T-Shirts and Suits Creative Enterprise Network
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Think inside the box
I’m often asked what I believe the year ahead holds for
creative industries, and this is often followed by a second question -
what can be done to remain strong in the tough economic climate we are
experiencing?
It may sound rather absurd, but my advice is to think inside the box during hard times.
I’ve worked in more than 20 countries over the past 12 years and helped
hundreds of creative companies to grow. It’s vital creative leaders get
smart, take a detailed look at the sources of business, and adopt a
more tactical approach to winning new contacts.
Economic conditions are tough and if you’ve relied on hard work and
enthusiasm to get results, it’s likely you’re not seeing the same level
of results now. When work slows down there can be a knee-jerk reaction
to go off in all directions chasing new business, but it’s not just
about getting new clients, it’s about getting the right ones.
Right now the average lifespan of a SME in the UK is just 24 months,
which is why it is so important to take the time to evaluate your
business and work more strategically. By focusing on a just few key
areas you can not only survive the recession, but emerge stronger when
the economy recovers.
One common flaw I often come across is where creative enterprises
haven't fully evaluated their position in a competitive market place.
Even if you’re really good at what you do, if several others are better
still, it's going to be difficult. So look around and identify the
goods or services at which you excel in relation to competitors. In
this way you can find your competitive advantage and a profitable niche.
It’s also important to remember that marketing isn’t just about winning
new clients. Many businesses are so excited by the prospect of finding
totally new customers that they overlook existing ones. It's much
easier to keep your existing customers and win more business from them.
Your current and past customers are also the best marketing department
you'll ever have so look after them!
Here are my top tips for success in the creative industries:
1. Focus your financial goals on profit not turnover. As they say, "turnover is vanity; profit is sanity".
2. Identify the goods and services you excel in over and above your
competitors to find your competitive advantage and a profitable niche.
3. Remember business takes place between people, not companies. Don’t
hide your people, show them off by giving contact names on your
websites and marketing materials.
4. Cash is king. When winning new business check credit references and
ask customers pay a percentage upfront. A customer who doesn't pay, or
even one that pays late, can cripple a business.
5. Marketing is not just about winning new clients. Look to your existing clients as a source of further business.
creative industries, and this is often followed by a second question -
what can be done to remain strong in the tough economic climate we are
experiencing?
It may sound rather absurd, but my advice is to think inside the box during hard times.
I’ve worked in more than 20 countries over the past 12 years and helped
hundreds of creative companies to grow. It’s vital creative leaders get
smart, take a detailed look at the sources of business, and adopt a
more tactical approach to winning new contacts.
Economic conditions are tough and if you’ve relied on hard work and
enthusiasm to get results, it’s likely you’re not seeing the same level
of results now. When work slows down there can be a knee-jerk reaction
to go off in all directions chasing new business, but it’s not just
about getting new clients, it’s about getting the right ones.
Right now the average lifespan of a SME in the UK is just 24 months,
which is why it is so important to take the time to evaluate your
business and work more strategically. By focusing on a just few key
areas you can not only survive the recession, but emerge stronger when
the economy recovers.
One common flaw I often come across is where creative enterprises
haven't fully evaluated their position in a competitive market place.
Even if you’re really good at what you do, if several others are better
still, it's going to be difficult. So look around and identify the
goods or services at which you excel in relation to competitors. In
this way you can find your competitive advantage and a profitable niche.
It’s also important to remember that marketing isn’t just about winning
new clients. Many businesses are so excited by the prospect of finding
totally new customers that they overlook existing ones. It's much
easier to keep your existing customers and win more business from them.
Your current and past customers are also the best marketing department
you'll ever have so look after them!
Here are my top tips for success in the creative industries:
1. Focus your financial goals on profit not turnover. As they say, "turnover is vanity; profit is sanity".
2. Identify the goods and services you excel in over and above your
competitors to find your competitive advantage and a profitable niche.
3. Remember business takes place between people, not companies. Don’t
hide your people, show them off by giving contact names on your
websites and marketing materials.
4. Cash is king. When winning new business check credit references and
ask customers pay a percentage upfront. A customer who doesn't pay, or
even one that pays late, can cripple a business.
5. Marketing is not just about winning new clients. Look to your existing clients as a source of further business.
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Article first published on 08BusinessConnect
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Article on T-Shirts and Suits blog
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Tags: advantage, cash, clients, competitive, competitors, customers, downturn, economic, existing, hard
Replies to This Discussion
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Permalink Reply by Richard Duszczak on -
David,
Great article - it reminds me of what I should be doing.
On tip No.5, I've been sending a weekly cartoon to my database of around 500. Nothing hard sell, just a topical or motivating cartoon to keep in touch. And most weeks I get someone coming back with a project/little job and some even want to use the cartoon I've sent them. So by all means go for winning new clients but DON'T forget your existing one!
Best wishes,
Richard
http://www.cartoonstudio.co.uk - Attachments:
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CreditCrunch.jpg, 66 KB
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Permalink Reply by Peter Drought on -
Very much agree.
My main line of business is architectural photography. I have tried other areas of the business in the past, but it is this one that people come back to me for, and that I gain recommendations from. You need to be careful when considering diversification, as there is a real danger that you can spend a lot of money on projects that don't really interest you and don't get you much work either.
© 2010 Created by David Parrish
