My motto for this recession, quoted previously in this space, is “You don’t have to outrun the bear.”
As the recession lingers, and the slow, jobless recovery trickles in with a whimper, my clients are finding it both tiresome and challenging to build business. I am coaching a number of them on some tough tactics, which I used myself in the mid 70’s when the economy was similar to today’s.
It’s called “Making sure the other guy gets caught by the bear.” and it goes like this.
Start talking to your vendors, all of them, about how tough it it to collect in this environment. Ask them openly if they are having any problems collecting from people like you. Not all of them will begin complaining about their slow-pay clients, but some will. Some of their slow-pay customers are your competitors.
Now, hire a temporary or part-time college kid to put on the phones. There are plenty out there. Have them call every target customer you can identify who doesn’t currently do business with you. Say they are conducting a one question survey, and want to know whom they buy your products or services from.
Again, not all will tell you, but if you just ask that one question, and do it pleasantly, many will because it takes less time than getting your telemarketer off the phone
Now match up the lists. How many target customers are doing business with the slow pay/no pay competitor? Those are the ones you want to give a “killer” deal to. And I mean killer. Your purpose now is to take as much of the remaining business away from your weak competitor as possible. He is on the ropes. It’s time for a knock-out punch.
What? Not Marquis of Queensbury you say? Un-American?
Let your sympathies and your compassion be
always with the under dog in the fight–this is magnanimity; but bet on the
other one–this is business.Mark Twain, a Biography
Your job is to protect your family, your company and your employees, in that order. I’m not sure where protecting your competitor comes in, but it’s way down the list.
