Assess: The Cost of Failure
This is the second post in a twelve-part blog series on how we help industrial companies generate business-to-business sales leads. There are four steps in the process: Assess, Plan, Build, and Profit. In this series, we dedicate three posts to each step, providing the reader with one complete year of inspiring monthly content.
2. The Cost of Failure | Assess
An old friend of mine was talking with his kids one day. One of the kids said, “I’m paying top dollar to go to college and all they give me is grief. It’s so expensive from a money, time and focus point of view.” And my friend looked at them and said, “If you think education is expensive, try failure.”
Assessment will give you the opportunity to look coldly at something and say, “I understand this now and I’m turning off the waste.” Because you will never ever spend a better dollar than when you look at something in the cold light of dawn and you turn it off. It’s hard, but it’s the right thing to do.
However, it’s completely different when you can look at it honestly and say, “I see the market and I see my ability to perform.” Those two access points give you incredibly powerful knowledge, in terms of how to act going forward, not only toward the goal you want, but toward the path you need to take to succeed.
Assessment is essential. From the beginning, there’s nothing more important than honest evaluation.
In our business at Wiebe Industrial, we do an exhaustive twenty-point analysis. We do an impartial and detailed analysis of your company’s brand and marketing position, highlighting the industrial benchmark for your sector and then at least three of your top competitors. This information is not readily available to anyone, but we are able to utilize powerful data systems that allow us to look deep into the marketplace. We pull the relevant data, analyze it, and then we leverage it into your new marketing programs.
Some people tell us, “I have a great website.” So, we look it up and find out that Google ranks their site as garbage. There’s not much hope for that business. The empirical data gives proof, but no matter what they do, they’re never going to the top, because they can’t get past acting on their feelings instead of facts. It doesn’t matter how much gold they put in their garbage, it’s still worthless. That’s really the truth.
Value That Can Be Measured
When we’ve completed our assessment, we will have over a hundred points of empirical, three-dimensional data to look at. When we look at it, we find the strengths and weaknesses. If someone is getting into a marketplace and there are no weaknesses in their primary competitors and all of them are functioning well, then they’d better be taking some serious thought about whether or not they want to get into that mix.
However, if you look into that marketplace and you can see that four of your five competitors are sub-standard operators and have no innovation in their messaging or how they deliver it through their marketing, then you’ve got an opportunity in that market. But how do you know that without doing the research?
So many companies question the need for research. Yet the companies that have done it have accelerated their business in phenomenal ways.
One of my major clients has grown their business from $400,000 per month to $1,000,000 per month in just five years. Now, in preparation for more growth, they’re developing their margins and ensuring the quality of their products and services.
We developed strategic and marketing plans for that company based on realities that are both executable and measurable. They have a diversified range of products and services, and everything they offer has its own tracking channel, in terms of facts and figures. That company is doing $12 million a year, but it’s feared by companies twenty times their size.
If you have a five-year plan, then you’d better be doing this type of assessment exercise at the beginning and again halfway through just to make sure that the whole market hasn’t moved on you in some crazy way.
Assessment costs something upfront. But it doesn’t cost nearly as much as failure.
If you want to avoid the high cost of failure, talk to an expert today at Wiebe Industrial. 604.556.6032
In our next blog post, we will help you decide whether you’re ready for success by assessing your willingness to change. See you then.