Adapting to meet the changes of the new normal
During recent weeks we have seen many different companies adapt their route to market to meet the needs of their customers, you may have done the same?
The ability to transact sales online will almost certainly have grown and live videoconferencing has almost become the norm, as many hundreds of thousands of staff work from home. In fact, up until recently, you couldn’t purchase a webcam for love nor money!
The reality of all this is that for many businesses, this has now driven such huge change that this has now become their new normal for ways of working.
Re-evaluate your Target Market. Has it changed? The requirements of your customer base may well have changed and you need to understand how.
The market you’re involved in may well have seen such a dramatic shift that your old business model isn’t equipped to service some of your existing customers. You may well have to make some fundamental changes in order to compete in new markets.
If your business is changing to meet the needs and wants of a new market, think about what makes you different from your competitors. Your differentiator. Some of the competition in the market may not have survived so this is a great time to position yourself as the right company to service their customers, but you need to reinforce - why they should come to you.
Businesses that have done nothing but wait for the day that things ‘get back to normal’, will be the ones that will likely trail behind. Re-evaluate your offering;
Are there product lines or services with low sales – do you really need to hang onto these or keep promoting them?
Which products or services offer you the greatest profit? If they are still the biggest profit producers, how can you accelerate sales of these?
Analyse your customer base. As with many businesses, 80% of the sales will likely come from 20% of your customers.
How have they been affected?
How could you help them?
What value could you add to your product or service offering that would benefit them?
In short, what can you do to ensure you retain them?
In short, what are you going to do differently that will give you the very best chance to get back up and running as quickly as possible? Any government support will come to an end and you’ll have to replace it in order to retain your workforce.
In addition, there will be customers who are re-evaluating their supply chain to ensure that their current suppliers are ready and able to service them so keep close to yours. Really understand if their needs have changed or are likely to change and make sure you can adapt to suit their new requirements.
We specialise in helping our clients by strengthening their marketing and sales activities to stabilise their profits and customer base. Preparing them for the next phase of expansion, to drive sales and increase the value of their business.
We have a hybrid model of coaching and consulting which means we have programs to suit every budget and every type of small to medium-sized business. This type of support has never been more affordable
We can tailor the plan to suit the needs of your business It doesn’t matter if you sell a product or service, own a restaurant, a shop an online business or resale and distribution,
You will have access to step by step guides for every strategy we work on together, which coupled with our support, enables you to develop your skills to manage these yourselves over time
If you would like a free exploratory discussion to investigate how we could partner to help you develop your business, please call me now on 0203 984 6440.