Wednesday, 29 June 2011

Capitalizing on your Triumphs

Those of us in the Dallas/Fort Worth Metroplex are just now starting to come down from the excitement surrounding the Dallas Mavericks winning the NBA Championships. However, just a week or two later, the news is now shifting toward a possible NBA lockout for next season. The joy and hype of the win is already dimming quickly as the media turns to the next new big story.

Isn’t this so true in the business world as well? Besides, these big sports teams are actually big business as well. The amount of money made on this championship by a multitude of businesses is well into the millions.. But that money train is running out of track quickly and may have stopped thanks to attention being drawn to this breaking news story.

What does this have to with you and your business? When you hit a high, make sure you give the train plenty of track! Many businesses have huge gains during a quarter that they have a conference, large event or something newsworthy that brings them an extra boost in customers.

Let’s say some part of your business hits a sudden surge – like sales of Mavericks gear, a certain software package that gets a big push from a high profiles client, etc. As exciting as that rush may be, you have to be careful to not just ride the wave – have a plan for the end of the wave too.

  • Promote another product or service to those that are coming to you for the “surge” product or service
  • Market an ongoing maintenance package to go with the “surge” product or service
  • Market some other item that compliments the “surge” product
  • Create a team to follow up quickly and continue to follow up on an ongoing basis with the new clients you obtained through the “surge” product
  • Create a new marketing campaign that launches off the “surge” product

Having a product or service take off unexpectedly (or even if it is planned) and having a huge surge in sales for a period of time because of it is a wonderful thing – enjoy it! However, just make sure that you don’t sit back and let the momentum that item created die out. Capture it, spin it and use it to create a long term boost to your sales!

2 comments:

Matt Lemke said...

Excellent advice. All part of having a plan for your business. Something i know many of us small or single operator businesses struggle with. Thanks for the info.

Diana Christensen said...

Thank you Matt! We are always here to help with any of your business struggles. Let me know if there is any way I can help you grow your business.