It has to be said, I am sorry, but it does have to be said.
Brexit has made a difference and will make further differences to business.
Things are changing and there are more changes to come.
But, I am not one of the doom-mongers as I believe it offers us interesting and useful opportunities. I say ‘offers’ as it is up to us whether we take those opportunities or sit back and just hope.
Whatever happens there will be change, and we need to be prepared as best we can. But prepared for what? I believe there are four indisputable facts:
- Brexit will happen!
- Markets will change
- There will be greater focus on domestic markets
- We will find ourselves competing with more UK companies as larger providers seek to replace off-shore business.
This is what happened to Salient in the last 18 months:
- Five larger prospects, (£1M turnover+), were reasonably secure in my sales pipeline.
- As the Brexit vote loomed, happened, and shocked the markets, these five companies retreated, not wishing to ‘spend money when the market was so unpredictable.’
- My cash-flow forecast dropped considerably!
- I initiated my contingency, my Plan B, and targeted the smaller businesses that tend to ‘get on with it’ no matter what the market is doing.
- I had to replace one large opportunity with ten smaller ones.
- It was successful, and I have now progressed to Plan C where I develop the new smaller company market, while attracting new larger opportunities.
But what of the larger companies? What will they do in this Brexit uncertainty?
I believe they will do very much as I did and look to smaller domestic markets to fill the gap in their turnover.
In other words, those who rely on domestic markets for the majority of their turnover will start to find more competition from larger suppliers.
There is another side to this. Those seeking your products or services are less likely to look off-shore for suppliers as these are likely to become more costly. Therefore, they will actively seek domestic suppliers. It could be you, if you are ready! Another point is that if they previously sourced from larger companies, they are likely to spend more than your present customers.
To summarise, this could mean for your business:
- New domestic markets are likely to open up
- Competition will increase for home-grown opportunities.
- The new opportunities have different expectations and spending levels
Are you ready?
Is your sales team and/or your sales process the best it can be?
Your sales effort needs to be at its best; sharp; focussed; forward-thinking.
Don’t miss the boat.
If you fail to address this, others will get there first and will win the lion’s share of the new opportunities.
If you are successful in this, your business growth could be double what you would anticipate for 2018.
If you would like to discuss your experiences of this, please be in touch; call or email Andy
Do you really want it?
Lots of money; holidays; cars; clothes; lifestyles…..?
Do you really want it, or do you just want the end result, the reward? Do you want the omelette but are not prepared to break a few eggs and spend time whisking?
Everything of value to you has to be fought for. A struggle is often needed to move forward. This could entail time; working all hours, repetition; over and over again until you get it right; changes to relationships; being with patient people who share your dreams, and so on. Whatever you do requires effort. How much do you want that dream, that wonderful end result that will make you happy? Are you prepared to struggle to achieve it, to work through the process time and again and again until the outcome is secure?
I meet many people who claim to have a dream, a goal, an objective, but have not yet asked themselves these questions. In fact, too many have not even made a plan or mapped out the route they would need to take to get to where they want to go. (Have you?)
Here’s an example (names and figures have been made up to protect the guilty):
John wants to be successful – how successful John?
John’s dream is to achieve a turnover of £100,000 in 5 years – where are you now John?
So, John needs to find and win £85,000 of new business within 5 years – really?!
That is as far as John gets with his dream.
John’s approach is to keep doing what he is doing to make the business grow.* He believes that “opportunities will arise along the way which will boost the business”.
Hands up who is surprised when, in 5 year’s time, John is turning over £32,000, and most of that is from a couple of clients who are personal friends. John’s expansion plans are on hold.
Did John achieve his dream, his goal? No. Why not? Probably because he chose a goal without considering the process, the effort, the struggle that would be needed to set his sights that high.
Every dream has a cost. That cost includes the time and effort, the loss of focus elsewhere, the reduction of short-term-gain in favour of long term benefit. Likely there will be disappointment, fatigue, despondency, even despair in yourself, and possibly those close to you. Is it worth this struggle, or is it likely to damage other things you value more; your family, friends, principles, standards, enjoyment?
If you have considered all this and it is worth it, then go for it! Or, as I read on Facebook last year: ‘Don’t downgrade your dream to match your reality, upgrade your faith to match your destiny’!
