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
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!
That’s a good question…..
When training a sales team from Samsung recently, I was asked a question which prompted a lot of thought and soul searching. I was able to answer it, but was the answer just too easy?
The question? Where does an ethical sales person ‘draw the line’?
The answer is simple, and quite straight forward: ‘wherever your conscience lets you draw the line’. This is obvious, clear and fits all. However, is it a helpful answer?
The example given by the team member was of a potential customer who used their own ‘pressure buying’ techniques that quickly strayed into bullying; the Genghis Kahn school of negotiation. Apparently, the buyer would throw his pen onto the table and demand loudly that they accept his terms or get out. Other tactics of similar aggressive and intimidating nature were used. Would YOU sit there and take that abuse?
He had my sympathy. Most experienced sales people have had situations of similar severe discomfort. While the buyer rants, raves and threatens, you are sat there wrestling with your own conscience and professionalism. What are your options?
There are many as every situation is different and requires some ‘thinking-on-your-feet’.
Below I describe the two extremes and an ideal.
1/ Fight back? This is the most satisfying. Potentially it can gain respect from the buyer and a mutually beneficial solution could be possible. However, it is extremely risky, as it may escalate the emotions and temper to the point where errors are made, opportunities are lost, and things are said that should never be said by true professionals. Are you reducing your own standards by lowering yourself to their position?
2/ ‘Take it on the chin’; in other words, sit there and use silence or passive resistance as your main tool of defense. This is a very professional approach that will make the buyers behavior seem very childish and clearly bullying in comparison. However, there is also the risk that they will then take your reluctance to engage in a fight as weakness and assume their argument has been won.
3/ A carefully judged balance between the two, whereby you respond to aggressive posturing with a firm insistence and repeated ‘no’. Your volume would be higher than usual but less than theirs; maintain eye-contact as much as possible; your words would again be professional, but your manner should show you standing firm but being fair. Consistency, professionalism, repetition and firmness are needed, with a clear message that you will not be intimidated.
The salesman was strong and held his ground as best he could. Give-in to a bully and they will always bully you. If you cannot work with them, and you have the authority, you can walk away, but do not let them win.
Yes, it is up to you and your conscience. Sometimes it may be a balance between needs and conscience. Apply your own positive, firm approach but do your best not give in to intimidation. When you can, retain the moral ‘high ground’ and give little away. No-one likes a bully, and it is a great shame that some believe this is the way to behave in modern society. However, one cannot deny that they still exist, and we must deal with them while achieving our objectives AND remaining professional.
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?
Sell more and get a growth spurt!
Turnover lower than you’d like? Plan for a growth spurt by selling more. How to sell more? For starters, try these five simple tips;
1/ Start with existing customers and see if they want more - apply the Pareto Principle: 80% of your revenue comes from 20% of your customers. Call the 20%!
2/ If they still like you, ask for referrals and testimonials! - personal recommendations give you more credibility and will attract more new business.
3/ Check that the market wants what you provide by asking a couple of key questions - use Survey-Monkey or similar. Responses may show you need to tweak, or even change your offer to make it more attractive.
4/ Check where you have sold successfully in the past, identify the common sector, product or need and target that with renewed enthusiasm. This may not be the top 20% (above) but it could be the easiest sector to target and win new business.
5/ Devise a product variation or amalgamation and make it a special offer of some sort to attract new interest. You could make it part of a short, or longer marketing campaign.
These are just a few of the many ideas and strategies that can be applied to your business that will make a positive difference to your sales figures.
If you want to increase your sales figures, come along to the Salient half-day Workshop or full-day Masterclass on 17th or 18th March 2016. Discover many more ways of selling more, and how to apply these and other practical and simple growth strategies to your business.
Come along to ‘HOW TO SELL MORE’. There will be more than 20 tips on how to sell more. Use just a few of these and your business will soon have a growth spurt! More details here.