Can you grow your business when many around are shrinking?
I think you can, and I wanted to share my ideas with you.
My last blog suggested ways of adapting to market needs and I explained how I had added to the Salient range of offers by promoting courses on Zoom (or other platforms). Are there other ways of growing your market? The first four major areas you can consider are:
- Market Penetration
- Market Development
- Product Development
The Ansoff Matrix shows clearly how these are related: (Igor Ansoff – Harvard Business Review 1957).
Market Penetration means selling more of what you offer into your existing market.
Market Development is selling your present range of goods or services into new markets.
Product Development describes selling new products into your existing markets.
Diversification involves selling new products or services into new markets.
As an example of market development, my sales modules and programmes are now fully recorded and available to purchase from the Salient website (here: https://tinyurl.com/y44gahlg !)
I am promoting and selling my existing courses, general sales and technical sales, into a new market. The new market comprises those businesses and individuals who prefer to learn and experience in their own time and space, rather than attend at specific times and locations which can be inconvenient to their own businesses.
Product development can be achieved by adding something that compliments or is a relevant addition to your existing range of products and services. Ideally, this should be something you have identified by asking the market what else they need, or at least your existing customers!
Market penetration in simple terms is finding more ways of selling what you have in the market you presently target. For this I would recommend revisiting dormant customers and making contact with ‘lost’ business. Business previously lost may be looking again for a new supplier and we may only have lost it by a small margin.
Diversification can be fun! Lateral thinking can result in some great ideas for additional products and services which will attract new interest in your business. I caution you to prepare well and to do some useful and effective market research prior to this. It is essential you know what your potential customers want and need before committing time and funds to developing new products and attacking new markets. However, the rewards can be high as ‘out-of-box thinking’ can make a significant difference to your turnover and profit.
Finally, the fifth way of growing your business, and a less risky alternative would be Collaboration, again with much preparation and due diligence. You would halve the cost of any such growth plans by working with another trusted business. However, you may halve the risk, but you will also halve the profit made!
Your first choice is whether you try and ‘ride-the-storm’, or, work smarter and develop your business. If you choose the latter, your second choice can be made from a number of options as outlined in the matrix above. When the ‘new norm’ arrives, if you have used the time wisely and prepared for growth, you will be much more secure as a business than those that have relied on rationalisation and hope.
If you are interested in hearing more about our ‘applied sales’ courses, in general or technical markets, then please contact Andy on 07941 041364, email@example.com
If you would like to learn more about the Salient recorded sales training programmes, visit the offers on our website here: https://tinyurl.com/y44gahlg
A bit dramatic I know, but this does reflect the present position of most small businesses.
Darwin would be fascinated with the choices facing business at the moment.
At the start of the pandemic we all hoped it would be over in a few months and we could get back to ‘normality’. Many small companies simply ‘battened down the hatches’ intending to ride the storm, if you will pardon the mixed metaphors.
Unfortunately, it did not happen. We are likely to be looking at many more months yet and most are realising that the ‘normality’ we anticipate may be somewhat different from that pre-covid.
In the last few weeks, I have gained some new customers who have admitted they felt they could hold back no longer and needed to move ahead, otherwise their customers would go elsewhere. In fact, due to the scarcity of active businesses, they would now have to work harder just to stand still.
To maintain Salient’s position in the market and to adapt to the present situation I have had to change my approach. Fewer customers wish to have strangers in their offices presenting training courses. Having said that, recently I have presented my Technical Sales Programme on-site, distanced, masked, sanitised and very successful!
With fewer opportunities to train and coach ‘in-the-room’, I have added to my training, coaching and mentoring offers. Becoming adept at running Zoom meetings I can now run any course or session on-line.
I have also used the extra time available to record my complete sales programme onto a video platform. There are general sales and technical sales training versions for large and small businesses, and all will be available to purchase on line within the next two weeks. I have also added small business group support and growth sessions called ‘Adapt, Survive and Prosper’, and these can be delivered with some in the room and others on Zoom.
By adding to my range of offers, I am now able to deliver:
Sales, Marketing and Business development
1/ courses or sessions in-the-room, as before
2/ courses or sessions on Zoom, or
3/ course modules recorded for more convenient viewing
By adapting to the new market needs I have ensured that all prospective customers can be served by Salient, whatever their circumstances.
This is what I have done. What have you done to maintain or even grow access your available market and hence grow your sales? Have you adapted? Most such situations can be overcome with some thought, ideas and application. If you have not addressed this already, perhaps now is the time. Clever use of the internet and some lateral thinking are called for.
Take the lead from Salient; Adapt, Survive and Prosper!
Details of Salient Small Business offers are here: https://tinyurl.com/y5ptl27f
Recorded courses - coming soon.
At some stage in the future, lockdown will end. For months we will have been meeting, talking, and socialising with the images of people on screens. When we finally get to meet with them again, how will we cope?
Can we remember the ‘social niceties’ as we used the call them, the social conventions that ensure mutual respect and deference?
I thought it would be a good idea to share with you some of the social decorum or etiquette that we were expected to follow when we were younger (which is probably before you were born, dear reader). Yes, in such prose as these when addressing the reader they were often referred to as ‘dear’ or even ‘gentle reader’!) The following relate to ‘greetings’ in the 1960s. Some of these conventions are still applied by the ‘old school’!
• If a lady entered a room all the gentlemen were expecteed to stand. If a large room or hall, or in a large gathering it was understood that only those whom she approached would stand until she was seated.
• All gentlemen would stand to shake hands but the ladies would remain seated to do the same. (I believe this is still expected and correct behavior.)
