Is Change The Answer?

By Chris Behan

As business owners work to reorganize their companies, some make the difficult decision to “change” their business model and offer new products and services that may be outside of their normal mode of operation. This change is driven by the desire to “bridge the gap” between current sales figures and those of years past.  Change, however, can sometimes present problems for businesses, since many times it leaves them operating outside of their proven area of expertise, while also possibly requiring additional capital to expand into new areas.

Now, I am not suggesting that change is always the wrong path or that you should not adapt to the marketplace. This being said, as business owners we have to evaluate our marketing efforts to determine if we have done a good job of identifying market trends and where potential clients are searching for new vendors.

Change We Should Believe In….
With approximately 750 million searches conducted online each day, understanding the online market and how it impacts your business is essential to your success.   

The Internet, and specifically online search, has become the first choice for businesses looking to source new vendors. In fact, a recent study of businesses shows that a staggering 93.2% indicated they go online to research a new vendor before making a decision.  63% of those businesses began their research at a search engine like Google, suggesting they had no predisposition to any particular company before going online.

These numbers represent an incredible shift in how businesses are finding new vendors. If you need further evidence, think about the drastic drop in revenues from traditional advertising mediums like phone book advertising, billboards, radio, TV, etc., as Internet marketing revenue and market share continue to rise. 

Recognizing Opportunities…
Many of the most successful companies in America today were born from the recession of the late 1970’s and early 80’s because of the ability of those companies to recognize and seize opportunity.

Right now is no different.  As less solvent companies go under, their current clients are forced to source new vendors to meet their needs.  As we now know, over 93% of those businesses turn to the Internet to source new vendors, creating huge opportunity for companies to gain market share.

Another interesting point to consider is the quality of the potential clients.  Just as less solvent, or weak companies go under, more solvent, or strong companies remain.  And as we all know, strong companies are built with strong clients. 

Businesses Are Saying NO To The Status Quo….
Managing leads for hundreds of companies has afforded me rare insight into how companies are sourcing their new vendors. Management is no longer living by old directives, and established relationships are now being reexamined and reopened to the bidding process as companies seek to improve their bottom line. 

Interestingly enough, our data demonstrates that companies operating in the B2B world have actually seen an increase in the number of sales leads during the recession due to recent corporate tendencies to solicit multiple bids. I have actually witnessed long-established relationships being reevaluated through this very process.

Choosing not to market your company online doesn’t just leave a potential windfall of new business on the table, but it also leaves your existing business more vulnerable than it has to be, and it gives an edge to your competitors who are taking advantage of online opportunities.

X Marks The Spot….
As much as I dislike labeling entire generations of Americans, it is undeniable that Baby Boomers are retiring in greater numbers each year, leaving their mid- and upper-level management positions to be filled by Generation X employees.

This new class of managers (decision makers) is certainly looking to make their mark on their respective company. They rightfully set out to save the company money by evaluating vendor relationships, and yes, you guessed it, they search the Internet to find those new vendors.  This new generation of decision makers poses a particular challenge for companies with a clientele based on long-standing relationships, since new initiatives will certainly impact those companies more significantly. 

What may have worked for your company in decades past may not work moving forward, and recognizing this fact is critical to future success.

Bridging The Gap…
By understanding the changing marketplace and how Internet Marketing can help your company “bridge the gap,” you are allowing yourself to do what you do well, stay ahead of the curve, and  protect relationships,  all while growing your business. 

About the Author
Chris Behan is the President and Chief Optimization Officer of Socius Marketing, Inc. (www.sociusmarketing.com), Tampa’s top-ranked search engine optimization company, which provides Internet marketing services to small, medium, and large businesses looking to expand their online presence. With offices in Tampa and Atlanta and clients across the country, Socius Marketing is one of the largest, and fastest-growing online lead generation firms in the United States.  Specializing in organic, white-hat search engine optimization, Chris has more than 11 years of Internet marketing experience and has helped hundreds of companies generate leads online. Chris can be reached at chris@sociusmarketing.com or by calling (813) 282-8300. – Offices Rocky Point, Tampa.