Adapting Your Strategy to Survive and Thrive During a Crisis | HaneyBiz Daily Webinar Series
Mar 25, 2020, 11:46 PM
Craig Hettrich, the President of The Hettrich Group, talks about some very simple concepts that business owners can do now to adapt their strategy in challenging times.
Craig's main message is FOCUS ....on your best customers with your top tier skill and how you can adapt your strategy to help your best customers face their issues and challenges...along with the Leadership style required
In challenging times ...many business owners try to diversify what they are offering in the pursuit of holding on to revenue...if this ties into their top tier skill then yes by all means but if they are just fair to good at the proposed additional offering then it is going to be tough sledding and a drag on precious current resources ....when they should be focusing more on and sharpening and adapting their top tier skill... strategy and value proposition to their best customers
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Here are the basics...and 5 key take aways
1) Focus on your top tier skill (what you do better than almost anyone in your space) Are you clear on your top tier skill? Believe it or not many companies are not. I have a process for teams to gain clarity around that.
2) Focus your sales, marketing and service on your Best Customers. Do you have Core/Ideal customer profile(s) that are based on your top tier skill? I have a process for teams to gain clarity around that
3) Adapt your strategy to increase your differentiation, retain your best customers and set the foundation to grow. Spend some time walking in your Core/Ideal customer's shoes ...what are their biggest issues and challenges right NOW...in their industry with their customers ...and will you have to adapt your strategy and offerings to add value in helping them overcome these issues and challenges. Any adaption of strategy should tie back to your top tier skill as a company. My thinking is that this adaption of your strategy may well add your differentiation and strengthen the competitiveness of your strategy ....and help with retention of your best customers as well as help your convert new customers.
4) Utilize strong Interpersonal Skills to lead your team - I will talk about the best practice way to lead your teams...e.g. time to lead your team with strong Interpersonal Skills...self aware, team aware, culture aware etc
5) Don't do this alone!!! CEO Peer Groups AND the help of a CEO level Executive Coach and Strategic Advisor (yes I do this so it is an indirect plug)
Craig's main message is FOCUS ....on your best customers with your top tier skill and how you can adapt your strategy to help your best customers face their issues and challenges...along with the Leadership style required
In challenging times ...many business owners try to diversify what they are offering in the pursuit of holding on to revenue...if this ties into their top tier skill then yes by all means but if they are just fair to good at the proposed additional offering then it is going to be tough sledding and a drag on precious current resources ....when they should be focusing more on and sharpening and adapting their top tier skill... strategy and value proposition to their best customers
-
Here are the basics...and 5 key take aways
1) Focus on your top tier skill (what you do better than almost anyone in your space) Are you clear on your top tier skill? Believe it or not many companies are not. I have a process for teams to gain clarity around that.
2) Focus your sales, marketing and service on your Best Customers. Do you have Core/Ideal customer profile(s) that are based on your top tier skill? I have a process for teams to gain clarity around that
3) Adapt your strategy to increase your differentiation, retain your best customers and set the foundation to grow. Spend some time walking in your Core/Ideal customer's shoes ...what are their biggest issues and challenges right NOW...in their industry with their customers ...and will you have to adapt your strategy and offerings to add value in helping them overcome these issues and challenges. Any adaption of strategy should tie back to your top tier skill as a company. My thinking is that this adaption of your strategy may well add your differentiation and strengthen the competitiveness of your strategy ....and help with retention of your best customers as well as help your convert new customers.
4) Utilize strong Interpersonal Skills to lead your team - I will talk about the best practice way to lead your teams...e.g. time to lead your team with strong Interpersonal Skills...self aware, team aware, culture aware etc
5) Don't do this alone!!! CEO Peer Groups AND the help of a CEO level Executive Coach and Strategic Advisor (yes I do this so it is an indirect plug)