| p>This is step 3 in the Riding the Recession series of | | | | manage it? The point of this is that if you know |
| articles. Staying relevant and reinventing your offer is | | | | what the sequence is, you can lead your clients into |
| something that should happen on an ongoing basis in | | | | it, rather than focus on just selling one service on an |
| any market, as being complacent is a cardinal sin in | | | | ad hoc basis. Focus on the sequence. |
| business! So, it's time to get out your wand and | | | | 5. Does your offer reflect market trends? |
| weave some magic! | | | | For example, if your marketing firm only focused on |
| I established a marketing consultancy during the last | | | | printed media and ignored digital, it would have |
| recession, against everyone's advice, and initially I | | | | decreasing relevance in the broad market, as clients |
| won clients on the basis of a very broad service | | | | want a mix of media. |
| offering. | | | | 6. Can you quantify the outcomes and value you can |
| Back then, a lot of people still thought marketing was | | | | deliver to your clients? |
| about advertising, or producing brochures (I know, I | | | | This is essential in any business, but in more buoyant |
| know....!) so at times, the sales process was an uphill | | | | markets a 'nice to have' offer is more likely to get |
| battle. It wasn't really about the recession, it was | | | | through. In tougher markets, your offer needs to be |
| about the relevance of my offer. | | | | a 'must have' with tangible ROI for your prospects. |
| Here are 10 questions to ask yourself about your | | | | 7. Have you converted services to products? |
| products/services, in order to keep them relevant: | | | | For example, a broad marketing service becomes far |
| | | | more relevant when it is packaged into products, |
| 1. Is your offering easy to sell? | | | | such as Focus Group Product Testing, Lead |
| If not, you need to chunk it down to more | | | | Generation Campaign Development, Email Marketing |
| manageable offers. For example, when I was offering | | | | Campaign Packages, etc Your prospects understand |
| a broad marketing service, it was difficult to sell | | | | what the service is by the name you give it, and a |
| because I was trying to be all things to all potential | | | | product description can highlight the value it delivers |
| clients! By doing that, I wasn't focused on any one | | | | and the outcomes it achieves. You can charge a |
| thing and so it was hard to sell. If you have trouble | | | | higher fee for a packaged product and outcome, |
| articulating your offer, it won't be relevant to your | | | | versus an hourly fee for a general service. |
| prospects! | | | | 8. Have you had conversations with your clients and |
| 2. Is your offer easy to buy? | | | | other business people to determine what their |
| Same as the above but from the prospect's | | | | challenges are? |
| perspective. If they can't get their head around what | | | | For example, if you are a Sales Consultant you could |
| your offer is it will have zero relevance to their | | | | potentially be having a field day offering lead |
| business. Also, if there are too many hurdles or steps | | | | generation and client growth services to many |
| in what they need to do to buy your product | | | | businesses. If you provide services to your clients |
| service, an alternative offer is likely to have more | | | | and want to secure the business you have, you may |
| interest and relevance to them. | | | | consider more favourable terms for your clients. |
| 3. What is the sales trend for our products/services? | | | | 9. What's to be scared about the positive aspects of |
| That is, what sells well, what is it that your clients | | | | reinvention? |
| don't buy much of, and what's the trend? If there's a | | | | Just because you've had your business for many |
| product or service that you offer but no-one is | | | | years, doesn't mean it needs to remain the same as |
| particularly interested in it, you need to replace it with | | | | it always has. Consider it time for a spring clean and |
| something more relevant, and focus on those | | | | 'relevance overhaul'. Leap now, rewards later! |
| products/services that sell well. | | | | 10. Finally, have you looked beyond your own |
| 4. Is there a pattern in the purchasing sequence? | | | | market? |
| Which products/services do your clients usually buy | | | | It's always important to continually look at what |
| first? For example, will they ask you to design a | | | | other businesses are doing, both in your industry and |
| brochure before they ask you to redesign their | | | | beyond, and watch what the leading companies are |
| website? Do they have you develop a strategy first, | | | | doing. Constantly scan for ideas and fresh |
| then do what's needed to implement it or project | | | | perspectives and approaches. |