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, firstname.lastname@example.org
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
The Government is keen for business to continue so that when we are able to return to the ‘norm’ we can be better prepared. Perhaps this is the best time to focus on personal and professional development within your business. With good training, coaching or mentoring in sales, marketing and business development, you could use the time wisely by developing a more complete and successful approach to growing your business.
So, Salient is going Live-On-Line….
To help you follow social and health requirements I will now be offering my courses as either a live-link to allow full interaction, or as recorded modules for you to access at your convenience and as often as you need. I have chosen Zoom as the most effective platform. I will use the ‘Entrance Lobby’ facility to ensure the sessions remain secure.
These courses will be offered at a lower cost than an attended course.
Also, as a special offer, when the crisis is over, I offer a ‘refresher day’ at a bargain price, when I will come to your offices and deliver a summary of the course and, where appropriate, run a workshop to cover aspects in which delegates still need assistance.
In this way, delegates will have the advantage of isolated learning, together with a final interaction session, when the dust settles.
All delegates for live sessions will be provided with a workbook.
Live sessions will include all aspects of the course when given on-site; flip chart, discussion, slides, exercises, discussion etc.
Assistance is offered on an individual basis (phone or email) at no cost for up to one month after the sessions. Sessions last from one hour to one day and courses are available for 2 to 5 days duration, either consecutively or separated by up to 3 weeks. Clearly, the longer the course, the greater the scope and depth we can cover, and the longer the new ideas and skills are likely to be retained.
Costs: with reduced overheads, the cost of Live-On-Line sessions will be signficantly less than those arranged for personal attendence (pre-and post-covid-19).
Salient has adapted and will continue to offer great value in all courses, programmes and sessions. Expertise in sales, marketing and business development, designed and applied to your business. Use Salient and stay safe!
STEERING THROUGH CHOPPY SEAS
- There are some people out there who just simply do not get what you are doing in business.
- There are those out there who will show interest in your products, services, and in you, but they will then drop from the radar and not respond to any of your approaches.
- There are those those who insist you drop the price or they will go elsewhere.
- There are those who use you to put pressure on their present supplier and, in reality, have no intention of buying from you.
“If you have been affected in any way by the content of the above four statements…...”
Seriously, there are many reasons that people will NOT place business with you, all of which can be overcome with careful application of recognised skills and techniques.
HOWEVER, political developments have added another issue to this list. We are to leave the EU. What comes next? No-one really knows, and because no-one knows, many businesses will cut back on their spending, buying only the ‘necessities’. If you do not sell their ‘necessities’, you are less likely, even unlikely to sell to them.
PROSPECTING AND SECURING NEW OPPORTUNITIES ARE LIKELY TO BECOME MORE DIFFICULT during the coming months.
More difficult, but not impossible. Certainly, we will need to work smarter and have plans which are carefully constructed, timed and focused. We will need contingency plans now more than ever, as we plough on into the political unknown.
To make sales; to make MORE sales in a difficult market requires new strategies, extra skills and techniques, contingencies, but most of all, it needs careful planning.
I have planned for this! I have a coaching programme called ‘2020 Vision for Business’ (what else?!) In this, we will work on sales and marketing plans, strategies and contingencies, taking sales to the next level and ‘scaling-up’ your business; to be the best while others may flounder.
Whether or not you book on the programme, you will need plans and contingencies for growing your business next year. Don’t leave your success to chance.
Plan and prepare now, to grow your business, despite political and market forces.
It has to be said, I am sorry, but it does have to be said.
Brexit has made a difference and will make further differences to business.
Things are changing and there are more changes to come.
But, I am not one of the doom-mongers as I believe it offers us interesting and useful opportunities. I say ‘offers’ as it is up to us whether we take those opportunities or sit back and just hope.
Whatever happens there will be change, and we need to be prepared as best we can. But prepared for what? I believe there are four indisputable facts:
- Brexit will happen!
- Markets will change
- There will be greater focus on domestic markets
- We will find ourselves competing with more UK companies as larger providers seek to replace off-shore business.
This is what happened to Salient in the last 18 months:
- Five larger prospects, (£1M turnover+), were reasonably secure in my sales pipeline.
- As the Brexit vote loomed, happened, and shocked the markets, these five companies retreated, not wishing to ‘spend money when the market was so unpredictable.’
- My cash-flow forecast dropped considerably!
- I initiated my contingency, my Plan B, and targeted the smaller businesses that tend to ‘get on with it’ no matter what the market is doing.
