Charles Dickens famously opened his "Tale of Two Cities," with the iconic line, "It was the best of times; it was the worst of times." According to international best selling business author, Jeffrey J. Fox, Mr. Dickens could have been penning the mantra of what Fox calls the "fierce competitor companies." Fox writes that for fierce competitors, "Bad Times Are Good Times." Fox persuasively outlines how fierce competitors, be they giant companies, great managers or a commission-only salesperson, take advantage of tough economic times to grow market share and profits. If you are facing tough times, this series of articles from Jeffrey Fox, based on his new best seller, "How to Become a Fierce Competitor: What Winning Companies and Great Managers Do in Tough Times," are a must read.
1. Fierce competitors see tough times as opportunities to gain market share, to get new customers, and to get closer to current customers.
2. When the times get tough, the tough don't start selling; they ratchet up selling.
3. In the United States, since the panics of 1823, 1863, and 1906, the Great Depression, and the twelve recessions that followed, the facts are indisputable: those companies which outsell, out hustle, out innovate their competitors always emerge from the downturn in a stronger share and profit position.
4. Don't cut sales training. Double sales training that works.
5. Don't cut prices. Cutting prices does not stimulate derived demand. Add other values, such as a free video of the best biking trail with purchase of a new bike. Articulate those added values in dollars and cents.
6. Push to get more sales people making more face-to-face sales calls. In tough times, salespeople, like companies, have a tendency to withdraw from the market. There are lots of well-sounding excuses, like "the guy has zero money," but into the market all must go. That's where the business is.
7. Treat old customers like new customers.
8. Plan every sales call as if it were a first call.
9. Hire newly available talent, especially rainmakers. Rainmakers often work just for commissions.
10. Rush innovation. Don't let perfect be the enemy of better.
11. Unless your products have 100% of the business in all your trading areas, there is business to get.
12. Avoid layoffs. Protect your investment in training and protect your experience cost curve. Cross-train. Teach waiters to be valet parkers. Teach tech service engineers to sell. Be ready to capitalize on rebounding markets.
13. Cut deadwood. Big companies may have more deadwood than small companies. Tough times are a good time to prune under performers. Under performers float with the tide in good times, but are uncovered in down times.
14. Cut consistently negative-profit customer facing people. Replace with go-getters.
15. Tie every job to revenues. Teach and train every single employee how their job helps get and keep profitable customers today and tomorrow.
These notes are adapted from Jeffrey Fox's new book "How To Be a Fierce Competitor: What Winning Companies and Great Managers Do in Tough Times."
ABOUT OUR GUEST AUTHOR: Jeffrey Fox is the founder of Fox&Co, a marketing and management consulting firm in Chester, Ct. Fox&Co helps clients increase profitable revenues and gross margins. Jeffrey Fox is consigliere to senior executives. His eleven best selling books have been published in over 35 languages. There are over 200 international editions of his books. This article is inspired by Jeffrey's "How to Become a Great Boss." His newest book is "How to Be a Fierce Competitor: What Winning Companies and Great Managers Do in Tough Times." Website: www.foxandcompany.com
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