Change is Inevitable, Growth Is Optional
It’s easy to allow change to impact your growth, but discover how acting now can help you keep your growth on track.
With Brexit almost upon us, many organisations feel paralysed by the uncertainty and a myriad of unknown variables. But while it may seem sensible to wait and see, taking time to focus on your sales and marketing strategy could boost sales and provide a buffer against any potential impacts, felt through lower international sales and other factors. If there was ever a time for businesses to do things differently, it is now.
Know Your Target Markets
For larger businesses, expanding to markets outside of Europe, will provide opportunity and soften impacts however for many UK businesses of a certain size, overseas trade is not yet a viable option and there’s a great deal of opportunity at home. Consider areas adjacent to your current market, where there will be applications for your product, and where buying drivers are comparable. Many businesses, in our experience, are clear where there next market is however taking action to realise the opportunity has always gone on the back-burner to servicing live customers and deals.
Qualifying markets carefully, is an essential pre-cursor to any new initiatives and investments, and to ensuring conversions follow. Potential customers preparing for Brexit will also be seeking new value and to protect margins, and are likely to be receptive to new providers.
Stay Close To Customers
Brexit will be the catalyst for supply chain review for many organisations, and whilst your customer relationship has been certain, the current climate may challenge supply arrangements and or reduce margins as you fight to keep business. Your customers will be contingency planning, which will mean they will be looking to protect margins, which may result in some uncomfortable questions for long term suppliers.
Consider whether you have a detailed understanding of your customers procurement environment and if you can strengthen your presence across the wider DMU. In many cases your stakeholders may have matters taken out of their hands, as their businesses seek to create optionality – providing alternative supply options and introducing competitors. Communicating the value of your brand and solution, within existing customers, innovatively and beyond your key contact is more important than ever.
Build New Sales Now
New sales won’t just happen with the introduction of a new product or investment in new salespeople – you need to take focused and sustained action.
Forward-planning, market intelligence, financial knowledge, agility and taking action are all vital and most businesses, need to plan ahead by at least 18 months for the right results, particularly given tech sales cycles. You have to know your market and your numbers. If you don’t, you don’t understand your business, you can’t project accurately and its more than likely you won’t get the results you need. It’s about having that discipline every single week to look at your new deals, prospects and numbers, and to know when to take action decisively – typically most essential when you are not creating new business.
Consider where your new pipeline is coming from, is it the result of a sustained focus on a fertile new area? What happens to longer term opportunities, do they hang in CRM purgatory waiting for the tender cycle to commence or is there an action plan in place to nurture them, acquiring competitive insight, ensuring continuous and intelligent communication on customer issues, your brand value, and keeping you front of mind? Our customers repeatedly tell us, that the absence of qualified new business and a program to nurture new prospects, is there single biggest issue.
GTXM is proving time and again that the right approach creates new business.
Our approach is different – we work with businesses looking for something different, who believe in their product, and want an experienced and straight talking growth partner. If that sounds like your business, we’re keen to hear from you.