We
may not be able to control unforeseen events and demanding clients. What
we can control is how we respond. It starts with arming ourselves with
knowledge and confidence.
Knowledge
begins by understanding the most common pressures our clients are
facing:
How do you protect yourself from these challenging
dynamics? Build your defenses by looking first at the gaps in your own
company, and how you can eliminate them.
It might be easier than you think. After working with hundreds of
entrepreneurs and dozens of Fortune 500 companies, I discovered that
only two major gaps stop most companies from reaching their true
potential. Thankfully, both are within your control to address:
The
Beast is a whimsical yet pungent metaphor for your limiting beliefs.
Author and change catalyst Daryl Conner, author of “Managing at the Speed of Change,” once said “The
Beast takes dreams and turns them into nightmares.” He is right.
They can kill a perfectly good growth plan and winning strategy in a
heartbeat.
The Beast is sneaky. It
expresses itself during meetings and private conversation. You may
recognize these common Beast remarks:
We asked a series of revealing questions to
help this client manage the Beast. In the end, they felt more committed
to their key priorities and more confident about their business
strategy. Team members became more open during weekly meetings. Bill
chose early retirement. Within just 12 months, their collections
improved by 50%, profitability was restored, and they were featured in
Inc. Magazine.
If you can address these
two major gaps, you will be miles ahead of the biggest beast of all:
inertia. Don’t wait. Don your finest dragon slayer gear and start now.
Two Ways to Slay the Anti-Growth Dragons
Let’s be honest. In today’s volatile economy,
foresight and planning are easily pushed aside in favor of reactively
averting poisonous arrows and perilous moats. Those hazards
continuously threaten us—and often appear from a surprise enemy. How
many of us keep putting our foot on the gas and have not slowed down to
finesse these dangerous conditions?
1. Information overload is
pushing clients closer to “overwhelm” than ever before. They
crave simplicity, and will pay handsomely for it. According to sales
expert Jill Konrath, author of SNAP Selling, “If you do not offer a quick, easy
way for clients to work with you and demonstrate your value, one of
three things will happen: they either a) delete your messages, b) delay
getting back to you or c) disappear into a black hole.”
2. Larger organizations continue to reduce
suppliers. In many services and knowledge businesses, such as
training, coaching, software, logistics, and IT services, the purchasing
power has shifted from functional areas to the procurement department.
Dynamics have shifted from a relationship orientation to a transaction
orientation. Suddenly the purchasing department is your gatekeeper,
forcing you into cost reduction conversations. Beverly Heinritz, Vice
President of Customer Service and Support at Rearden Commerce, this has generated longer sales
cycles. Rearden Commerce provides a network platform that connects
mobile professionals with over 160,000 suppliers. Today, even these
innovative companies can demonstrate immediate ROI yet still face these
roadblocks.
3. Leaders continue to
struggle to do more with less. In spite of the number of
recovery indicators, massive currency fluctuations, tighter credit, and
the increased cost of labor and materials has limited how much organic
growth many B2B companies can pursue. This forces even high-end brands
to provide lower-priced services to cost-obsessed customers.
1. Lack of a practical, customer-focused growth
plan. You will notice I did not suggest you develop a
strategic plan. This is overkill for most small to medium companies.
Most companies develop plans from the INSIDE OUT.
In other words, they focus too much of their time on financials,
operations, core values, mission statements, and ‘what if’ scenarios.
During turbulent times, your finance and operations teams can be your
best friends. But if you forget to re-focus on your clients during the
recovery, they may also forget YOU.
Take a
different approach. Start planning from the OUTSIDE IN. Look first at
market dynamics, such as:
• The strategic
market imperatives (internal and external pressures that are forcing
your clients to change) – these may include pressure to reduce
error rates, improving internal compliance, streamlining time to market,
or positioning the company for eventual sale.
• The consequences and impact on the client if they
do not address these imperatives—how will management be affected?
Their employees? Their competitive positioning? Their ability to
innovate?
• The Ultimate Result and Unique
Value Factor—Shine a light on your “UR-UV.” Identify how clearly
you understand your client’s needs, issues, and frustrations. What makes
your company stand out in their mind? How do you make their businesses
and lives better?
• Your Ideal client.
After you have identified your company’s unique attributes, review the
traits of your ideal client. Instead of focusing first on the
demographics, analyze their behavior. This may include their
decision-making style, commonly shared values, culture, and innovation
philosophy.
2. Letting “the Beast” in
your company run wild, and lacking a system to tame it.
I’m
a banker, not a marketer.
I
don’t have time to focus; I am too busy.
Let me explain why that won’t work…
Planning is expensive and time-consuming.
If I focus my market too much, I will miss
out on new opportunities as they arise.
Charlie, the CEO of a global engineering firm, took
nearly ten years to identify the Beast in his organization. In his
company, his lead engineer Bill was channeling the Beast. He repeatedly
told co-workers “here we go again…another change initiative. This too
shall pass.” Charlie’s new initiatives were repeatedly sabotaged.