1. reorganize innovation management
In order to stay ahead of the competition, you need to develop new products. Therefore, innovation management must be optimized or reorganized. The basis for every innovation in the product portfolio is a fundamental understanding of the existing and potential new target groups and their needs. If no reliable information is available here, market research - both online and offline as well as qualitative and quantitative surveys and analyses and (interim) retailer surveys - is an essential prerequisite for innovation.
On the basis of this information and its analysis, develop new products, both for existing customer groups and for new target groups that can be reached with the company's core competence.
2. Systematize market development.
It is astonishing that many companies only cover existing markets incompletely due to a lack of systematic market development, although this would often be very possible with the help of digital tools. In addition, newly created sales channels, such as platforms, are not even considered in the company's sales.
The importance of systematic market cultivation for sales - and therefore for success - is enormous. This applies equally to existing and newly identified channels. However, this only ever works together with the sales team and not against their resistance. The corresponding persuasion work is not always easy, but it is an indispensable prerequisite for success. Monetary incentives can also be a useful way of motivating the sales team. Incidentally, a bonus system geared towards profitable growth is generally indispensable for sales companies.
3. Develop a qualified sales team.
The marketing and sales team is often severely thinned out and demoralized due to the massive savings that were often made before insolvency. The development of a long-term strategy for sales therefore also includes the establishment of a qualified marketing team or sales team and its further development.
Broadly broken down, there are three groups of players: brakemen, followers and proactive shapers. The important thing here is to identify slowpokes and possibly deploy them elsewhere. Followers, on the other hand, should be transformed into shapers through arguments, refuting objections and ultimately through success. Finally, proactive creators should be given generous freedom and a large area of responsibility.
These development measures should be flanked by (also monetary) incentive systems as well as intensive training and further education, especially on digital tools. New systems require new core competencies. However, this does not mean that the existing team cannot acquire these if they receive the right guidance and training. If this takes too long, companies can usually quickly buy in the necessary knowledge externally, which can make sense in environments that are constantly changing, at least in the medium term.
4. Set up sales controlling.
Success in marketing and sales or in the implementation of the sales strategy must be able to be measured in key figures, at least in the medium term. Comprehensible sales controlling is essential for this. The controlling should be based on the usual key figures and KPIs. Relevant indicators for the extent to which targeted goals are achieved include sales, market share, contribution margin or profitability, but also the complaint rate and cancellation rate as well as conversion rates and completion rates.
Sales controlling should not be too intricate, however. After all, it is important to achieve defined goals:
- Is the new sales strategy working?
- Is the company holding its own against the competition?
- Is it holding its own against the competition?
The direction must therefore be recognizable without getting lost in the details.
5. Build up target group-specific communication.
In the phase before and during insolvency, massive savings are often made in the classic and digital end customer approach at the expense of the future. A prerequisite for a successful restart is a clear definition of the target groups to be reached: In addition to the existing customer groups, there are also new products and target groups that can be tapped into based on the company's core expertise.
Once the target groups have been defined, the target group-specific traditional and digital communication channels can be identified relatively quickly. These then need to be targeted with attention-grabbing and relevant content.
