Times are tough – there is no question about that. We have to remember, what we do now will determine where our business is when this economic downturn starts to turn around. Last week I was in Tampa with the sales and education team from L’Oreal Professionnel and we talked a lot about what they see their customers doing. I think it was Jeremy who commented that what he has observed are two sets of customers, the ones who are struggling and the others who are thriving. I thought about that discussion a lot and here are some ideas that companies can put into place now, to help them take advantage of the downturn, strengthen their organization and prepare for the upturn. With a little planning, we can help our customers move from the group that is struggling, to the group that is thriving.
If it’s broke – ditch it
When it’s good times, there is a tendency to accumulate things in your business that maybe aren’t working out the way you planned and that may only be producing mediocre results. These could be anything, programs, marketing campaigns, even policies or procedures. In the down market, we need to take stock of these items, clear out what isn’t performing and become more efficient.
Target your resources
Let’s pull out the old Pareto Principle – better known as the 80/20 rule. Make a commitment to focus relentlessly on the 20% of the activities likely to deliver 80% of the results. These activities are often the tried and true activities that have always worked to drive our business. In good times, we may pay less attention to these activities and in a down turn, we’ve got to re-energize our efforts. Two key words to take notice of are “focus relentlessly” – every customer, every day, every sales call.
The opportunity to help our customers has never been greater than now and our customers have never been more receptive to trying new ideas. By helping our customers strengthen their business through the downturn, we’ll be planting the seeds for growth in the upturn. I really enjoy working with the L’Oreal Pro team and always come away from a program with them feeling energized and full of great ideas. I can’t wait to hear the success stories on how they helped their customers mine the silver linings in their businesses. Talk with your customers in your next meeting about these ideas as well. Good luck.
If it’s broke – ditch it
When it’s good times, there is a tendency to accumulate things in your business that maybe aren’t working out the way you planned and that may only be producing mediocre results. These could be anything, programs, marketing campaigns, even policies or procedures. In the down market, we need to take stock of these items, clear out what isn’t performing and become more efficient.
Target your resources
Let’s pull out the old Pareto Principle – better known as the 80/20 rule. Make a commitment to focus relentlessly on the 20% of the activities likely to deliver 80% of the results. These activities are often the tried and true activities that have always worked to drive our business. In good times, we may pay less attention to these activities and in a down turn, we’ve got to re-energize our efforts. Two key words to take notice of are “focus relentlessly” – every customer, every day, every sales call.
The opportunity to help our customers has never been greater than now and our customers have never been more receptive to trying new ideas. By helping our customers strengthen their business through the downturn, we’ll be planting the seeds for growth in the upturn. I really enjoy working with the L’Oreal Pro team and always come away from a program with them feeling energized and full of great ideas. I can’t wait to hear the success stories on how they helped their customers mine the silver linings in their businesses. Talk with your customers in your next meeting about these ideas as well. Good luck.
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Insightful, poignant, and relevant! Well done!
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