How can you identify new markets to sell to during a recession?
How can you identify new markets to sell to during a recession? Watch your competition closely. I mentioned this in an earlier post, but it’s worth repeating. Watch as your competitors take down services or stop taking part in markets. Watch their...
The great resignation
The great resignation…What can you do about keeping your staff from resigning and moving to another job or starting their own companies? Ask them what they want. If it’s even remotely doable, do it. If it doesn’t seem doable, ask your staff...
A recession is coming
A recession is coming. That seems unavoidable. How big it will be is under debate, but we don’t care. Any recession is painful, even if it’s shallow and short. Start integrating sales and marketing now! What does that mean? Make your sales and marketing...
Increasing customer intimacy Increasing customer intimacy
I know the word seems like an odd choice, but that’s really what you’re going for with your customers - especially during a recession. You need to know about their lives, their pains, and the opportunities you can create that will keep revenue coming into your...
The Four Reactions to Economic Downturns by B2B Companies #4
The Four Reactions to Economic Downturns by B2B Companies #4 #4 - Progressive Companies These companies will create and optimise both offensive and defensive responses to a recession. They use data, intimate knowledge of their customers, and well-planned...
The Four Reactions to Economic Downturns by B2B Companies #3
The Four Reactions to Economic Downturns by B2B Companies #3 - Pragmatic This is a company that deploys both offensive and defensive strategies in a recession. The issue with a pragmatic company in this context is that the moves are often not...
The Four Reactions to Economic Downturns by B2B Companies #1
The Four Reactions to Economic Downturns by B2B Companies#1 - Prevention-focused This is the type of company that “circles the wagons...” They take defensive action to avoid losses and reduce risk. While this is an instinctive move, it’s one that can...
The Four Reactions to Economic Downturns by B2B Companies #2
The Four Reactions to Economic Downturns by B2B Companies #2 - Promotion-focused These firms are seeking ways to take advantage of the recession. This can mean taking offensive moves to find the strengths and weaknesses that need to be enhanced or reduced,...
No hibernating this winter.
No hibernating this winter. It’s typical for many B2B businesses to go into hibernation when business gets tough. That’s not the strategy of B2B businesses that thrive during economic downturns. There are four reactions that a B2B company can...
The C in STOIC framework stands for credibility
The C in STOIC framework stands for credibility. As your competitors retract into their safe markets, now is the time to reach out to those markets they might have abandoned. This is not the same as the pet projects I said to drop in an earlier...
