Feeds

Blog
Comments

Recent Comments

Carol on We're not getting it
Hurrah Someone at last talking sense. Watch cash flow - cash is king, be prepared for profit margins in the short term to be lower than the past, focus on delivering more functionality at a better p
Amber on We're not getting it
I'm with you guys on this one, the work is out there, you just have to go looking for it, not like in the past when work came to your door - the competition is strong, assuming your business practice
Chris on We're not getting it
Totally agree Mike
Ben on We're not getting it
I like Tom Peters ideas - well done on going to his seminar, pity about the disappointment. I want to tell you about a radical recession driven change I have made. GIVE AWAY WORK. Simple - I have a we
bede on Weathering the Storm - Jul 08
Don't agree with point number 6!
Eddie on Tale of Two Cities - Sept 08
I think that is one thing they understand in Dunedin, have similar experience, added value for being a student town.When you deal with the owners, you will get your service naturally as most people in
Alan on The Thing About Vision - Aug 08
Good sound advise. The road to wealth is not an easy one. Realistic planing and vision plus committment and financial planning are needed Just to "go" for it is the start to failure
Anthea on Put Yourself First - Sept 08
I have been there, hope I am not there again. It took a close staff member to die last month with no warning (41 years of age) it has made me re identify what is important and realise it is only ours
Doug on Put Yourself First - Sept 08
This sounds like a downward spiral indeed. Sometimes it helps to have a system to help get out of the spiral, eg Wednesdays are for me. I won't be in the office. And make it happen. When our kids
Danny on Put Yourself First - Sept 08
Some good points here and things that I have been guilty of in the past and oh sometimes the present too. Danny Sunkel www.dannysunkel.com

The forgotten art

24th Jun 2010

As the 2nd quarter draws to a close, I have the distinct feeling of what the great American football coach Yogi Berra called deja vu all over again.  The business owners I work with report that this quarter has been more like last year than the first quarter was - things seemed to slow down ahead of the budget and don't seem to have picked up.

I think we have to work on the basis that this is what things are going to be like for a while.  This is what slow growth looks like.  I call it a soggy recovery (not a term you'll see economists adopt any time soon).  I'm probably being conditioned by all the rain we've had and the state of my lawn, but I see a lot of businesses having invested in growth strategies such as renewed advertising, additional sales and marketing resources and generally trying to get out and about a bit more.  But to date, progress and results have been slow in coming.

There are a number of points to make here.  First, we're in a post-boom, post-doom environment.  What worked for us in both of those phases won't work for us now.  Perhaps markets are not quite so price-driven as they were in 2008/09, but they are far from being feature or status driven like they were in the boom.  So we have to come up with offers that reflect the preferences of our A class customers as they stand today.  

The second point is that I don't think many of us have taken the time to go back to our marketing plan and really refresh it.  To some extent it's become a bit of a forgotten art.  In retrospect we didn't have to think about it too much during the boom and during the depths of the recession the focus was on reducing costs and holding on to as much of the top line as possible.

I've just been through the exercise myself, and it's been a real challenge to let go of some of the comfortable assumptions I had about my market, and to let go of my attachment to some of my pets that no longer serve the business or that don't fit as well as I would like them to.  Some core things were re-affirmed, including the need to focus on core products but repackage and reposition them.  And in re-affirming some things I already knew, I have invested new energy and purpose into the old strategies.

The final point is that when we make investments in marketing in this kind of environment, results are not going to be instant.  There is a lag between flooring the accelerator and the turbo kicking in.  We have to be patient, disciplined and focused.  And we have to believe that if we keep doing the right things, practicing new and better behaviours, and pushing ourselves out of our comfort zone, we will prevail.  It's only a question of when, not if. 

 

 

National Business Coaching © 2010 | Web Design and Content Management by Zenago ©2010