I just returned from yet another trade show. Last week I was in Las Vegas. My show season is about finished and I am reflecting on all the good things that have happened over the past few weeks. I am extremely grateful to work in an industry that is very close nit and supportive, even amongst competitors. There is no substitute for going to industry trade shows and renewing old friendships and acquaintances. It makes all the hard work in between pay off.
Like many other industries, our industry has consolidated tremendously over the last several years. Meaning that there are too many suppliers trying to sell to too few customers. Translation: competition is fierce and without a clear point of difference and competitive advantage over any number of similar companies I am toast. It's enough to keep me up at night and focusing on continuously improving my products and services!
In order to do this I've had to break a lot of old models that frankly were the backbone of my business for many (profitable) years. What worked three years ago, heck last year, well, actually, last month doesn't necessarily work today. Sound familiar?
If so, I have a couple of thoughts and suggestions. If you're still trying to operate under the tried and true model of years gone by you are getting passed by quickly. What worked before has been forever changed by technology, market efficiencies and consumer behavior. I would almost guarantee you the way customers evaluate and buy your products has changed drastically. The question is have you changed how you produce, market and sell to keep up with customer's desires?
If your web site doesn't rock your customer's and prospect's socks off then I suggest you do what I've done and get an all hands on deck meeting together to make it so. Quickly. I am convinced that a correctly designed and executed website is the most important sales and marketing tool that any of us have. It IS the way customers shop today.
The other thing that might make you a little uneasy is you may have to look to some of your competitors or customers as potential business partners. As I mentioned, my industry is pretty close nit and there aren't a lot of secrets so the other way to mix things up is to collaborate and contribute alongside people that you have always considered unable or incapable of helping you. It is truly important who you know but I believe it is becoming increasingly important to focus on what you know and who can help you learn and make things happen.
This makes for some uncomfortable decisions and ideas. The only thing that makes less sense is status quo. If you're not in the habit of challenging it then I suggest you find a way to stop living in the past and be willing to take necessary calculated risks to impact your future. If you're my competitor, never mind. I'm sure you're doing just fine.
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