Market downturn, what should we do?
- Categories:Company news
- Author:
- Origin:
- Time of issue:2022-04-16
- Views:0
(Summary description)
Market downturn, what should we do?
(Summary description)
- Categories:Company news
- Author:
- Origin:
- Time of issue:2022-04-16
- Views:0
At the end of 2021, many entrepreneurs made predictions about the construction machinery market in 2022, and many people still have good expectations for this year's market.
Economic slowdown, industry adjustment and the impact of the epidemic, the economic cycle, industry cycle and epidemic cycle are intertwined, affecting the fate of every company. The downward trend of the industry this year has become clear. In the face of the sluggish market, what should companies do?
Survival is of course the priority! In fact, some companies have been preparing for this round of market adjustment since June last year, optimizing personnel structure and reducing corporate costs. This year, many companies have started laying off employees and cutting off some non-urgent budgets. Besides reducing costs, what should we do?
When the market is growing rapidly, everyone is very busy. Various meetings, customer visits, team incentives and marketing roadshows are on the road every day, and they are too busy to think. Now that we cannot travel due to the epidemic, and the market is sluggish, expenses are cut, but it is the best time to learn and think.
Why has the industry come to this worrisome state? Everyone should be thinking about this, otherwise, even if we get through this, and even if the market returns to growth, we'll have the same predicament.
A friend of mine used to launch new shares a few years ago, and once he wins the lottery, he can make money, because the listing of new shares usually exceeds the issue price. The market has changed recently. Even if they win new shares, they may fall below the issue price and lose money after listing. This has forced many investors to pay attention to the potential and performance of listed companies instead of just relying on "luck" as before.
The construction machinery industry is also very similar. For a long time, we have been marketing around new customers and incremental markets, and we can make money by selling equipment. Now that the situation has changed, new customers cannot be a guarantee of profits, and equipment may lose money if it is sold. What adjustments and changes should the company make?
Entering the stock market, companies should focus on old customers, grow together with customers, and accumulate more and more repeat customers by creating value for them and providing better customer experience. Repeated purchases of loyal customers, wallet share, tolerance for product problems, and recommending your brand to others, helping companies do word-of-mouth marketing, reducing marketing costs, and repeating customer strategies make the development of the company healthier.
The fast-growing market has made us accustomed to focusing on new customers and ignoring old customers. If we change the product-based accounting system to a customer-based accounting system, companies will be able to see which customers are high-value customers, high-potential customers and negative-value customers, and which are profit from repeat customers and word-of-mouth, we will It was found that the customer acquisition cost of new customers is much higher than that of old customers. Only by changing the original marketing model can companies get out of the "quagmire" of profits.
Now, many Chinese companies have focused their attention on the international market and the transformation of new energy equipment. This is a far-sighted approach, but it is far from enough. If we do not change the original marketing model, the vicious competition in the Chinese market may also be brought to the international market and in the field of new energy, and Chinese enterprises may repeat the same mistakes.
With a 60% to 70% probability of selling to an existing customer and only 5% to 20% probability of selling to a new prospect, investing in a new customer costs 5 to 25 times as much as retaining an old customer. When a company provides quality services, 90% of consumers will be more likely to buy more products and services, 93% of consumers are more likely to be repeat customers, and old customers are 50% more likely to try new products than new customers, increasing Wallet share is 31% higher. 89% of businesses believe that customer experience is a key factor in improving customer loyalty and retention.
The development of the world economy has experienced the era of agricultural economy and industrial economy. At that time, the focus of enterprises was on products, focusing on producing lower-cost products with higher efficiency. Now that the world has entered the era of service economy and experience economy, the focus of enterprises must turn to customers. People have emotions, and experience will play a greater role.
Two years ago, when I was on a business trip, I stayed in a five-star hotel. The waiters in the restaurant were very attentive. On two occasions, when I went to pick up vegetables and yogurt, they took away all the breakfast and cutlery that I had not finished eating. He said unapologetically, "You can pick it up again, and you don't need to spend money." Not only did he waste my time, but he also wasted food and gave me a bad experience. I have never stayed in this hotel since. Obviously, outstanding service does not only have two dimensions of attitude and speed. Experience is people-oriented, and the dimension of measuring customer experience is wider.
Time to make a change! Peter Drucker, the father of modern management, said: "The greatest danger in turbulent times is not the turbulence itself, but the logic of the past." When the market is down, if the company still acts in the way of the past, it is the most dangerous.
Scan the QR code to read on your phone
Sinotub Industry Co.,Ltd
Service Hotline:
Add:
Fuyuansanlu Road, Shacheng Industrial Park,
Chaisang District, Jiujiang, Jiangxi
WeChat public
Copyright © 2016 Sinotub Industry Co.,Ltd. www.sinotub.cn gan ICP No. 16009042-1 www.300.cn
This website supports ipv4 ipv6 bidirectional access SEO