In a down economy, what are you doing differently? Equally important, do you know what your customers are doing differently and what they need from you?
Business works differently in a down economy. Unfortunately, many companies lose their external focus during this time and in some cases, lose their long-term focus. In a down economy, it is easy to get distracted, but these are critical to long-term success.
Customers, large and small are looking for help on existing terms, with less focus (or none) on new business. The burden is generally on the sales team to sell and retain customers—and determine how to do that. Unfortunately, the company may not be in step with the requirements of the customer, making sales and retention efforts more difficult.
For every customer you have, you will have a competing priority. As a result, you tend to have a fragmented strategy (or none at all) during this time. When your organization is in conflict with the requests of your sales team, hence the needs of your customers, you create your own impasse. The organization, not just the sales person, must be ready to respond.
The first thing that companies and sales leaders must do is validate the current state of business for itself, your competitors and your customers. One of the most effective ways to do this is to establish clear, direct channels of communication with your customers and your sales team. Ideally, skip levels to remove the filter as a potential bias. With today’s technology, social media sites may also help you get a pulse on your customer. Armed with information, you can make educated choices in where and how to spend your time and resources.
The short-term realties of the market can feel like constant crisis management, coupled with the added frustration that some companies will not buy at this time. They will buy in the future. Don’t lose sight of your strategic sales direction; keep your plan in place and work it.
My friend told me a great story that illustrates a bold, yet creative approach for customer acquisition and vertical market development. Her friend works for a small advertising firm who recently pitched a program to a national golf organization. They lost to a large, well-known agency that had no presence in the golf industry. The agency (reportedly) offered their services free of charge.
It’s a brilliant strategy. In the short-term, they deploy idle resources; in the long-term, they will likely have a paying customer. Most importantly, they can establish a vertical market—with paying customers–by leveraging their recent work.
Not every company has the ability to provide products or services pro bono and I’m not advocating that they do so. I am advocating that companies use this time to think outside the box, even collaborate with your customers. With creative planning, you may uncover your own “golf strategy”. Nonetheless, what you do now will determine your position for the future.
In a down economy, customers are looking for dialogue, creativity, collaboration, negotiation and flexibility. There won’t be easy answers in all cases and that is where the selling comes in. There will be “one-off” situations, lost accounts, customers at risk, etc. that will add complexity to your current state. If your team is equipped with a responsive organization, open communication and a clear direction, then they can more effectively engage in the marketplace.
What you doing differently?
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