New Thinking
Whatever activities we did to get a new client in the past, we’re going to have to increase the volume of that activity to get the same new customer, right?
For many of us, the Total Addressable Market has shrunk these days. So there’s fewer prospects out there. But there’s the same amount of us…at least for now! So it’s going to take more effort.
I have a question for you. What things do you need to change? Our marketplaces change dramatically, not just with COVID.
If you look at the digital revolution or last several years, the way we approach the market, how we penetrate into client accounts, how we get traction in newer markets, has become much more complex. Though, it has also become much more efficient.
The real thing that we need to take a look at out of the gate is:
What is our go-to-market plan?
That go to market plan is going to define where we’re going. Then, it’s a function of the tactics and technology and people to get that penetration we’re going after.
Here are just two examples of companies that we work with, what happened to them, and most importantly, what they did to optimize their situation and direction.
New Markets
Here’s a quick example where a company was able to identify segments that were growing, and where competitors were struggling.
One of our clients is a franchise company that focuses on three areas: hotels (obviously, not a good one these days!), public gyms, (also not a really not a good one these days). And, finally, they focus on large apartment complexes.
They saw their sales drop significantly almost immediately. We had to take a look at the market and address:
- What are the realities?
- Where's the possible growth?
- Where can we direct our time and attention?
Keep in mind that in this case their franchisees were not salespeople, and they didn’t have salespeople on staff. They were just regular folks who bought into the program and are now trying to grow their business from there.
So instead of focusing on gym businesses, we actually looked at the home market. With everything being closed, people still wanted to workout but had no place to go. So they’re pulling their old equipment out of the closet, and trying to get it fixed up and ready to use. They were also buying new higher end equipment as well so they could work out at home.
Because this company already had a core competency in fixing and maintaining gym equipment, we noticed the number of phone queries from consumers rising. It was a good sign, but it was more of a B2C opportunity than the B2B opportunities they usually pursue.
But we turned up the volume on the Google AdWords, which can be effective for marketing to the home segment. Sales didn’t immediately boomerang, but at least they stopped declining. Lately, they’ve actually started leveling off and are starting to go back up.
New Advantages
Another example is a client we have that is a contract manufacturer in the medical device industry. They typically sell to large medical device OEM companies.
Due to the current situation, they noticed that two of their main competitors were struggling to get products out to their customers due to supply chain issues. Fortunately, my client was not experiencing the same challenges, so we got intentional about it and created an action plan.
We had them approach their competitor’s existing customers. We let them know that we had had capacity, we didn’t have supply chain issues, and we’d love to earn their business.
This was a successful strategy. After a few months, the quote request pipeline increased by $5.1 million.
Conclusion
Give some thought to your own company, and your target market:
- What new way of thinking can open up opportunities you had not considered before?
- What new markets might have emerged amongst all these changes?
- What new competitive advantages may have opened up for you?
You, too, may be in a situation where unless you change, you will suffer the consequences. Ask yourself…
What changes do you need to make to be successful?