RAINMAKERS
Finding New Opportunities In A Shrinking Market
By Dr . Clifford Ferguson
In most areas of the economy , fundamental demand has shrunk . Some markets have actually grown ( videoconferencing and eLearning , anyone ?), and a few large ones have evaporated ( retail , travel ). Are you doomed to sink to the level of the average decline ( or worse ), or can you find or create new opportunities to help your clients and customers ?
Be alert for buying catalysts
I call certain events “ buying catalysts .” They can stimulate the need for your services or products . For example :
A Company / Organisational Crisis : Clients may not recall all the projects you did for them , but they will always remember how you helped them out of a tough spot . When something challenging happens - when the going gets rough - your phone call should be one of the very first ones they get . CLICK TO TWEET . As you know , I believe that many great relationships will be forged in the current crisis .
A Personal Crisis : For example , career challenges , or even losing one ’ s job . If you help someone out who is in-between jobs , for example , you won ’ t be forgotten . If the crisis is truly of a personal / family nature , you maybe be able to help your client by picking up slack at work and being extra helpful during a difficult period .
A new executive : It is typically at the beginning of an executive ’ s tenure in a new role that he or she is most open to both reaching for outside help and for accepting and acting on the advice they receive . A new executive - especially if it ’ s the CEO - may also re-evaluate the strategy , which can have huge implications for the organization .
A reorganization : While a reorganization or restructuring can feel threatening , it ’ s also a great opportunity to add value and help the executives who have taken on new roles .
A step-change environmental event : We are seeing this right now , in spades . Deregulation / regulation , new technology , a new competitor , a talent shortage , a recession , dramatic fluctuations in interest
“
Right now , because of the economic contraction , demand is reduced . However , in the rebound - and there will be one - there will be plenty of opportunities to grow your relationships and revenue . The challenge is to position yourself to thrive in that rebound . Don ’ t withdraw ! rates , prices , changes in fundamental demand , etc . can all trigger a stepped-up use of external advisors and service providers . The key is to develop a thoughtful point of view about the impact of the change on your client ’ s business .
Right now , because of the economic contraction , demand is reduced . However , in the rebound - and there will be one - there will be plenty of opportunities to grow your relationships and revenue . The challenge is to position yourself to thrive in that rebound . Don ’ t withdraw !
A relationship crisis or dissatisfaction : Ironically , a client dissatisfaction with you or your firm could , under the right circumstances and if handled well , lead to an improved relationship and future growth .
When other incumbent competitors make mistakes : Whenever there is dissatisfaction with an incumbent , it creates an opportunity . Often , it represents a chance to get your foot in the door on a small project .
When there is an incumbent transition : If the relationship partner or some key team members at a competitor leave , this can also create an opening .
Stimulate inbound inquiries
Ideally , you ’ d like to wake up in the morning and find your email box filled with inquiries from existing and potential clients . A pipe dream ? Not at all . That ’ s actually how I get the vast majority of my new business opportunities . If you publish , speak ,
70 MAL53 / 23 ISSUE