Grow Your Box
Grow Your Box for Wallet Share
By ActionCOACH Mark McNulty
In my last two articles, we established that it is within our means to not just survive a recession, but actually thrive in one. The businesses that figure out how to do this will not only grow in 2012, but they will be poised to dominate their markets as the recession ends. The first step to keeping control is going back to the fundamentals – fiscal planning (a budget), self management discipline (aka time management), and keeping a positive mindset. Now that you have implemented these three fundamental activities, it’s time to look at what’s next.
The next business activity to master is your Sales and Marketing, and it may be time to shake it up. The first thing you need to change in your marketing plan is your mindset. Most businesses think of capturing market share, but the reality is that what you should really be focusing on is wallet share. Consumers are still spending money, but they are thinking twice about what they are purchasing – what you want to do is compete for your share of what is in their wallet, your wallet share.
The next thing to do with your Marketing is to measure your results – make sure you know where every customer is coming from. This will let you know which strategies are working and which are not. Keep building on the strategies that work and rethink the strategies that are not bringing in business. Step three is getting creative and identifying new ways to market and sell to your target audience. Many people refer to this exercise as “Thinking Outside the Box”. While that is often a great method, I want you to take it a step further and “Grow Your Box”.
The problem with just thinking outside the box or getting “out of your comfort zone”, is that once the crisis or moment passes, we go right back into our box or comfort zone. True growth occurs when we make our box bigger and expand our comfort zone. True growth companies are constantly looking to make their boxes bigger – through innovation and experimentation. Now is the time to start innovating with all of the ways you interact with your customer base.
Let me give you a quick example: A bakery sees sales of sweet loaves of bread falling, so they discount them from $3 to $2, yet sales continue to fall. The owners do some brainstorming and come up with an “out of the box” idea, and the next week their offer is loaves of bread for $3 with a $1 trade-in allowance for any old loaf of bread that you bring in.
Not only did their bread sales go through the roof, but they got a tremendous amount of free press coverage as well.
The point is - Don’t think, “That would never work for us”, rather ask yourself “How could I apply that to my business?” The bigger your box or comfort zone, the more opportunities you have to identify new ways to grow your wallet share.
With that in mind, I have included some questions that I have used in the past to “break” my traditional thinking and get creative. Please use them and add any others that get your creativity going. Remember that no idea is a bad idea until it is proven otherwise.
Here are some questions to ask yourself when growing your box:
• If we had to double sales this quarter, what would it take?
• Knowing what we are good at, what should we do more of? What else should we do to build on this strength?
• What do our customers tell us about ourselves, our competition, and the industry in general?
• What other target markets should we be selling to?
You are only limited by the size of your box, and with the right mindset, you can expand your box in limitless fashion. Engage with your team and challenge all of them to come up with as many ideas as possible, pick the most promising 2-3 ideas to implement and measure the results. And the last thing to remember, is that when things get back to normal, make sure you don’t go right back into your old, smaller box.

