From Crisis to Recession
It seems that the Virus Crisis, with its vaccines, is coming to an end, with the economic recession already around the corner, until all economic sectors are back to full throttle again.
With all the recent analysis from Deloitte, McKinsey, BCG, FMI, and OCDE referring that we only start to see some economic recovery from the last quarter of this year, we only have 9 to 10 months to put ourselves in the frontline of our industry, regaining or to consolidate our position in the marketplace, against all odds. It´s now critical, during these next months, that you set up a winning mindset to keep at least afloat and be able to perceive and collect all benefits that are always inside a recession. To do that you need:
- Reduce the amount of general news you consume as they tend to be more negative than positive. Remember: good news don’t buy audiences;
- Do NOT cut back your marketing budget. If you can, increase it. Remember: playing it safe will take you inside the herd and there, you become irrelevant;
- Follow up with the negative thinking peers in your industry. If they are scared and afraid, they are allowing YOU to take over the field they are leaving behind. Remember: a client without service it’s not lost, it’s open to change the provider.
We can increase our level of success if we never let down the service level to existing or new clients. Consider even increasing it as this will be the difference between gaining new clients from the competition or losing them forever. They, like you, are going through uncertain times, needing and appreciating assurance and confidence. The cost of poor service is too high to accept and you should not be afraid to go the extra mile to do the difference.
When it comes to marketing, this will not only secure your current clients but will also put you in front of new ones.
Don’t be afraid to innovate here, or to invest in quality content, positive thinking, and client care.
This recession will go away as well as your peers that will follow the negative trend and fail to innovate and secure their market share.
If needed, re-invent yourself without losing sight of your current client base. They are already familiar with you, right? So, what do you have to lose?
Also, don’t be afraid to look inside your own organization to find and correct the less committed with your own survival and success.
This is a great time to do it.
Remember: attitude is key, skills can be trained.
Do it right! Do it well!
If needed, think again!
A usual problem that service companies face is that they are often either unaware of service problems, or are under the illusion that service is good.
On the one hand, we have experience with some services that are amazingly efficient, dependable, and organized, and on the other, we suffer through amazingly frustrating unbelievable bad service like being put on indefinite hold during service support phone call.
Most people, if they have any choice, will not tolerate such bad service.
Where there are alternatives tolerance for bad service disappears.
Service companies need to understand that they aren’t competing with bad or good service in itself. They are competing with service expectations.
Typically, most small to mid-size companies struggle to maintain adequate levels of service. Rarely do they give conscious, deliberate, intensive thought into how they can improve the services.
Service companies or Customer service departments need to understand that if they are marketing regular or stellar service to their customers, they need to stick to it as the customers tend to Expect what they communicated. And this, being a Marketing issue, can bring up or down a company’s Results, its success or failure.
Are you selling services? Don’t forget to get real!
Everybody understands the distinction between selling a product that can be seen and touched, and selling a service that can’t be touched, tasted, felt, or seen before is bought.
One practical example of how products and services differ is to consider what happens when a product fails versus what happens when a service fails.
It’s obvious when a product fails – it stops working; when it’s plugged in nothing happens. You return it or exercise your warrantee options. But what happens when a service fails? How do you even know if it has?
In Consulting services it happens when a client won’t get what he/she thinks is buying. When he/she thinks the service rendered does not comply with the service asked for.
– Communication problems?
– Lack of understanding of the results delivered?
– Misinterpretation from the consultant side of what were the client’s expectations? Expected Results?
What are you going to say to such a client?
What does it mean to sell an invisible service?
It means you should be extremely careful with your marketing. Meaning that you should pay serious attention to what are you selling, the Service itself, and not be only worried to have the word spread out.
Your marketing efforts should align the service, its intrinsic value, with the value the client will perceive (perceived value) and will be willing to buy.
The service needs first to be refined in order to when the message gets out, the marketing efforts are maximized and multiplied. If these two aspects are not aligned, your reputation will pay for it. And this is really difficult to recover. It’s invisible, remember? But with a visible effect on you!
Don’t focus on functionalities, when selling a service, focus on benefits, reliable ones, not things you cannot deliver or the client use or do, if behind their capabilities.
Think about Marketing reputation, communicate advances your services can deliver, that will be used by the client. And the more advances your client is capable of, the more you will be successful. If you raise the bar based on what the market reports say you should deliver, expects from you, or are willing to buy, you will be talking to nobody. Or eventually to a Marketing designed “persona” that ultimately does not exist.
Fear is key when selling services. Overcome the client’s fear and succeed at it. Over time you will build a reputation and a solid base of references. This is the power of working diligently on the first rule of marketing, analyzing, and improving the service itself.
You can read more about it in Harry Beckwith’s Selling the Invisible.