However, if the process, the struggle, the ‘pain’ proves too high a cost; lower your sites. You can still win, and enjoy the journey.
* Albert Einstein’s definition of insanity: doing the same thing over and over again and expecting different results”.
To me there are three possible answers to this.
(The ‘not quite hilarious’ answer is number 3.)
At the end I will challenge you to find a fourth!
3 possible answers:
1/ When I was part of the ‘corporate world’; field-selling and directing sales for larger companies; the glib answer to this was ‘None’, that’s the Marketer’s job’. This old chestnut was coined by territorial salesmen who neither understood nor respected the valuable work done by the marketers (or ‘marketeers’ as some like to call themselves). The reply was at best, mildly amusing, but, to me, it simply emphasized the big divide between the sales and marketing departments.
For whatever size of business, sales and marketing need to work together. Good marketing raises your profile and attracts new customers but does not ‘win’ the business. Sales skills are needed when the new prospects contact your business. Good marketing can result in a much faster and easier sale as you avoid having to find and make contact with new prospects. But remember; the sale will not just happen; you will still need to pitch, negotiate and close, and then manage the new client.
2/ The real answer to ‘how many sales people…?’ If the marketing has been done effectively, then the customer will have realised;
- the value of a light bulb (it’s gone dark), thus identifying the need, and….
- a good idea of how the product (the light bulb) is applied (screwed-in).
A helpful sales person may then show the customer how to achieve more light by buying and inserting the new bulb, thus, fulfilling the need. However, at the end of the day, it is the customer’s responsibility to actually screw-in the bulb. So, again, the answer is ‘none’!
3/ The answer is 2; one holds the light bulb still, while the sales manager makes the world revolve around him (as he likes to think it does)….
HERE’S THE CHALLENGE: let me know your suggestions for answers to the question:
HOW MANY SALES PEOPLE DOES IT TAKE TO CHANGE A LIGHT BULB?!!
Answers may be humorous, ironic, or simply thought-provoking. The best entry will win a half-day of one-to-one sales & marketing coaching, aimed at lighting the way ahead for your business and helping you to grow your sales. (This can be in person at the Salient office in Royal Wootton Bassett, or by Skype and email.)
The winner will be decided on May 31st 2015.
Which is the best route-to-market?
Do we need both?
Often I find myself waxing lyrical about the marketing ‘balance’ as I call it. One thing that really frustrates me is when ‘media experts’ make claims such as:
“Traditional marketing is dead; online marketing is the only way forward”. While I cannot stand intolerance(!) they are able to show plenty of evidence that social media campaigns can bring significant new business.
Likewise there are others who shun online marketing, regarding it as an unnecessary evil where the ‘experts’ simply talked up the need and created the market by claiming it as the next version of sliced bread. Some ‘traditional marketeers’ believe themselves to be more in-touch with their market because they actually talk to them, as opposed to ‘engaging electronically’.
Me? I have a foot in both camps. Both sides have a valid point but neither sees the whole picture.
I go for a balanced approach! BOTH approaches are valuable and can be used to compliment each other in a well designed marketing plan.
Four essential points to consider:
1/ Your target market. If the decision maker is over 50, their use of the internet is likely to be somewhat less than that of a 20-25 year old. They may respond better to tactile or ‘traditional’ marketing than what appears on the screen…and vice versa.
2/ Internet marketing relies on avoiding spam filters. It can also have an engagement time of only a few seconds. It appears on the screen and then disappears as the reader has other things to do on their computer. Traditional marketing is often tactile and will stay on their desk for hours, if not days, until a decision is made to file, dump or action it.
3/ Online marketing requires knowledge of the systems needed to integrate the contact engagement into an effective marketing campaign or plan. This means you will either have to learn how to do it yourself, or pay others to do it for you.
4/ Many companies rely heavily on the internet to locate suppliers. If they cannot find you there, they will use another company. Sensible and planned internet marketing can be hugely effective in promoting your business and products.
- Traditional AND online marketing are needed in a well balanced marketing plan.
- Consider your target market and decide the best method of first contact, and then compliment every initiative with other forms of engagement.
- Learn to use both approaches to greatest effect. This done, you will have a very powerful platform for attracting new business. But, don’t forget to make sure you have a really effective marketing message ready to transmit with your preferred route-to-market, AND the necessary sales skills to convert the interest generated into valuable sales!