Selling Power interview with Neil Rackham – Author of Spin Selling — What’s the best strategy for selling in a recession.
As I work with my team in the field many of these same things come up. The main thing that I am battling is the age old price-price-price when things are tough. Check out the video and I hope that there are some tips that you can use to help you through these tough economic times.
The economic impact of increased US savings. US consumers are spending less and saving more. The economic impact of that combination will depend upon how fast incomes grow.
Two forces that until recently turbo-charged US consumer spending—growing household debt and a falling savings rate—have gone into reverse. In late 2008, as households started reducing their indebtedness and saving more, consumption tumbled.
Great article from the McKinsey Quarterly. Read it now.
In the food service business I can tell you that every restaurant is dependent on the consumer having disposable income to eat out at their establishment. This article brings to light the events that continue to unfold that may cause issues with the hospitality industry and sustaining their revenue, let alone increasing it.
6 Ways to Help Your Business Weather the Economic Storm – A very cool article about freelancers and how they can adapt and survive in the current economic climate. This would really apply to any sales oriented organization. Think of the six steps, showing value, promoting freebies and/or add-ons, using the media, doubling up exposure, joint venture opportunities and raising prices. Read the entire article here.
In starting with my reading challenge for 2009, I have started a hardcover book, but, I also started on an audiobook since I am traveling often. My first choice was Jim Collins. His book Good to Great: Why Some Companies Make the Leap… and Others Don’t was a great first choice and it didn’t take that long to get it listened to. It is only a tad over 6 hours of audio and I knocked that out in roughly 5 trips to my office.
In this current economic environment I was looking for some insight into creating and sustaining great fundamental principles. This book outlined some great concepts that I have already found myself digging into and getting my arms (and head) around. The first concept is the Hedgehog Concept and I find that I love the idea about focusing on the understanding of what you can be versus the goals, strategies or intentions. What are your three circles? The other concept was the Flywheel or the Doom Loop. This gets my thoughts going about momentum, consistency, leading, discipline and initiative. I fully recommend getting this book or audiobook. At the very least visit Jim’s web site where there is a wealth of information to help you go from Good to Great!!
I have been hearing about this ‘perfect storm’ theory for quite a while now and have come to the realization that, this is not about the state of things, but, about what should have or at the very least could have been done prior to all of this mess. If we continue to wallow in the moment of ‘woe is me’, then there is no chance for us to lead into a brighter day tomorrow. Stop complaining, be happy and do something. Here is an article in the Washington Post that has got me thinking about how I am managing and leading in this current economy.
A Perfect Storm? No, a Failure of Leadership By Steven Pearlstein
A bit of unsolicited advice to business executives trying to explain why their company or their industry is suddenly in the soup: Please spare us the “perfect storm” metaphor. It’s hackneyed, for starters. It doesn’t square with the facts. And for people who fancy themselves leaders, it’s downright unbecoming.
In this dismal economy, executives need to hope for the best but plan for disaster, says columnist Stefan Stern. Initial steps include protecting the fundamentals and guarding the existing business. “Tap into unexploited revenue streams by thinking afresh about your existing customer base,” he advises. Read the entire article at Financial Times