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The 2009 Readiness Test Comment on this newsletter at yastrow.com Next year will be tough. Is your company ready? Every company I speak with is “doing something,” but my observation is that most are talking in broad brushstrokes – “tightening our belts,” “watching our expenses,” “keeping our gunpowder dry,” “cutting back,” or “proceeding cautiously.” Now is not a time for broad brushstrokes. Now is the time to think, assess and act smart. To do that, here are some questions to ask yourself: 1. Do you know where the untapped latent profit is in your business? Yes, there are many forces threatening your business. But there are also many untapped opportunities to grow that you haven’t previously developed. Every business has latent profit that is lurking under the surface, waiting to be unleashed. Look for yours. 2. Which of your current customers can help you unleash that latent profit? With very few exceptions, I find that the most lucrative untapped sources of latent profit lie in companies’ existing customer relationships. The key is to identify which customers offer the most potential, and also to identify what you want those customers to do. Who,
of your current customers, could most easily give you more business?
What would these customers need to do to give you more business? Buy
more of the same products or services they already buy? Buy other products
and services you already offer? Buy new products or services you could
create for them, assuming that could be done effectively? Could they
pay more? Could they refer your more? 3. How does the economic situation help you focus your new customer acquisition efforts? Creating brand new customer relationships is always one of the most expensive things we do, because there is always so much waste in the sales and marketing process. Now, more than ever, we need to be smart and focused about whom we pursue. There are probably certain customers or customer segments you’ve wanted to sell to for a while, but the current situation makes it more unlikely you’ll be able to persuade them to buy from you. Good. Now you don’t need to waste your resources on them. On the other hand, the current situation may have made other prospects more likely to buy from you. Obviously, these opportunities are situational and dependent on what business you’re in, but here’s an example: The marketing firm MPG Southeast Europe hosted my speech in Zagreb, Croatia this past week, because they wanted me to talk to their clients (who included representatives from Sony Ericsson, Proctor & Gamble, LG, Phillip Morris, Nestle and others) about how to thrive in tough economic times. The original plan was to just have a client Christmas party, but they thought it would be more valuable to give their clients a late afternoon presentation that would have business value. In good economic times I might be writing this from home, instead of from Europe, where I’m with a new, important client. 4. Is your brand strategy right for the times? Remember, your brand is not just your logo, your reputation or your tagline. Your customers are willing to create rich, multi-faceted stories about you in their minds. (See my newsletter on Brand Story) Developing a brand strategy is the process of determining what it is you want customers to believe about you, i.e., what are the stories you want them to create in their minds about you. Does the current economic situation suggest that you want customers to believe something different about you? If so, what is it? To answer these questions, look at your answers to the first three questions. The purpose of a brand strategy is not to “get your name out there.” It is to motivate customers to act in ways that unleash the latent profit in your business. 5. Are you communicating effectively at all customer touchpoints? You have four scarce marketing resources: Time, money, people and customer attention. It’s never good to waste these resources, but it’s especially hurtful to waste them in tough times. Map out the touchpoints and interactions you have with your customers, and then assess how well you are communicating your brand story through these touchpoints. Are you creating a strong sense of Brand Harmony, where all customer interactions are mutually reinforcing with other interactions? Where is the best room for improvements? Remember, Brand Harmony is like a dimmer switch, not an on/off switch. Every little improvement you make illuminates your brand story and makes it easier for your customers to believe in it. 6. How clear and compelling is your internal brand? You can answer the previous five questions perfectly and still not succeed. Successful implementation requires that your entire team (whether you have 5, 500, 5000 or 50,000 people on that team) understands your brand story and their personal role in communicating that brand story. Internal alignment is the only way that your team will effectively engage in the right “Brand Habits” that, cumulatively, create Brand Harmony. Customer action may be the direct driver of your profits, but it is employee action that creates the story that persuades customers to act. 2009 doesn’t just need to be a time to survive. It can be a time to thrive. The questions I’ve posed above should be asked in any type of economic climate, but asking – and acting on – them now will get you focused not just on survival but on “thrival.” The 2009 Readiness Teleseminar Today's newsletter provided a great start for any company preparing for the economic downtown. To help my readers better thrive in 2009, I will be conducting a free teleseminar Friday, January 9th at noon CST. If you would like to listen in, please R.S.V.P. by e-mailing amanda@yastrow.com. I'll e-mail you the teleseminar call-in number a few days beforehand. Feel free to pass on my invitation to your colleagues or anyone you think might need help passing the 2009 Readiness Test!
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Is your company ready for this economy? Reading the Readiness Test newsletter is a great start, and Steve wants to help you and your company even more. Steve gave a free Readiness Teleseminar on January 9th. Download the hour-long MP3 and accompanying Learning Guide to start thriving in 2009. Steve detailed each step of the 2009 Readiness Test, provided examples of how to make it work and answered audience questions. Join
the conversation: Read More: Navigating your relationship - Is it yar?
Buy Steve's new book, We: The Ideal Customer Relationship In
We, you will learn: We is both a manifesto and a how-to guide that will change the way you interact with customers ... and change the way your customers think about you.
Download your free ebook, Encounters: The Building Blocks of We Relationships Get More Steve See this newsletter in your browser Read newsletters from the archive Read Steve's first book, Brand Harmony, to understand the building blocks of True Loyalty...
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© 2008 Steve Yastrow. All rights reserved. |
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How to create relationship-building encounters, instead of relationship-eroding
transactions 
