Some incentive industry suppliers with a long history of sustained growth and healthy profits have been struggling mightily over the past few years. Companies with well-established customer bases have been decimated by cancellations of annual programs or other events that have sustained their businesses for years.
We can certainly understand the tendency to sing the blues because “things aren’t the way they used to be.” As consultants to the industry, it’s our job to help companies turn lemons into lemonade. We counsel our clients to not be distracted by a bad economy but to get back to the basics of sales and marketing. When was the last time you overhauled your sales and marketing strategies? It’s time to deal pro-actively with the changes in the marketplace. How?
Dial for dollars. Get out from behind your desk. Find new customers. Delve into your database and contact clients you haven’t worked with in years, prospects you once gave up on …or seek out those customers who may have chosen the competition last time, but could be ready for a change.
Seek new sources for clients for incentive travel: human resources managers, alternative types of users such as medical groups, construction firms, etc.
Evaluate your product to see if it really serves the customer’s needs. Is there something else you can deliver that will add greater appeal to your overall services?
Honestly evaluate your company’s weak areas and take steps to correct them. Are your competitor’s proposals more creative than yours? Is a more aggressive pricing strategy needed? Studying the scenarios where your competition has won out will allow you to creatively address weaknesses in your own organization.
Practice what you preach and make sure your internal incentive program is motivating your sales force.
It’s not easy to take a long hard look at your company, your team and your approach to sales. You’ll discover vulnerabilities and weaknesses. You may find major changes are needed. Perhaps even a different team is needed. These aren’t trivial decisions, but the process of continually re-examining and potentially re-tooling your company’s sales and marketing strategy is essential to your success.