Aligning management expectations with market realities to increase visibility and improve the bottomline.
As printed in the Yarmouth, ME Chamber of Commerce newsletter.
During tough times, many feel the urge to pull back and with budgets under fire that is easy to do. In my line of work I see it all the time; “cut the marketing, events, memberships, meals & entertainment and any other line item within your control.” STOP!
In a down economy, societal norms are to rely heavier on known relationships, fearful of new ones. Now is not the time to cut back without seriously considering the consequences to sales efforts and current relationships.
Visibility in tough times is key. Letting the marketplace know that you are OK in business and are going to be there for the long-term is essential. How do you do that though without breaking the budget?
- Be Present: Thoughtfully participate in the activity at hand. How many times do you encounter people who are preoccupied, not able to listen or be present, or worse, you don’t hear from them at all? Have they have fallen off the face of the earth? Being present is simple and easy. Listen to the conversations taking place around you and send quick emails to check in with colleagues, customers, associates and prospects. Post status updates on social media sites, send Thinking of You cards and attend free events (Business After Hours, Educational Workshops through the University, Lunch & Learn sessions, etc.) all actions that put you out there.
- Mind Your Budget: Assess your memberships; are you getting value from them? How can you get more value? Call the organization and ask for introductions at the next meeting, research upcoming events or membership lists for prospects. Switch from lunches to coffee. Try a partnership with a complimenting business to share tradeshow expenses or simply attend as a visitor.
- Educate and Adapt: Be prepared for longer sales cycles, what used to take 30 days to close, may now take 90 days. Be in an education mode, ask questions, get to the heart of business needs and offer opportunities for learning. Keep the sales pitch softer. Offer more options for pricing, payment structure and value. Phase projects, if appropriate.
- Follow up Incessantly: It is hard to believe that in this economy that a request for proposal call wouldn’t be returned, but it happens more frequently than you think. Monitor your incoming business, how easy is it for someone to do business with you? Deliver quickly and align all operations with sales efforts. A request to do business with you today is GOLD. Don’t get bogged down in process. Even quick follow up emails and voice mails are appreciated. Of course, the handwritten card always goes a long way.
Times are tough and it’s time to focus on what you do well. When times are good, we’re used to the phone ringing and the business coming in the door. Today, we need to remember some fundamentals and being visible is key, no one wants to be thought of as “out of business.”
President and Founder of Broadreach Public Relations
