Things rarely collapse all at once. They just slowly lose momentum.
Secret is to catch it as it starts. Actuality, most catch after it is well down the road.
What are the small danger signs to watch for?
Small indications the product or service is slipping or in trouble. Most of us look at sales. That’s often too late. There are better signs
Potential customers start postponing sales meetings and presentations.
New leads are not showing enthusiasm.
Closing the sale is taking longer.
Orders are smaller to “see how it goes.”
Mail outs are not getting the responses they were.
Advertising is not as effective.
PR is not getting “normal” response rates.
Calls asking about the product/service stop coming.
Employees are losing interest.
Things are still working, just not as well.
Have you tried tweaking what you have been doing? Or are you still doing exactly the same thing…but now 6 months have passed?
Talking with Executive VP. She told me anything related to sales and marketing gets reworked every quarter. They found 6 months is way too long.
Another EVP said they spend as much time looking at competitors as they do their own numbers. They make small changes every month.
9 things competitors are probable doing. Are you
Are competitors offering a different twist on specials?
Adding something to sweeten their offers?
Going up or down on rates? Why?
Are they going after different group markets? Why?
How often are competitors introducing something new?
How often are they counting vehicles in your parking lot?
How often do you look at competitors meeting schedules?
Do you get their Newsletter or blog?
Do you have a spy in each of your competitors? If not, why not!
Spies at your competitors.
You want someone who does not know they are a spy. Often a recent hire. An employee really excited about their new job. Someone who can’t wait to tell the world what their hotel or company is doing next. Seek these people out at industry functions. Or where their employees hang out after work and show up. Just listen as they let out secrets.
Doubled edge sword. Do you have employees that are like that? People who need to be alerted how and when to temper their enthusiasm. Coached on how much to “share.”
I used to travel extensively. I have always been amazed. The confidential information I could get. Just walking around hotels. Listening to employees talking among themselves.
Hotels and companies track sales by product line or service weekly. They know normal weekly variances. Today’s market, any deviation needs evaluation immediately. This applies to all phases of operations and manufacturing, not just sales.
Talking with client today. He said they start looking when weekly numbers drop 3%. Is drop an anomaly or readily explained.
Today’s market place is new territory.
Customers expenses are going up fast…think gasoline. Availability of supply is questionable. Look at petroleum products. It’s not just gas.
It’s impacting fertilizer production and distribution. That impacts harvest size. Plastics are made from petroleum products. All kinds of tech products we take for granted have petroleum products in them. Costs and availability are going to be concern for long time. Think years not months.
This is exciting time. More opportunities than ever before. Make sure your company finds them to drive revenues and profits.
How can today’s challenges grow your business? What new markets should you be going after? Which products/services are you uniquely positioned to offer?
Reach out. Motivate those around you. Energize them.
Let’s share successes. More of us thinking more of us will win. Email [email protected]