There is a great quote that I heard a few years ago and it simply states, “You get paid for the value you bring to the marketplace” and we lost sight of it during the craziness that was the Celtic Tiger. We have all seen our revenues decline, marginally or dramatically, and subsequently we have responded in one of two ways, paralysis or action.
Focus on “Value”
Take a look at the above quote again and focus on the word “value”. When we were awash with sales and cash our focus slipped from providing true value, frankly because the marketplace was glad to have any kind of service and it was not discerning enough to look at the value provided by suppliers.
However, right now, the only driver is value. Today customers are spending money in some fashion and the buyers are far more discerning. If you listen to them they will no longer accept any old product or inflated pricing, they are now focusing on what is the most valuable of he products available to them.
Listen to the Customer
Take a look at the businesses that are currently growing in this economy, they are the ones that have listened intently to their customers and to the marketplace and they swiftly responded with providing value based products that the market needs and is willing to pay for.
So, what will you do? Will you complain about margin erosion, how “we are on a racing to the bottom”, or, will you take a long hard look at what you are offering the marketplace and identify what you could bring to it that will increase the value and get you more customers?