"Given the lackluster sales that most B-to-B catalogers are experiencing, many are wondering just how happy, or sad, 2009 will be," Terence Jukes writes in an article at Catalog Success.
They seem to be in denial about how dire things really are. Jukes quickly sets the record straight: "What you see now will continue for 2009 and most of 2010, at least."
So what do we do now? One thing is for sure, Jukes says: "The way you did things in the past won't be what you need to do in the future."
He offers some actionable tips:
- Outsource. He puts it bluntly: "You no longer can afford to perform activities that outside service bureaus can do better and cheaper."
- Manage your risk. Questions you simply must ask yourself: "What will happen if sales fall 5, 10, or 15 percent? Where are the 'shock points' that could put you under?"
- Focus on the "must-haves," not the "wants." "Go through your product offerings, and promote the items your customers must have to keep operating, not the discretionary items," he advises. Then reposition your offers with quick paybacks or lower prices.
On a positive note, he also encourages companies to look for acquisition offers, and for the "bright spots" that are sure to come with the new administration's initiatives.
It's time to take stock. Assess your position in the current downturn, then take action. "Start thinking radical adjustments if you haven't already," Jukes advises.
