How to invest your efforts selling in tough times
Overview of the Mayfair Ranch executive sessions on doing business during tough times
The purpose of the Mayfair Ranch sessions doing business in tough times, is to discuss and share insights on critical issues for the business to focus on in order to improve its competitive position during adverse market conditions.
These sessions help our clients focus on who they should be targeting now, how and where they should be spending their time and what they should be doing – and what they should NOT be wasting time and resources on in the current period.
Companies who build more effective, more efficient capabilities during difficult economic times can not only survive – they can thrive and emerge stronger. This is the perfect time to outperform rivals and gain profitable market share before markets recover.
Your customers still have to do business, even when times are tough. They will still procure products and services to support their operations and their aspirations. Of course, how much supply they need may decrease, as will how much they are willing to pay. The objective during this period is to strengthen relationships and increase your share of their “wallet” (even though their total budget may be declining temporarily).
You don’t want to overly service customer who can’t buy from you (currently), but you also don’t want to ignore them either – because they will likely remember that when they start buying again! We help you find the balance of what you need to be doing and not doing.
Now more than ever, being able to understand what your customers value most, and scoping/pricing accordingly, is an essential part of being competitive. We have found that too many organizations are still focusing on the traditional bundling of products and services in a way that commoditizes themselves, rather than really understanding where the value is in what they offer the customers from the customer’s perspective.
Customer experience (how products and services are sold, delivered and supported) is playing an increasingly important role in driving client’s purchasing decisions. This is particularly an issue in the services sector and with large-scale, complex product sales. Ignoring the value equation when talking to clients, scoping proposals and formulating pricing is an expensive mistake too many well-regarded companies are making at a time when getting it right has perhaps never been more important.
The take-away from these sessions is a very specific set of dos and don’ts for your business, a list of actions for your people to do, and an understanding of the tactics and techniques you will need to have more effective and efficient business development and revenue generating activities during slow buying periods.