Where There Is Change, There Is Opportunity

Author: Kingsford Consulting

Author: Kingsford Consulting

Reset Your Sales Objectives Depending on your type of business, consider setting some aggressive non revenue sales targets for the next six months that include: Increase market share by 5 points Increase share of average customer by 10% Maintain or increase average revenue per unit sold Win one top five customer from each of your key competitors Sell into two new markets Besides strengthening your business you will also reinforce positive morale within the company. A team with an aggressive mission is much more motivated than those with a mandate to wait and see what happens. Reduce Purchase Risk In tight times, a bad buying decision can be fatal. Structure your offerings to derisk clients purchasing processes. Dont Lower Prices, Add Value Product pricing is extremely difficult to increase, so decreasing pricing is a drastic move. Not only does it reduce revenues, but it also diminishes the companys brand. It is better to leave the price the same and add more value to it. Look for ways to increase the perceived value that the client may in fact pay more for that have minimal cost to you. Know Your Competition What did your competitors do during the last business slowdown? What cash reserves do they have? How are their top five customers doing? Are they layingoff staff? Profiling your competition will allow you to outflank them and gain market share. Avoid Message Decay Your brand is driven from inside your company and is carried out to the market through a network of sales people, agents, resellers, and agencies to the buyer. Test your channels at each downstream stage to ensure that your brand and messaging being used is consistent with the vision held by you. In changing times, a consistent, clear message will have great power. Maximize Word Of Mouth People trust their peers. You must make sure that your customers value your products and services and that they have the tools to tell others about it. Grow Your Business Look at what you do really well and identify other markets where that could be valued. This could mean other geography or new verticals. Just because you have a small slice of the market doesnt mean you cant expand while the overall economy contracts. Downturn markets are the best time to increase market share that will pay off handsomely as market confidence returns! Carpe diem! Published in January 2008. http://kingsfordconsulting.ca/?p=243About the Author:

Kingsford Consulting Ltd. is a Strategy and Business Development firm that provides business planning, market research and strategy development services.

www.kingsfordconsulting.ca

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