The
Who, What, and How of Business Change | Know with IE Consulting LLC
As
we prepare for the second part of one of the strangest years of our lives, most
of us have transitioned from reactive mode and are making our way to the more proactive
mode of doing business. There is no doubt that the business landscape has
changed, but the big question is for how long.
Regardless
of which expert you listen to, most businesses are looking at a complete
business cycle. The work we are doing now is no longer a temporary shelter, but
a structure that will last for at least 18 months. As business leaders, we are
making some drastic decisions on whether to stay the course, axis or shift.
Siris
states in Morrow Crisis Leadership, that there is a significant difference
between pivoting and shifting. He explains it as an axis that takes you to
where you are and you are looking in different directions to change your
direction. A change requires you to take a step and when you move to that new
place, it opens up a whole new paradigm of opportunity.
If
you're scratching your head wondering if you should shift or pivot or try a
triple backward flip, take a moment to get back to basics. Start with the
three key components of Business Transformation:
What
do you sell?
How
do you sell it?
Who
are you selling to?
What
do you sell:
It
is very simple on the surface. What changes can happen to the products and
services you are currently selling? This can range from changing the mix of
things you sell and the way you bundle it to selling something completely
different. The answer may be obvious or take some creativity.
For
some this may involve starting from scratch and asking customers how their
business has changed and what they will need next year. A president of a
restaurant supplier put roundtable calls together with his customer base. Together
they discussed what their business would look like once they were allowed to
reopen, how they would be accommodated, and what kind of supplies they would
need. This resulted in a new item list for their future needs.
How
do you sell it?
You
can no longer show up at anyone's office. You cannot distribute a batch of
cookies or even send a gift basket to be shared among the team. The way you
sold your products or services is no longer an option. This is where you need
to decide on an axis or an innings.
An
example of pivot is the pharmaceutical industry. One of the most relationship
driven sales roles in this industry is - pharmaceutical representative. They
are withholding their sales approach from the doctor for a marketing approach
focused directly on the consumer.
The
interim executive strongly feels that Pivot needs a different mindset in how
companies sell in the current environment. They say, "This is really going
to force a different set of behaviours and a different go-to-market plan that
will involve really close collaboration with marketing and other stakeholders
within the company, IT, etc."
There
is also a change opportunity in how we sell. Cyril Moreau, CEO and Consultant,
talks about the shift from regional to customer-based sales forces. He explains
that historically, companies regionally employ salespersons, so that they are
close to customers.
Who
are you selling it to:
Our
audience is either expanding, contracting or changing its customer base. Cyril
Moreau, Interim CEO
shares a customer story. He is working with clients in the food and beverage
space with a digital platform. The company has traditionally targeted
millennials. Now all that is happening is expanding the audience and they are
able to expand their target market. Generations that were not tech savvy before
have been forced to change how they buy and now have a growing group of
adopters of technology platforms for everyday life.
Include
your leadership:
As we consider what kind of shift or pivot we need to make and to what extent, IE Consulting LLC recommends, "We think a lot of CEOs will be taking that decision alone and you really should bring in your directors and your managers. We call this mission change right? You were doing "X" and now you are going to do something different. It is a decision at the leadership level. You want to socialize it with your staff and get their input on what you are looking for, plus, before you decide to take the whole company and have a different one with it Go in the direction."
For
more information, please visit International Executive
Consulting LLC today and follow us on social media now!
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