OK, so you are an established company and your growth hasn’t met expectations for a few years. How do you focus resources to accelerate growth, and where are those resources wasted?
Long before you arrive at the negotiating table, it is fruitful to prepare by engaging in a thought exercise that prepares you to best articulate your value — whether you’re trying to win new business or more business from an existing account. Once you’ve decided on a strategic path, the rigorous preparation and advance research to create credibility at the bargaining table can begin.
For many established companies the paths to growth are:
(a) adding new products or services through development or acquisition,
(b) selling more to their existing customers, or
(c) winning new customers for their existing products or services.
Now consider option (c). For example, you sell BAFOs, a new light-calorie, chocolaty, nutty snack. When would a customer who has never heard of BAFOs try them? Read more