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Stand out and Succeed in Uncertain Times

Stand out and Succeed in Uncertain Times. Rick Spence Kawartha Family Business Group April 27, 2009. We’ll start with an exercise. Who stands out in recession?. Companies that make the most of their support systems; and

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Stand out and Succeed in Uncertain Times

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  1. Stand out and Succeed in Uncertain Times Rick Spence Kawartha Family Business Group April 27, 2009

  2. We’ll start with an exercise

  3. Who stands out in recession? Companies that make the most of their support systems; and Companies that provide real value, from the customers’ point of view

  4. So long, farewell

  5. The rise of the new

  6. Which is worth $1 billion?

  7. M&M’s value proposition Good Food. One aisle. No hassles.

  8. Beat the competition! By offering something different, by knowing your customers best, and by being the first to spot new opportunities

  9. 7 Tough-Times Tactics 1. Innovate Redefine your product or service by taking advantage of emerging technologies or new customer needs

  10. Innovation in services

  11. Innovation in services

  12. Innovation in marketing Case study: Lakeport’s 24 for $24

  13. Innovation isn’t rocket science How can you become more convenient, more helpful? How can you save people money? How can technology help them do more, faster?

  14. 7 Tough-Times Tactics 2. Get more ETDBW. Your customers are the foundation of your business and the source of your success.

  15. Retailer Andy Buyting: If it gets to me, it’s free”

  16. 7 Tough-Times Tactics 3. Align your staff Employees now are willing to work harder, change how they do things, and help the company succeed

  17. “We can’t allow any idle hands” Barack Obama

  18. 7Tough-Times Tactics 4. Make more money from every sale Two ways to grow a business: Find more customers, or sell more to the customers you already have.

  19. Sell the accessories!

  20. Raise your price$

  21. 7 Tough-Times Tactics 5.Get closer to the customer. Your customers are the foundation of your business and the source of your success.

  22. Closer to the customer Define more clearly how you help your customers Many companies miss out on opportunities because they are not good at describing what they do.

  23. Closer to the customer Your mission statement I do this (or these things) for (this market) so they can do this (define key benefit).

  24. Closer to the customer Make customers “top of mind” “Move in with them” through surveys, panels, blogs, CRM, etc.

  25. Customer advisory boards Source: Customer Advisory Boards, by Tony Carter

  26. There’s an easier way! Every meeting in the company starts with a customer story

  27. Closer to the customer Create a marketing program that wows customers and produces measurable results “Move in with them” through surveys, panels, blogs, CRM, etc.

  28. How can you define Wow?!

  29. Closer to the customer This is a great time to be a Wow marketing organization Cheap media space, websites, newsletters, SEO, blogs, Twitter, etc.

  30. This is Twitter

  31. Closer to the customer Electronic media enable you to target your market more precisely than ever before, and measure your effectiveness.

  32. 7 Tough-Times Tactics 6. Set up an advisory board The more seriously you take your board, the more benefit you're going to derive from their expertise.

  33. 7 Tough-Times Tactics 7. Make the best use of your family relationships Schedule problem-solving retreats Create a Business Owner’s Plan Prepare a Succession Plan

  34. Seizing Your Opportunities * Find ways to bring innovation to your products and services. * Be easier to do business with * Align your staff * Make more money from every sale. * Get closer to the customer * Acquire trusted advisors * Make the most of family relationships.

  35. Can we do it?

  36. Can we do it? Yes We Can!

  37. Thank you! Rick Spence rick@rickspence.ca Visit my blog at www.canentrepreneur.com

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