The market environment of the last two years or so has almost all companies taking the same actions to survive. (Too Big To Fail companies connected to the Fed excluded) Survival is one thing and succeeding is clearly another. Survival methodology means reduce overhead as far as posible and tighten cash flow as best possble to weather the storm and this will provide staying power for a time but there must be some market attack plan in order to stay the course. This means having a plan to take business from your competitors and gain some market share. Discounting and continued price reductions is not the long term answer.
First, find some way to set your offering apart from the competition. This means create a new value proposition. This has to be industry specific, For example, if we are taling about home building it may be becoming Energy Star certfied or reducing build time to compete with short sales or designing new less is more product . To arrive at what to do, go to your customers and learn what today’s buyer reall wants and know that better than your competitors. Doing this will allow you to increase prices and take business from others. The next big effort should be directed to your people. create the vision, encourage them and let them know they are appreciated! Remove all toxic people from the team and spend time and other resources to train your sales people to engage and connect with today’s very confused buyer. Train you best and exit the rest. Accept only the best especially from your sale team. And remember, after you do all this that there will be change again. So be ready.
Change is inevitable. Growth is optional!!!
