|
Are you faced with intense competition and need to grow your customer base? In today’s difficult economy, it is fair to attribute flat to declining revenues on conservative spending levels. Looking forward, are you positioned to stand out among the competition when spending returns? Are you well-positioned in the right target market?
The first step is to get fully educated on your target market. What are the current market conditions and what type of solution is needed? Have the conditions changed since you entered or planned to enter the market? Factors such as the economic outlook and adoption stage of the market, as well as diverse schools of thought on future trends must be analyzed. Be careful not to get locked into a strategy that may no longer resonate with the market. Explore additional markets for your product or service. Now is the time to focus energy for optimal return and future success.
The second step is to identify “realistic” target customers. With fewer feet on the street, sales efforts must be focused and targeted. Does your product or service address the customers' wants and needs? Does it solve a problem that keeps them up at night? Who are the decision makers? What drives their purchasing decisions?
|
All of your communication (presentations, proposals, collateral) with your target customer must demonstrate that you clearly understand the problem and have the optimal solution to address the issue. Articulate the solution with multiple decision makers in mind. Address the key attributes and differentiators of the product. Visually demonstrate how it solves the problem and quantify the economic and operational benefits.
Anticipate the difficult questions and take off the rose colored glasses. Take a critical assessment of your product or service. Perform a SWOT analysis – strengths, weaknesses, opportunities, and threats on your product. Analyze your three top competitors' products and be honest: If you were in the customer’s shoes, which vendor would you buy from and why?
Do you have the best solution for your target customer but just haven’t captured the key messages that position your product for success? Are you neck-in-neck with the competition’s product but losing in the purchasing process? Is your customer service meeting customers' expectation?
Learn from these steps and develop a prioritized action plan. Take an objective look at your offerings and take action that will position your company for future success.
|