• Unless they are a relative or long standing friend or aquaintence, no kissing is allowed. If the lady leaned forward for a peck then this could be offered or received, but this was unlikely.
• Anyone senior to us in years we would call ‘sir’ or ‘madam’, unless instructed by them to do otherwise. If respect needed to be emphasised then these could be used at any time.
• If you knew someone’s Christian name you would not use it unless invited to in an introduction. It would be Mr., Mrs, or Miss as appropriate. Again, Sir or Madam could be used if superiority is clear or even suspected.
• If passing someone you know, gentlemen should raise or touch the rim of their hats. If a lady then stops to engage them in conversation the hat should be removed until the lady moves on.
- there is a lovely story involving my Father. In the early sixties he was a civil servant working in the city of London, in Somerset House. The ‘uniform’ in the city was great-coat and black bowler hat. This hat was raised or the rim touched at all required moments. One day when returning home and almost at our garden gate, he met an acquaintance. He started to raise his hat. At the same moment, his acquaintance offered his hand for a handshake greeting which was also acceptable, but was a more familiar approach. Dad accepted this and so started to offer his hand in return. His friend had also realised the disparity and was starting to raise his bowler hat at the same time. My Mother relays this story as she was watching from the window and says that the greeting was attempted three times with hats being raised and hands offered alternately, until finally they gave up and just said hello.
• On ending the conversation, if with a lady, the hat was returned to the head and with a gentleman it was raised or the rim touched on parting.
That may seem very involved but that was the way we were taught to behave, the expected ‘norms’; and THAT was just for the greeting!
I am not suggesting we re-adopt these social expectations, this was just a bit of fun. But, we can be certain that when our ‘normal’ is returned we will feel very strange shaking hands with strangers or even standing right next to them in a meeting or gathering.
I used to give a talk called ‘Selling, Ballroom Dancing and Space Invaders’. The latter reference is to those who invade our personal space. I would not be surprised if our normal personal space has been extended due to ‘social distancing’.
Let’s hope we can soon return to ‘social nearness’, or for the brave, ‘social closeness’, and we can look forward to sharing time AND SPACE with everyone we wish.
Some rules of emailing, yes, we’re still making the same mistakes.
How often do you receive and email and have objected to the contents? The objection may be mild, it may be significant or it may be something in between? Too many times
How many of us have written one straight back, assuming our interpretation is correct, and damaged that relationship? Too many of us.
They say that the art of letter writing is being lost due to the convenience and speed of texting, emailing and the like. Speed and convenience is a strong incentive to use these modes of communicating, however, make it too fast and it can be dangerous to your business.
- ‘Hearing’ a tone of voice that changes the interpretation
- Making a sarcastic comment that is either inappropriate or taken literally
- Sending something which no-one has proof-read; which is poorly spelt and constructed
- Only answering one question and ignoring the other three
- Assuming familiarity and making it too informal for the contact
Some simple rules which should overcome these dangers and pitfalls:
- If it reads as though it was written with attitude, leave it and come back later. Try and read it with a smile on your face, it can sound so different! THEN respond accordingly.
- PROOF READ everything. Poor spelling, grammar, or punctuation can suggest you are not thorough or professional.
- Avoid humour, particularly sarcasm. If you want to include levity, an exclamation mark could help to signpost this.
- Read everything received more than once and you will find other things which need a response.
- Read everything before you send it, to avoid these classic blunders, and others.
- Why not pick up the ‘phone?! It is more efficient and effective; you can cover more points in less time; you can build better business relationships. Then summarise and confirm by email. This is far more effective and professional than a rushed email or text.
Avoid the traps of fast texting or emailing and build professional relationships; use the ‘phone, or, even better, meet them face to face.
KICKING THE HABIT – and adopting a better one
“Old habits die hard”. Very true that one.
Another, which is one of my favourite quotes, is known as:
Einstein’s definition of insanity: ‘Doing the same thing over and over again and expecting different results’.
This is very true when it comes to training or coaching. I’ll explain:
When training and coaching, we show the delegate(s) how they can do things more easily and more effectively, helping them to be more productive and successful. We encourage the delegate(s) to embrace the new ideas and embed them in their daily routine.
They say it takes at least 28 days of daily repetition for the new skills to embed and to fully replace the ‘old habits’.
So, the concern of every good trainer is that, over time, old habits will creep back into regular use. As expected, success obtained with the new skills starts to decline. With the year following any training or coaching, the poor delegate is back to square one. At this point it is not unheard of for the delegate or company involved to suggest that the training was ineffective, or even a waste of money!
Luckily, I have not received such feedback.
This is why the best trainers or coaches offer ‘refreshers’ on a regular basis, perhaps every 3-6 months, to help maintain the focus and to fully embed the new skills and techniques. As an alternative, I also offer the Salient Mentoring Programme; a monthly re-focus and target management system that keeps people on track, motivated and successful.
Unfortunately, not everyone goes for more than the single, deep plunge they get from dipping into Salient expertise. They feel that the short-term fix is all they need and for some this has indeed worked. Some have grasped many of the new ideas and skills and applied them with tenacity. These companies are seeing a marked difference in their sales results.
Glib though it may be, the saying that holds true in all these cases is simply:
‘If you want things to change, you have to make some changes’.
…and not let old habits undermine those successful changes.
- Those on a diet do not stop as soon as they reach their ideal weight; they work hard to maintain it.
- You may spend weeks or months achieving peak fitness. If you stop there it only takes a short time to return to ‘couch potato’ status!
- The best mentors have their own mentors to help keep them at the top of their game. Sales people not at the top of their game will lose focus, and lose business.
Get to the top of your game and learn how to STAY THERE by refreshing and adding to your skills!