Your market is getting more competitive and all that your customers care about is price.
Three Fundamentals to Consider
To increase profitability and grow in a fiercely competitive, slow-growth marketplace, consider:
- Perform by doing what you say; continue strengthening your relationships with your customers; and truly satisfy your current customers’ needs.
- Focus on those segments / niches of your current market that are least competitive and/or growing the quickest.
- Team with your current customers for new and incremental products and services.
Relevant Blog Posts to Read
Pertinent Book Summaries to Review
- Spin Selling (Neil Rackham)
- Raving Fans: A Revolutionary Approach to Customer Service (Kenneth H. Blanchard, and Sheldon Bowles
- The Agenda: What Every Business Must Do to Dominate the Decade (Michael Hammer)
Appropriate Book Chapter from Build a Better B2B Business
Related Quotes to Think About
- “How many customers did we fail to satisfy yesterday?” Howard Lester (Former owner of Williams – Sonoma)
- “Companies need to be closer to their final customers in order to hold them, to up-sell them and to cross-sell them and to garner high margin follow-on sales. They need to be closer to serve them quickly and accurately. They need to be closer to drive out the huge costs and inefficiencies, the redundant work and piles of inventory, that clutter existing channels.” Michael Hammer (Author of The Agenda)
- “The easiest person to sell to is your current customer.” Steve Harrison (Publicity and marketing expert)