1. The Warehouse Sale
This is one retail strategy that Amazon has not killed and works for most product driven businesses. The New and Used Ski Sale in Calgary has been doing this forever it seems – a mad weekend under one roof at Max Bell Arena. Such an event enables your company a chance to move slow or last years inventory and in turn, gives consumers the benefit of discounted selections en masse. These events are essentially a pop up factory outlet for an LOB within a large corporation or for players who can’t afford the Factory Outlet stand alone. And it lends the opportunity for some friendly coopetition with other folks in your industry.
2. Private Event
The polar opposite of the above. Think the Trunk Show put on by retailers like Harry Rosen. In years past, Harry himself came out to the stores with select fabrics to meet and measure clients for new suits, jackets and slacks. (I met Harry on more than one occasion and he’s a true gentleman!) Fear not little Co’s, I’ve experienced this event working for you as well. It’s an intimate evening where people can meet, have a glass of wine, network and be given the kid glove treatment while purchasing a new wardrobe.
3. Referrals Campaign
Sounds almost too obvious but if you document how many times you are meeting with clients or prospects and forget to ask for referrals, you might be shocked. Most marketplaces are too big for any one company to stay on top of every change or ‘who’s who’ in decision making roles. You never know when the answer comes back as; ‘A friend of mine just joined Mega Ltd. and she’s frustrated trying to find new software partners who will listen – call her!’
4. ‘One more call at the store next door’
Part of me groans when I hear this saying, but when I reflect on how this has helped me win more sales and the fact it’s free, the groaning stops. Here’s how it works; Sales teams, when you’ve wrapped up your day and about to close- up the computer, stop! Review your warm-hot prospect list and make one more call. I find this particularly effective on Friday afternoons when the competition has already left for the Pub.
5. ‘Whatever happened to…?’
Reviewing lost accounts or those that have been on hold for a zillion years. This one I have mixed feelings about because some things are better left undone. But it also might be like dusting off that old bible and finding some peace in going back to church after swearing to your parents you would never go again. Or finding renewed life in a table that just needs a little polish. You never know when the timing of your solution now fits for a client in need.
6. Ditch the Time Wasters
Simple but requires discipline. Some low hanging fruit would be cutting out the personal text messages and emails during Prime Time – exceptions of course might be your immediate family in the case of an emergency. Or how about the emotional energy and wasted time burned complaining about politicians or the latest scandal. Why do you care? You probably really don’t but if you do and truly want to make a change for the better, run for office. Until then free up the mind clutter and brainstorm ways to bring in that much needed revenue.
7. Laser Focus
Our advert gets slipped in here… sort of. But I’m also going to give you the keys to a powerful yet simple process. It was born out of a strategic planning session I led that was responsible for $500k in found revenue in the first year and into millions in years since. And although it’s proprietary in nature, here’s the jest of it to get you started.
- Find an underperforming product or service and analyze the data. Note that underperforming means it has value and therefor potential.
- Agree with your team on what the numbers could or should be on a monthly basis, without significantly increasing your cost of goods sold.
- Do some root cause analysis – why is it underperforming? Lack of training? Out of sight out of mind? No spiffs or financial incentives? No follow-up or weak vendor support?
- Assign the team responsible, get your plan in place including regular follow- ups; remember the power of KPI’s and watch what happens!
Good luck and if there is anything we can do to help, don’t hesitate to give us a call at 778.317.8064. Oh… and in the spirit of strategy hack # 3 above, if you know of anyone who would benefit from some fantastic strategy consulting to boost their cash flow, have them give us a call. 🙂