Happy New Year!
Here's the January 2012 issue of Psyche-Selling TM eNewsletter, while we enter great uncertainty in the coming Year of the Dragon.
While 2011 had been a great year for many, 2012 promises to be a lot more "exciting", since no one knows how the economy will be. As it is, there is already slowdown across different sectors in many countries across the Asia-Pacific.
It will be anybody's guess if things will get much worse, or will it get better. The key is to be prepared, and map out successful strategies whatever is the outcome of the economy.
Hence, this month's topics:
This issue's main article is on "Creating Winning Strategies in Uncertain Times", and we'll explore how we remain focused while the rest of the world turn topsy-turvy.
In the meantime, catch c.j. in Singapore on 23 Feb 2012 as he conducts a half-day workshop on Selling in Severe Adversity: How to Win More Sales and Get More Customers in Uncertain Times . Seats are limited, and the first 3 readers of this newsletter who respond will get a one-for-one special offer. e-mail firstname.lastname@example.org for details.
Creating Winning Strategies in Uncertain Times
by c.j. Ng
Just like many other business leaders, Peter faces a great deal of uncertainty in the forth-coming year. While some economic indicators are saying that the economy will be really bad, some other reports are saying that the economy is recovering.
Not knowing whom to believe, Peter finds it difficult to make decisions ranging from hiring staff, increasing production or moving into new markets. He fears that if he commits more resources, he might be badly hit if the economy turned for the worse. However, he might also be losing opportunities should the economy improve for the better.
Starting with his objectives, Peter finds that there are roughly 3 options he can choose from:
Peter then analysed his financial situation as well as gathered feedback from the market. Since Peter's company is financially healthy, there's no need to be overly-conservative. While there might be hardships and difficulties, survival is not an issue.
Hence, Peter's choice will be between options 2 and 3. Before he commits himself, Peter decides to identify and understand the possible Threats that might pop up during uncertain times.
What didn't Kill You will Make You Stronger
The good thing about a weakening or uncertain economy is that it tends to affect everybody in your industry, including your competitors. The difference is that if you have better cost-structures than your competitors, you are more likely to weather the economic storms better than others.
On the other hand though, some competitors have cost-structures that are as good, if not better than you. Hence, in difficult economic times, they might still have the budget to gather more resources to beat you.
As such, your biggest Threat in an uncertain economy may not be the economy itself. It could actually be your strongest competitors. If you are too conservative to stop growing your market or engaging your customers, you might be squeezed out by your strong competitors.
Having understood these hidden Threats, Peter decides to take the following actions:
Spend more quality time with key and emerging customers, even if they have reduced their orders or have postponed their purchases. If you don't engage your customers adequately, your strong competitors may be stealing them from right under your nose.
Seek ways to achieve more with less resources. Even though you might have a healthy financial status, you can't be sure how bad the economy may impact you financially. This is not to say that you simply cut expenses. It's just to put on the Green Hat and explore how else you can spend less, and achieve better results in innovative ways.
Seeking Hidden Opportunities in Uncertain Times
While there are some real Threats that could put you out of business during uncertain times, there might be some hidden yet highly-rewarding Opportunities that you can leverage on as well.
During uncertain times, some prospective customers may be looking for alternative suppliers who can:
In Peter's case, he observed that most of his competitors have some Weaknesses that he can leverage his Strengths to gain an upper hand. As Peter is very much aware that some of his competitors will have more resources at their disposal, he will have to really look hard at what might be overlooked by his well-financed competitors. These include:
Proactively suggesting to customers innovative ways to improve the customers' results or experience. While customers may be a lot more price-sensitive during uncertain times, they are also actively seeking ways to reduce downtimes, inconsistent qualities or wastages. These inefficiencies, if reduced, will help customers save more costs than just simple price reductions.
Mapping Your Action Plan in Uncertain Times
The thing about uncertain times is that you'd never know what could happen tomorrow, be it for the better or the worse. As such, mapping an action plan during such times can be really challenging.
