Business Development in a Challenging Market

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In what has been described as a "very challenging economy", there could be vast pools of opportunity and new business waiting in front of you. Very often when sales volume trend down, we start to look more carefully at our existing customers. We look at the service levels we are providing, what products they are buying, the profitability of their account, and where the opportunities are for potential add on sales to these customers.

These are all critical efforts and very often they can both grow business and strengthen sales relationships with this key constituency. However, trying to sell more products to existing customers during slow times may not always be well received by some customers. Very often you may get the response from them of "how much more do you want?"...or..."I am supporting you all that I can"...etc.etc....

A slow period can serve as a time for reflection and for strengthening the foundation of your business by seeking out new customers in new channels or markets. In a slow market you likely have some "time on your hands"...and what better use for that time than using it to build your business and strengthen your business for the long haul?

Start by polling your top team and / or advisors using the following questions:

1) What are your company's competitive advantages?
2) Is your product used in other markets that you are not currently selling in to?
3) What resources would be required to successfully and profitable sell your products in additional channels or markets?
4) What current resources do you have that because of the slow down in your core business could be redeployed to build new business in other channels or markets?
5) What competitive advantages does your company have that can serve as the foundation of a sales strategy to penetrate new channels or markets?

(Note: A "secret ballot" is the best way to conduct this poll)

Now with their responses in hand, lock your selves in a room for a day and set the stage for a lively and candid debate. Outline the goals and share the poll results with your team.

The goal should be to walk out of e room having gained alignment among your team and having determined a plan focused on how to leverage your existing overhead and resources and create sales revenue in a identified market or channel.

The successful execution of your plan should also include the right metrics on how to measure success in the new market or channel. You should also have a plan in place that ensures your new business does not come at the expense of your current customer base.

The most desired outcome of this exercise will be a successfully executed plan that grows revenue in a new market or channel. This new business should provide a broader more diverse foundation for your business and should set the stage for an even stronger company positioned for the future.