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Is your Industry a Fickle Business?

 

No matter how great your products or services are, you will not attract enough customers to stay in business if the market you target starts to view your products and services in a less than positive light!

Sometimes, it only takes a couple of negative comments from someone close to the customer to shake their faith in the value of your products and services, even if the comments are inaccurate.

Therefore, as a business owner, it is essential that you establish a positive perception of the value you offer not only amongst your target market, but also the key influencers around your clients.

In the end value lies in the eyes of the beholder. If your customer is influenced by peers, then your value can be undermined by what these people say. In growing and larger organisations specialist advisors can change when key decision makers change.

The decision making criteria for value may change; different payback periods, a move to a different financial funding arrangement, and the view of outsourcing can all be disruptive.

Many organisations change their auditors after 3 years, or have outgrown their current auditors.  New financial and commercial specialists that the new auditors favour can start to have an influence. These new advisors will have people they have worked with before and these people could be a threat.

It is essential that you are in touch with all your customers and consider having marketing programmes that focus on building the perception of value within your industry. Plus support the key influencers within the industry and the market sectors you are active in!

It is important to establish strong relationships with people within and around your customer. Your network will also be your eyes and ears on the ground as you can be for your contacts. Making contact with other suppliers to your customer can be useful. This could be in the same area of the business you supply and target the same decision makers.

It could be people who are in contact with key decision makers who indirectly have influence over your offerings. Obviously, financial and commercial can be areas, but don’t forget warehousing, IT and logistics can all be vocal members of the board!

How to build a strong network, well that’s a different story!

 


You can see more blogs from Peter and other members of  the group at BNEM Blog

 

Is your industry a fickle business?

12 Jun 14 - No matter how great your products or services are, you will not attract enough customers to stay in business if the market you target starts to view your products and services in a less than positive light!

 
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