It’s hard to believe how quickly the calendar is turning. Each year unveils new challenges and opportunities. For many SGI™ members, they’re trying to grow even in this slowed market. Here’s the funny thing: They can! And you can! It is possible! You can do it by being proactive!
You know, not many years ago, General Motors® and Circuit City® were the dominant players in their categories. Today, they’re dead (Circuit City) or struggling (GM). That happened because they allowed their smaller competitors to gain on them while they weren’t paying attention. Here’s what they did wrong:
1. They took their fingers off the pulse of the customer.
When you believe your marketing pipeline will allow you to dictate what the customer will buy, you’re in danger of being leapfrogged. In 1960, General Motors sold nearly 60 percent of all new cars. Today, even though Chevrolet® maintains 4,200 dealerships, Toyota® sells more cars than all five GM brands combined through just 1,400 locations. LESSON: Having the right product is more important than heritage and convenience.
2. They quit taking risks.
When companies achieve success, they usually quit innovating and become guardians of the status quo. But yesterday’s perfect processes are obsolete tomorrow. Vinyl records were replaced by 8-track tapes. 8-tracks were replaced by cassettes. Cassettes were replaced by CDs. And now CDs are being replaced by MP3 players and iPhones®. The same is happening with business practices. LESSON: Success, like failure, is a temporary condition. Never assume you’ve arrived.
The leaders are going into hunker-down mode. They’re cutting back their advertising, assuming that everyone else will cut back as well. When a leapfrogger sees a leader’s brake lights, he hits the accelerator.
That means you need to hit the gas, too. Take advantage of every sales opportunity. Don’t be afraid to ask your current clients for referrals. Call local advertising and media outlets and negotiate lower rates. You’ll be shocked at how willing they’ll be to work with you.
Also, if you’re in the position, now is the time to acquire companies. No, you don’t need all of their equipment. You need their client lists. See who’s looking to get out of their company. This is your time to swoop in!
Times are slowly getting better, but they’re not back to normal yet. This is the perfect time for you to catch up and overtake the bigger competition. Don’t be afraid to be aggressive and take chances if you think your company can benefit. You might be pleasantly surprised.