How would you like to make a life-saving drug and discover that your only supplier has just been shut down? Or what if the FDA just ruled against your new product and gave your competition a 12 month lead in the market? Or what if the courts just ruled that your biggest selling product was in violation of your competitor’s patent and you had to immediately cease all sales? These are all real events that happened to my customers. Real events that could put a company out of business.
Since Steve Waterhouse’s expertise is in sales, he is often called in for three reasons: save the customers, save the sales force and save the future market. Companies want to save their customer’s because they either have other products to sell or hope to have new products soon. Their goal is to maintain customer relationships during the transition period. Saving the sales force is important because top sales people want something to sell now and will often jump to competitors when the news is bad. Saving the market is the long term strategy that is needed to ensure that the competition does not eclipse you during this bad time and close off your entire market channel.
Here are ten steps you can take in these situations that will help reduce the damage and get you back on the right track. While there are many more things you can do, Steve offers these as a solid place to start.