|
| |
Thriving in a Down Economy
August, 2008
Are you tired of all the whining and woes of the current economic conditions? So am I!
It's time to stop worrying about what is, or might be, happening and start doing something to strengthen our business models in order to compete and triumph in any economy.
What do all the experts say?
- "Review and revise your marketing plan and business plan."
- That's all good and well, but what does that mean?
Keep reading for some meaningful ideas...
The first thing you must do is reassess your market.
- What has changed about their spending habits, their priorities and their needs?
- What can you do to further differentiate yourself in order to stand out amongst the competition?
- Are there niche markets you can go after that have fewer competitors who would welcome your customized solution to their problem?
What can you do to leverage the economic conditions in regard to your suppliers?
- Southwest Airlines, for example, locked in the price of their fuel cost at $51 a barrel while their competitors are paying 150% to 200% more.
- Many suppliers would love a contract at any price that they can leverage with the banks or investors.
Weather the storm and when it's over, you may have fewer competitors.
- By maintaining superior customer support and innovating, you are declaring your commitment to the industry and creating customer loyalty.
- While your competitors are cutting their marketing budget, increase yours; you will have a better chance to stand out as the market leader and improve your image.
What can you do to lower your costs?
- Some businesses turn to outsourcing while others benefit from the economies of scale that come from internalizing their production.
- You may have product lines that have marginal impact on revenue but distract from your efforts to improve and market your primary products. It may be time for those distractions [marginal products] to go.
- If you can lower your costs and lower the industry price, you could shake out some of your competitors.
When was the last time, if ever, you reviewed your sales plan?
- Do you even have a sales plan?
- Be sure that your sales team understands your strategy and is focusing on the right prospects with the right message; this will be critical to achieving your marketing goals.
Here is where your immediate action can make the difference for you!
We want to help you assess each of these issues, and many others, and identify a strategy the will help you prosper in this, or any, economic condition.
Our Business Insight software will interview you to ask all the pertinent questions then will analyze your answers to help you determine a winning strategy tailored to your specific situation.
Click here to learn more about Business Insight.
| |
