Can You Trim Expenses and GROW Business?
How do you cut costs in sales and marketing and still grow your business? This is not an easy question to answer. However, it is a dilemma that business owners are facing in this economy. The best way to answer this question is to look at the facts of your situation, develop an action plan and do something. Waiting is not an option.
Look at the FACTS!
Just because something was working before, does not mean that it will work today – particularly in a tough economy. The business climate has changed and business decisions are now being made using a completely different formula. You might call it “survival mode”! Most of the companies I consult with either want to conserve cash, cut costs and minimize expenses.
Every business needs two strategies to thrive in a tough economy. You need a plan to grow your business with new accounts and opportunities that will mature in a sales pipeline. You also need a plan to keep the customers you have so they remain loyal to you and will generate referrals.
The Business Development Plan
In this economy, if you are not growing, you are falling behind. Businesses need a sales and marketing strategy that will bring in new accounts to replace the ones that will either leave or go out of business for one reason or another. You should be evaluating why new customers join your company and what you can do to bring more in. If you are not measuring your results, you need to be. If you are not testing new methods of bringing in new business, you should be. The important strategy is to be proactive and determine what is working and duplicate what works more aggressively.
The Business Retention Plan
Some customers will leave you in a tough economy because someone will lure them away. If you are not taking care of your current customers, they may find someone else to be more helpful. Now is the time to strengthen your business relationships and use your network of customers to develop referrals. Customer loyalty programs and incentives to generate referrals are some possibilities. You should survey your clients to learn how clients rate your services. If your quality standards are high enough, you stand a better chance of retaining your best customers.
Lastly, you should consider new technology to perform routine sales tasks that can be automated more effectively to streamline and cut your sales and marketing dollars.
Filed Under: Management
