On a call the other day I had someone comment they were the “incredible shrinking company”. Although a few industries proved to be recession proof, most of us had to take a hard look at our business and make significant changes to ensure sustainability.

I value old sayings like “When the going gets tough, the tough get going” and “Necessity is the mother of invention”. The immediacy of shrinking business revenues forces us to take the actions necessary to get our business back on track. And for the majority, it’s been a dramatic transition from where we were just a short time ago.

From my experience and listening to the views of other business owners and managers, there are 10 basic fundamentals that most agree on.

1. If you don’t love what you do develop an immediate plan to get out, however painful.
2. If you used to love what you do but are in a “recessional funk”, do a reboot and reenergize with a clear vision and action plan complete with time lines and task champions.
3. Communicate your concise vision to your entire team and for those who don’t get it in a timely manner, politely suggest a new and exciting career path for them …outside your organization.
4. Address every hurdle keeping you from achieving your goals and take action, take action, take action!
5. Treat your people, customers and suppliers like they matter most.
6. Fine tune your menu of services through the “good to great” criteria. What are you passionate about? What are you best at? What gives you the best economic return? You need all three firmly in place for the best results.
7. If you are a generalist, fully understand this “convenience sell” from a customer perspective and make sure you have conquerable levels of quality across your diversified service mix. Good execution of one can win you another. Poor execution of one can cost you everything.
8. If you are a specialist, make sure your niche offering is still relevant. Sometimes a recession causes a slowdown that a recovering economy corrects and sometimes there is a permanent swing that doesn’t swing back.
9. There are many new ways to reach your existing and future customers. Experiment and assess what works best for you.
10. Make sure your product is solid, your message is compelling and you assign the proper resources to deliver it to your market with clarity, consistency and confidence.

Lee’s Quote for the day:
“If you always start with your toughest task first, the rest of your day can’t help but get easier”

As we were trying to put together some interesting facts about social media for B2B marketers, we discovered this interesting video. Then, we decided why would we tell you something, when we can show you instead. So, enjoy it.

B2B companies are ahead of their B2C rivals when it comes to social media adoption

• 81% of B2B companies maintain company-related accounts or profiles on social media sites versus 67% of B2C
• 75% of B2Bers participate in microblogging (eg. Twitter) versus 49% of B2Cers

Source: Business.com – 2009 B2B Social Media Benchmarking Study (http://www.emarketer.com/Article.aspx?R=1007404)

And the FTSE 100 are just plain running scared of Twitter

• Just 16 of the FTSE 100 companies are using Twitter, despite the fact that 20% of Tweets contain a reference to a product or brand

Source: Virgin Media Business (http://ow.ly/1gDTf)

But CIOs could well be the biggest blocker to social media adoption

• 54% of CIOs prohibit use of social networking sites, such as Facebook, MySpace and Twitter, while at work

Source: Robert Half Technology (http://rht.mediaroom.com/index.php?s=131&item=790)

Use of social media by B2B companies is validated by B2B buyer perspectives

• 93% of business buyers believe all companies should have a presence in social media
• 85% believe companies should not just present information via social media, but use it to interact and become more engaged with them

Source: Cone Inc – Social Media in business (http://ow.ly/1dLqJ)

And that’s because the B2B buying process is fundamentally changing

• 9 out of 10 buyers say that when they’re ready to buy, they’ll find you

Source: DemandGen Report

• Over 70% of purchases are restricted to established vendors or are heavily dependent on Word of Mouth recommendations

Source: Buyersphere ebook, Enquiro (http://ow.ly/YbQm)

• More than 8 out of 10 IT decision-makers said word of mouth recommendations are the most important source when making buying decisions

Source: Forrester Research, How to take B2B relationships from Indifferent to Engaged: Jan 2009

• 59% of B2B buyers engaged with peers who addressed their challenge, 48% followed industry conversations on the topic and 37% posted questions on social networking sites looking for suggestions

Source: Genius (http://www.genius.com/marketinggeniusblog/2767/a-glimpse-inside-the-mind-of-the-new-b2b-buyer.html)

Yet there are differing opinions as to where search comes into play in the buy cycle

• 7 out of 10 buyers say that they start their buying process at vendor sites, not Google

Source: DemandGen Report (http://ow.ly/1d82N)

Versus

• 93% of B2B buyers use search to begin the buying process

Source: Marketo (http://bit.ly/9O6pix)

If you think C-level executives aren’t active online, you’re sorely mistaken

• The Internet is the C-Suites top information resource (74% of C-Level executives say it’s very valuable)
• 53% of C-level executives said they prefer to locate information themselves
• The C-suite first turns to mainstream search engines (63%) to locate information
• 6 out of 10 C-Suite executives conduct more than six searches a day
• Executives in IT are the most prevalent users of the Internet for information gathering

Source: Forbes Insight – The Rise of the Digital C-Suite (http://www.forbes.com/forbesinsights/digital_csuite/index.html)

Client marketers are warming to the idea of social media, but many are still to act

• While 92% of client marketers agree that it would be unwise to ignore social media, 63% do not have a social media strategy

Source: The B2B Barometer (http://www.b2bbarometer.co.uk)

The relationship between Marketing and Sales in B2B organisations still remains fractious

• Sales generate 53% of their own leads and marketing contributes just 24%

Source: 2009 CSO Report (http://bit.ly/7EbaHS)

• 90% of marketing deliverables are not used by sales

Source: The New Rules of Sales Enablement (http://tiny.cc/jXRxX)

• 49% of B2B marketers confess to not measuring ROI

Source: The B2B Barometer (http://www.b2bbarometer.co.uk)

And if you still don’t get the whole social media thing, it’s worth bearing in mind…

• 89% of journalists make use of blogs while conducting their online research and 96% turn to corporate websites
• 56% said social media was important or somewhat important for reporting and producing stories

* Note: We have used and abused the above information, as the author insisted. A special thanks for the folks at Earnest Agency.

Over the last two years we’ve seen most of our clients downsize and reduce spending. No surprise, the recession has touched everyone and creating a new balance between performance and profitability has been a tough one for us all, large and small…especially when it’s on the fly.  

Our business, like many others has experienced a major and likely permanent shift away from who we were, to who we are now. In our case, we have reduced our dependence on print and promotions and dramatically increased our capabilities in the areas of branding, web development and search engine marketing. As a result, we’ve added creative personnel and reduced administrative staff to match our new business patterns.

As painful as it is to let people go, the reality is business today cannot run fat and be sustainable. We need to be in tune with our company’s dynamics now … more than ever.

For those going through similar restructuring I would offer this encouragement. As tough as it is, I would suggest you may experience some unanticipated benefits in reducing your numbers in certain departments and possibly adding in others. In our case, we have achieved a better balance of work and resources. We have significantly improved our operation through streamlined communications and have very noticeably created a tighter, more unified team.

We need to summon the courage to take the steps we need to, yet fear the most. Slay the dragon that defends “no change” in your company by issuing this proclamation, “Starting today, the words I’ve always done it that way are officially banned from our company vocabulary!” It’s an interesting exercise that moved us forward many years ago.

In short, the more we listen, the more we learn. The more we learn, the more we grow. The quicker we accept the difficult steps we need to take, the more decisive we’ll be in making the next difficult decision. And each move we make in the right direction brings us closer to the leaders we need to be to ensure our company’s future success.