- I had to replace one large opportunity with ten smaller ones.
- It was successful, and I have now progressed to Plan C where I develop the new smaller company market, while attracting new larger opportunities.
But what of the larger companies? What will they do in this Brexit uncertainty?
I believe they will do very much as I did and look to smaller domestic markets to fill the gap in their turnover.
In other words, those who rely on domestic markets for the majority of their turnover will start to find more competition from larger suppliers.
There is another side to this. Those seeking your products or services are less likely to look off-shore for suppliers as these are likely to become more costly. Therefore, they will actively seek domestic suppliers. It could be you, if you are ready! Another point is that if they previously sourced from larger companies, they are likely to spend more than your present customers.
To summarise, this could mean for your business:
- New domestic markets are likely to open up
- Competition will increase for home-grown opportunities.
- The new opportunities have different expectations and spending levels
Are you ready?
Is your sales team and/or your sales process the best it can be?
Your sales effort needs to be at its best; sharp; focussed; forward-thinking.
Don’t miss the boat.
If you fail to address this, others will get there first and will win the lion’s share of the new opportunities.
If you are successful in this, your business growth could be double what you would anticipate for 2018.
If you would like to discuss your experiences of this, please be in touch; call or email Andy
Thursday 23rd June 2016 was a landmark day for many reasons. The outcome of the referendum surprised a lot of people and delighted others. But, why am I blogging about the referendum of all things? One word: INTEGRITY! As many of you will know, I fly the flag for honesty, openness and integrity in business and particularly in sales.
Sales and selling has long suffered a bad press due to the involvement of those with little or no integrity; those who firmly believe the end-justifies-the-means and the means can be anything at all to win the business.
There’s the parallel. The press is now talking about the ‘fallout’. Now we hear that key arguments and figures were in fact a ‘mistake’. We have now heard that ‘immediate emergency measures’, means ‘we’ll have to look at it in a few months-time when the dust is settled, as we need stability’.
AND THEY WONDER WHY WE DON’T TEND TO TRUST OR RESPECT POLITICIANS AS MUCH AS THEY WOULD LIKE US TO!
If a certain PM, a particular UKIP leader and a well-known chancellor had done things differently; perhaps they could have kept their integrity AND continued to influence people ethically and positively! They would have remained respected, believed and would still be able to influence.
The Salient Points:
- Politicians need to be good at sales and selling. They are in a position of influence and the people expect to be led and advised with honesty and integrity.
- NEVER ASSUME what people want, or the outcome of an initiative. Making assumptions as to what people think, expect, want or need is a recipe for disaster. Identify and clarify the need, what is really the issue, then aim to fulfil that need. Assuming everyone, or at least a majority are going to agree with you is never a good idea.
- If you seek to influence and persuade your customers, or in this case ‘the electorate’, it’s always a good idea to provide accurate facts and reasoned argument.
- If you have competition, do not make it personal! YOUR ARGUMENT SHOULD NOT BE LACED WITH PERSONAL ATTACKS ON THOSE WHO OPPOSE YOU! Sell it on its merits.
- If there is any possibility that you may lose the argument, after all there is always ‘the unforeseen’, have a CONTINGENCY PLAN, which helps you to carry on, but perhaps in a slightly different direction. (‘Damage Limitation’)
- If you want to remain a supplier to your customers (or ‘in office’), then the following applies:
Be clear and consistent in what you say, giving enough facts to allow an educated decision to be made by your customers (‘the people’). This wasn’t done well in the referendum.
These facts and arguments must not be exaggerated, or untruthful, because, surprise-surprise, truth will out, particularly in the fall-out after the event. This happened on both sides.
Customers (the public) will see this disparity between what you promised and what you deliver as a clear manipulation of the process to achieve the sellers’ (politicians’) own ends. They are MUCH less likely to buy from (vote for) them again. The PM is going; others will likely follow.
A customer who is given all the facts they need in order to make an educated and reasoned choice, and these facts are given accurately, without exaggeration, fabrication or vagueness of interpretation, will be happy to deal with you again. IF the final answer is ‘NO thanks’, they are still likely to return and engage with you again. Customer retention and loyalty is only possible if you maintain this integrity.
If you are proved to be false or manipulative, then you should not be at all surprised if the customer then goes elsewhere. That’s politics as we know it!
As it should be in SALES and in POLITICS, it is down to motive, intent and conscience. I aim to sleep well every night. Do you?