Jay Sachetti joined Jeff O’Brien, partner at Husch Blackwell and Dyanne Ross-Hanson, president of Exit Planning Strategies talked about the market for mergers and acquisitions, exit planning opportunities for companies that don’t end up for sale and how companies can maximize their eventual sale price during an early October panel at the first Upsize on Tap event at Summit Brewing Co. in St. Paul.
When the state Legislature passed a law requiring employers to provide paid leave and safe time for employees, Justin Bieganek started hearing differing details from friends, colleagues and peers.
business builder communications
by Katy Tanghe
Is your company losing its sales momentum or facing increased competition? Is it not gaining the market penetration it projected? Are you having trouble getting in the door with prospects?
At some point, most business leaders must take a serious look at how their organizations are perceived by customers, prospects and competitors. Is the approach closing deals or losing them?
While several variables affect the bottom line, one thing is certain: If your company’s brand or image is not resonating, the sale could be lost before you get the chance to pitch it.
There are several things you can do immediately to freshen up the image of your organization without spending a fortune.
Refine and define
The first step is to refine and clearly define your business objectives. You probably review your business goals throughout the year depending on what is happening with your staff, product additions or removals, industry trends and so on.
If you are serious about creating a new image for your company, this tactic needs to be the top priority and should include participation from the key decision-makers within your organization. By re-assessing your business objectives, it will be easier to get a clearer picture of the best and most efficient avenue for reaching your goals.
Learn from past mistakes. Sometimes finding the best solution comes from knowing what has not worked in the past. While you always want to maximize the strategies and tactics that win over your prospects, do not ignore the valuable lessons learned from approaches that did not result in new business.
By understanding and appreciating what the market does not react to, you will be that much closer to developing an image that will match itself to the needs of your target audience. It is also important to change course quickly and smartly.
Survey customers
One of your best resources is already at your fingertips: your customers. One way to reach out to them is to create a customer satisfaction survey for them to fill out once or twice a year.
In order to get the most qualitative results, focus on questions that elicit a detailed response beyond “yes” or “no.” Ask questions that will enable you to better understand where your reputation and image might be missing the mark, in addition to becoming better informed about what customers see as your strengths and assets.
Customer feedback that focuses on where you can improve can be the most valuable in terms of retaining their business, but it can also help you see the gaps in your current approach to the marketplace. By talking to your customers, you are not only benefiting your own business, but also cultivating a stronger relationship that will last longer because of your active interest in their views and opinions.
Prospects count, too
Figure out where you stand. While your customers have the ability to provide perspective on what your business means to them, you might want to consider taking a broader approach and find out what your prospects think.
One way of doing this is to blindly ask them, "If you were buying a product like this, what kind of company would you buy it from — high tech? friendly? global? local?” This kind of information lets you know what business attributes your target market values.
For example, if prospects want to buy from a company that is known as friendly and your company did not rate high in this area, consider how you can incorporate warmer graphics for your Web site and mailers, more approachable words in your marketing materials or training for your sales staff.
Also, do not be afraid to call on the businesses who initially turned you away. Their feedback is often the best prescription for diagnosing what part of your company’s image is not resonating.
By evaluating this kind of information, and comparing it against your current approach, you will bridge the gap between you and your target market.
Taking action
By using what you have learned from talking to outside parties, you will be able to revise your company’s key messages where they need it most.
Keep in mind that updating sales collateral, Web sites and marketing materials is much less expensive than starting from scratch. Be sure to communicate these changes to your prospects and customers.
For example, if you have updated your Web site, send a blast e-mail to your target list inviting them to view the improved version. If your budget permits, create a direct mail piece that highlights your new approach.
Whether it is through a new tagline, a new logo or simply a new product name, keeping your customers and prospects informed means keeping your company in front of their eyes.
Reaching out
There are ways to maximize your reputation. One of the most overlooked methods for reviving your image is public relations. While you are considering how to change your logo, Web site or marketing collateral, do not forget that you can use PR to communicate your expertise fairly quickly without pilfering your budget.
If you are an unknown player in your market, public relations is a valuable tool in getting your name out in the industry through targeted media outreach.
You probably already know who writes about your industry; make sure they know who you are by communicating your expertise and differentiators to them on a regular basis.
Involve your customers when possible as their validation of your business will go a long way with the press. And validation from reporters will help raise awareness about the value that your company brings to the marketplace.
This kind of third-party affirmation convinces others of your company’s worth.
Build on the past
Where you have been is just as important to your business as where you want to be. If you throw off your history, company character and every personal perception that already exists, then what you have built thus far equates to almost nothing.
It is far easier, faster, and more effective to build on what you already have established to turn around perceived weaknesses and improve your standing among customers, prospects and competitors.
[contact] Katy Tanghe is public relations director for Snow Communications Inc. in Minneapolis: 612.337.0747; kt*****@*******ow.com; www.cybersnow.com
