What is the key to surviving in business?

“If you chase two monkeys, both will escape.”

Neil Rackham recently shared some insights in a video interview on BNET. He says the key to surviving in tough times is focused, strategic selling. Too many business owners make the mistake of trying to “half sell twice as many customers,” which is a formula for disaster.

To be successful, focus.  Chase fewer, but strategically important clients. Embed yourself deeply with existing customers.

You don’t cost cut your way to success, you sell your way there. You need bold and effective marketing tactics to attract the best customers. If you have not done so, be sure to download a free copy of More Clients Now and discover how to use free marketing tools to increase sales.

Myth: Tough Time & Lower Prices

Rackham says too many businesses assume that when clients cut budgets it is time to lower prices.

But something is more important than saving money in tight times – safety. Clients would rather pay more for a service that can’t go wrong rather than risking failure.

If you’re hiring an event marketing company – wouldn’t you rather go with the team that consistently delivers results but costs 10%  more – rather than losing 100% on an event that flops?

Don’t be too quick to discount. Sell customers on the high cost of correcting the damages that a discount provider can do. People will pay more to avoid the pain.

Neil Rackham: Selling in Hard Times on BNET