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Don't Enter 2009 Blindfolded
By Chuck Mancino
This year, 2009, could possibly be one of the most important times for the future of your business. This is set to be the year that separates the successful from "didn't-make-its." The decisions you make in the next 12 months have to be made with vision. We are in a new territory that none of us have experienced. The margin for error in our professional lives has just shrunk.
All Bad News?
No, not everything is total gloom. Even in the Great Depression, there was opportunity, and those who traversed wisely didn't find themselves in bread lines – figuratively and, perhaps, literally. There is hope, still.
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This is Your Opportunity
By Sandra Pearce, MPA Media Marketing Manager
When the economy is tanking, sales have gone down and you're worried about your company's financial future, you may, like many executives, opt for one or two courses of action. Before I even tell what they are, my advice is "Don't do either".
During a recession consumers don't stop buying, they get more selective. Studies show us that during a downturn the level of total customer spending will ordinarily only drop a few percentage points. Your customers are still going to buy 90% to 95% of what they were buying before. They're going to buy from someone. Most likely they'll buy from businesses they know and trust, businesses that are consistently visible and that have products they perceive to be worth their money. They look more carefully for value in their purchases and price alone does not mean value.
Here's the first thing I advise you NOT to do.
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Service, Sell And Super-Size Your Customers
By Mark Mandell, DC, MBA
You are spending 5% to 10% of your gross income on advertising to encourage customers to call you. Good for you! That's a necessity for any business that wants to be profitable and grow. But how much are you investing on training your sales team to transform those calls into bigger sales? Do you have ORDER TAKERS or ORDER MAKERS answering your phone?
When a customer calls into your company, do your sales representatives field the calls with the same excitement as you would? Are they guiding the customer through the sale to closure? Are they looking for and offering up-sells and cross-sells? And finally, are they asking for AND GETTING referrals? If you answer no to any of these four questions, then good news! You have some easy opportunities that can grow your business in the next 30 days.
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