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
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.
We need proof.
How many emails, written articles, blog posts, letters and so on, do you receive that are 100% spelt correctly or read well? For me it is far too few.
Almost every written contact I receive, or publication I read, has some form of mistake on it. I’m afraid I find this very frustrating because it takes just a few minutes, sometimes just seconds, to proof-read your own work. Normally I would suggest arranging for someone else to proof-read it, but of late, the mistakes have been so bad that the author could not have failed to spot them if they had only bothered to read them through before sending.
Generally, I will not buy from a company that is so unprofessional that it fails to read what it has written before sending it to customers or prospects. How can I reccomend them to others if I know they don’t take care to check what they are saying?
Normally, I regard this as just lazy and unprofessional, but, since lockdown I’m afraid it has become worse. We are all human and we all make mistakes, but very few should get passed a quick read-through. None should get through if it is professionally proof-read.
The last straw for me came when I received a letter from the funeral directors we had commissioned. In the first half of the letter it referred to my Mother who had sadly passed away. Later in the email it twice referred to my Father instead of my Mother. I politely pointed this out. Their response was to say ‘I have not attached the ammended letter’.
Aaagh! Clearly he meant ‘I have now attached the ammended letter’, but he had not re-read that one either. His letter and response would have upset some people.
I sent him a polite emial pointing out that perhaps proof-reading was not one of his strengths. He did not bother to respond. You cannot help but wonder, where else they are less than professional.
Will I reccomend them? Probably not.
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!
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.