By Justin Hitt, Strategic Relations Consultant, https://iunctura.com/
There will always be some uncertainty to the economic state of the nation or industry you conduct business. From days of old, businesses toss and turn in the conflicts of nation, the stagnation of trade, or even over confidence in prosperity. If you position your business relationships correctly, a solid foundation you will stand.
Consider this, no industry will disappear overnight; and in any industry, there are leaders with money to spend on what you offer. What are you doing to build successful business relationships with those leaders who are still buying the goods and services you sell? It is not likely all buying will ever stop, so seek out those individual who can make decisions to purchase what you provide.
Remember, leaders in an industry are not always the top producers or highest gross producers, leaders are those with the highest probability of future stability in regards to your business objectives. Recent news of WestPoint Stevens Inc (the second-largest US linen producer who is filing for Bankruptcy protection) demonstrates you have to look beyond your own region when seeking leadership in your industry.
Your company would be safe to produce the top five companies in key markets as identified by your ability to deliver finished goods. Expanding your market place to find buyers does not have to be costly, try first with your existing resources while scaling production to improve availability. Approach the industry leaders in addition to what you are already doing, and then transition your customer base as these larger accounts come on-board.
Since you know statistically and strategically that these top companies are profitable to pursue, you are really investing in the future potential of your organization. One warning, all that glitters is not gold, take careful effort to reevaluate each campaign to determine if the return justifies the investment -- as you learn more about the target company adjust your campaign accordingly.
Create stability through those customers you do business. Like a well-balanced stock portfolio identify and work directly with the best in the industry you serve. If your clients are the top ten (as they serve your objectives and have an ability to buy) in your niche, you have no need to fret about any economic challenge.
When your mental model focuses you on finding the one or two key buyers in an industry, you can keep moving towards your goals. It will not be easy, and you might have to gather additional information about your customers. This is why you must establish a business relationship over time, even when you do not specifically need its benefits.
Strategies you can implement to find those who are still buying what you have to offer:
Someone somewhere must purchase your product or services to provide to their own customers, find those people and be available to them. No matter how bad the economy, companies will never stop buying at some level. The key is to stay connected with enough of those who are still purchasing what you have to offer.
Who has capital that they could use to buy what you offer?
© 2003 Justin Hitt, All rights reserved.
/ profitable-customers | recession-busting /
Justin Hitt helps executives build stronger relationships with customers, employees, and vendors so that your business
is more profitable. For a free special report on economic development strategies as covered in this publication, visit |