The Recession and Your Company

Since we don't have time to conduct a comprehensive, expensive, longitudinal study on this topic, I will share the 5 points I feel are most important for companies and organizations of all sizes to consider during this slow economy. None are more important than another, but not a single one is unimportant.

1. Get your customer service model right- I'm sure you are just as tired as I am of buying something at a convenience store and the clerk doesn't even look at you during checkout. I'm amazed by people that run a business this way. I hope we all start demanding better customer service and more companies make this a priority. I'll post more about CRM (Customer Relationship Marketing) soon because this is a fascinating topic and one that contributes directly to the bottom line...just ask Disney.

2. Focus on what drives revenue- Downturns in revenue make this an obvious one. Take advantage of the opportunity to stay true to your core business model and take the time to re-educate your staff about why you are in business. This should be fun and lead to great conversations.

3. Use this time to develop or enhance your competitive advantage- Just like you will be focused on revenue, focusing on what makes you successful is just as important. Don't underestimate the fact that this could change for you or your competitors during a recession. Lots has changed in the past few weeks and we're not finished...

4. Make long-term, strategic decisions- Don't be blinded by short-term revenue goals or quarterly earnings reports. Keep your eyes on the prize (long-term success) and let your competitors be the one to loose sight of the next 20 years and make bad, short-term decisions. This will also help staff see the vision and continue to drive the organization forward.

5. Make people your priority- Nobody said this looming recession would be easy, so do yourself a favor and treat your people right. Even if the typical bonus isn't there, or there is no chance of a promotion, there are some motivating things you could do by keeping the process very transparent. Your staff will understand, even if they don't like it.

Make sure to add your top priorities and success stories in the comment section below.

Re-post on failing at sales

This is a post I did previously, but the lessons are worth repeating. Business leaders can assist in coaching of sales professionals during this economic slowdown by learning why salespeople fail:

What a great convention in Pittsburgh. There was high energy and many stimulating sessions that pushed the envelope for chambers throughout the country. I was particularly impressed by the discussion and conversations after my presentation, “How to Measure Individual Performance to Ensure Success.” During the presentation, we began with a focus on the main reasons salespeople fail and then spent the remaining time discussing how to build a sales system that ensures success from good salespeople.

To recap, here are the highlights of why salespeople fail and the components of a well-designed sales system that ensures success:

Problem: Poor listening skills
Answer: Training and standard presentation

Problem: Failure to concentrate on top priorities
Answer: Clear expectations and weekly reports

Problem: Lack of sufficient effort
Answer: Hiring, expectations and weekly reports

Problem: Inability to determine customer needs
Answer: Standard presentation, training

Problem: Lack of planning
Answer: Expectations, activity goals, time-blocking

Problem: Inadequate product knowledge
Answer: Training

Obama's Marketing Lessons

So, we all learned a few things during this election cycle from Obama's campaign.  Some very prominent marketers (like Seth Godin) and journalists are calling this one of the greatest marketing campaigns in modern history.  The reason for his success is because of his relevancy, consistency and positioning.  The political, economic and world environment certainly presented the opportunity, but Obama's campaign hit a home run any way you look at it. 

Although these aren't new concepts, they should reinforce what we all strive for:

1. Positioning- marketing is much more about positioning than communicating.  Differentiation is the name of the game, so you better be clear and different.

2. Consistency- Is there a stronger brand than "Change" in America right now?  How many campaign signs have you ever seen in your neighbor's front yard that had a single 1-word slogan in a much more prominent position than the candidate's name?  Obama stuck to his position the entire time and shaped his opponents campaign's because of it.

3. Tell a story- People understand stories and care less about the features and benefits.  When is the last time you sat around the family dinner table discussing features and benefits?

4. Viral marketing works- Hardly any company, organization or campaign has figured out how to use viral marketing in a highly effective way.  Considering I watched group after group of first-time young voters walk past my office to the polls during early voting, I have a feeling it worked...if you don't believe me, just YouTube it, Facebook it, Google it, etc.

Again, nothing new new to write a book about, but, definitely a great story worth writing a book about.