimization

For tips on increasing average order value, check out this article: 5 Tricks That Can Increase Your Average Order Value (AOV).

For conversion optimization tips, read this article: 9 Simple and Effective Tricks to Optimize Your Conversion Rate.

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