There are, however, some principles that you can adhere to whatever the outcome of the economy. These are:
Ultimately, if you expect the unexpected to happen during uncertain times, perhaps you can also do the unexpected during such times as well. The key advantage of to having tough and uncertain economic times is that such situations force us to rethink really hard about what else we can do better.
As a start, you can ask yourself these lateral thinking questions:
Why not the customer switch to a competitor?
What if our competitor start to take actions to win our customer? What if we take the necessary steps to win both our and our competitor's customer?
Need help in getting your team to map winning strategies in uncertain times? Simply e-mail email@example.com or call +86-136 7190 2505 or Skype: cydj001 and arrange to buy me a mocha. All information shall be kept in confidence.
Power Breakfast Hour: 9 Feb 2012
CreatingWinning Strategies in Uncertain Times (using the Six Thinking Hats)
How to leverage on the hidden Opportunities to get ahead of your competitors
Mapping out the action steps that will guarantee you success in uncertain times!
VENUE: Crowne Plaza Shanghai • 400 Panyu Road (near Fahuazhen Road) • 上海银星皇冠酒店 • 番禺路 400 号 （靠法华镇路）
PRICE: RMB 200 ONLY!
To make this a more conducive discussion, we are expecting a small group of about 15 people only. The room can only take in 18, so please register early to avoid disappointments. Please e-mail your registrations to firstname.lastname@example.org
Need a Keynote Speaker for your Annual Conference?
Whether you are holding a conference for your regional staff, resellers or even customers, we have the right speaker who can help you deliver the spirit of your conference, and effect positive changes to meet your goals.
The topics our speakers can speak on include:
Simply e-mail your requests to email@example.com or call +86-21-6219 0021 for enquiries. Sample video and audio recordings available upon requests.
Practical Tips for Hiring Managers:
Why New Hires Fail
CEO, Leadership IQ
News Release (WASHINGTON, D.C.) -- According to a new study by
Leadership IQ, 46% of newly-hired employees will fail within 18
months, while only 19% will achieve unequivocal success. But
contrary to popular belief, technical skills are not the primary
reason why new hires fail; instead, poor interpersonal skills
dominate the list, flaws which many of their managers admit were
overlooked during the interview process.
In addition, the study found no significant difference in
failure rates across different interviewing approaches
(e.g., behavioral, chronological, case study, etc.).
However, 812 managers experienced significantly more hiring
success than their peers. What differentiated their
interviewing approach was their emphasis on interpersonal
and motivational issues.
Get your complimentary copy of our "Hiring Effectiveness in Asia" survey report when you particpate in our survey. Simply download our survey here to fill in, and e-mail your completed survey to firstname.lastname@example.org and we will send you our report once we have analysed the results. Please submit your results by 29 Feb 2012 to participate.
If you would like to get more and better ideas hire the right people with the right attitude, you can e-mail email@example.com or call +86-136 7190 2505 or Skype: cydj001 and arrange to buy me a mocha. All information shall be kept in confidence.
Sales... ....the lifeblood of a company, a matter of "life and death", survival or extinction. Indeed, something that needs to be studied, applied and re-modified consistently.
Psyche-Selling TM is set up so that companies and sales people can make healthy profits and STILL provide genuine solutions to customers.
Psyche-Selling TM would like to create an environment where customers can trust sales people to give them what they want, and NOT be pushed with all kinds of products and services. In return, customers will become loyal fans of these ethical and professional sales people, and repay them many fold for the long-term.
Psyche-Selling TM will not rest, until the above is achieved. Not just in China. Not just in Asia. But everywhere where buying and selling takes place.
Psyche-Selling TM is a wholly-owned brand of Directions Management Consulting Pte LtdPsyche-Selling ng TMconducts pre- and post-training analysis, interviews, monitoring and reviews, working closely with managers and even senior management, to deliver real improvements in sales leadership and performance.
Hence, Psyche-Selling TM would like to be known as the preferred choice of outstanding and remarkable clients, and pride ourselves as such. We will also be continuing to assist our clients achieve greater heights in 2009 and beyond.
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