The HME industry has been under siege. We have company. Other industries, such as music, went through recent revolutionary technology and distribution changes. The publishing industry is now in the midst of a wrenching digital evolution.
I have seen HME companies become enveloped in gloom and depression from audits, competitive bidding, billing nightmares and declines in customers and referral sources. Gloom is certainly understandable, but some firms face similar challenges and respond with new plans and tactics. Here are six lessons learned from survivors in battered industries:
1. Embrace change. As ugly or as hard as it is, invest in the best technology to help manage change, whether in contracts, bidding, customer analysis, POS and financial analysis. Good financial analysis and guidance along with scenario modeling make for sound decision making.
2. Keep marketing. Your budget may be down to a trickle, but be creative and bring new energy to your efforts. Engage a college intern for a specific project to set up social media strategies. Or use an intern to help with a promotion. Have them develop three articles your salespeople can use with referral sources and on your blog and website. You will be amazed at how this new youthful energy can open up ideas and boost morale. Use cost-effective techniques such as Facebook, e-mail marketing and direct mail offers, and populate community billboards and calendars. Contact local media with solid story ideas, and submit guest editorials. Keep your brand and services in front of every stakeholder.
3. New products and services give your business new life. They put excitement back into your company’s brand and can kick-start employee motivation. New products and services show points of light that can be replicated for new successes.
4. Constantly engage your employees to offer ideas and recommendations. Your employees know the struggle. They are your best source for new marketing ideas as they are on the frontlines with customers, vendors and referral sources. Reward and recognize good ideas. The morale boost goes a long way.
5. Every month should be exciting. You should have a theme, angle, sales drive or promotion centric to your business every single month, at minimum. This engages every part of your company—products, customer service, sales, referral information and education. It provides the momentum to unify a positive brand message. A monthly program or promotion provides fresh substance for sales calls.
6. Cut unproductive, unprofitable products, services and employees. There is always an excuse for delaying these decisions. “We’ve always carried it.” “This was ordered by my wife, and she handles that part of the business.” “John is my sister’s husband.” Everyone is guilty of hanging onto parts of the company that should have been dealt with earlier. These delayed decisions become more costly over time. They use valuable space, tie up funds or affect employee morale. In nearly all cases, managers say, “I should’ve made the decision six to 12 months ago. It never got better.”
Marketing is more than perception. It is accurate, authentic communication and delivery on your brand promises. This is more important than ever in these times of serious industry upheaval. Make marketing fresh, positive, smart and exciting. You only sell your business short with anything less.
