Creating Business in a Down Market – Microwave Product Digest March 2013
By Robert Littera, President, Tekmar Sales Inc.
Talk of budget cuts, layoffs, and early retirement packages echo throughout the industry as of late. Military programs have declined, and OEMs seem to each have only one major proposal to work on. So how can we create business in this climate?
To begin with, we must build a diversified business base and seek balance. Having a strong presence across two or three sectors — mil, space, commercial, medical, satcom, etc. — provides stability. However, jumping into anything that is popular at the time is not effective. Customers need reassurance that we are committed to the industry, regardless of market conditions. During one meeting, a customer asked, “Oh, are you back in the space business now?”
Innovation creates business. The current administration has made it clear that they are not interested in buying horses and bayonets. Good news since, thankfully, we don’t sell either of those. All kidding aside, we provide technology to protect our country; this is precisely what there is a budget for. In order to create business in the absence of new programs, our efforts must lie in solving technical challenges and improving existing platforms. With our help, our customers can offer engineering change proposals and updates that will trigger retrofits, thereby creating business. In order to accomplish this, we need strong marketing. Once we understand what is required, we can introduce products which offer an advantage. Sales can then promote these solutions to the rest of the industry, and create additional business.
No surprises: Surprise is likely the most damaging curve we can throw to a program. If a customer has to call to check on our progress, only to find out that there is a problem, it leaves a negative impression and seriously diminishes our chances for future business. Companies don’t do business with companies, people do business with people— and people don’t forget! If issues do arise however, such instances should be viewed as an opportunity to turn a negative into a positive. If we recover quickly, we actually stand to gain more business than before.
Personal visits and face-to-face discussions are critical. When business is down, buy airline tickets; Web-Ex™ is great but it is not an acceptable substitute. We need to show up in person.
A down market actually gives us an opportunity to reset, refocus, and rise stronger than before. In fact, designs and new concepts are more often developed in down markets, when we have time to be creative. So with balance, innovation and close communication with our customers, we can actually create business. We must offer solutions they can’t afford not to buy. And lastly, one good thing about being in a “down” market:…an “up” market is next!”
Robert Littera is President of Tekmar Sales Inc. and author of “Positive Thinking Music.”
Tekmar Sales Inc.
Appeared in http://www.mpdigest.com/issue/
