Written by Sean McPheat |
17 April, 2009
Yeah, yeah, yeah – recession this, tough economy that…..I’m sick of hearing it and I bet you are too!
Now whether you think the “recession” is real or not we need to face the facts and admit that a lot of our prospects and clients are scared shitless!
So what can we do to make more sales in this tough economy?
Pray? Win the lottery? Whack our prospects over the head and threaten that Joe Pesci will come and get them?
Ah ok then, here are 5 quick sales tips for a tough economy:
1. Have a strategy in place for longer sales cycles
Stalling, delaying, call it whatever but sales cycles are longer in a tough economy.
Question: what are you doing to manage the prospect during the lag time? I don’t mean just bombarding them with emails or calls – that’s just counter productive. But instead, how are you adding value to them in the meantime before they make the logical choice and choose you?
2. Farm your existing accounts
I came across some research research from Accentures “The Point” Volume 4, Issue 4.
Basically it said:
20% of customers provide 80% of margin
85% of margin comes from only 4 products
More than 50% of the customer base uses only one or two product
You say you’re farming your existing accounts, but are you really?
Work them harder and have a strategy in place for this.
3. Have a response for econojections
Now don’t steal my phrasiology there! I came up with that!
You know that your prospects will use the economy as an excuse not to do business with you so you should use the economy AS AN excuse to do business with you!
Have a response ready and test it and test it and refine it and then test it some more until you nail the response that get’s you the best response.
4. Don’t you use any econojections either!
“My sales figures are down, it’s the economy”
It’s easy to fall into the trap of not selling hard enough or churning out the activity in a tough market and blaming it on the economy.
Sure, your figures might not be as good as they once were but are you still putting the effort in? Don’t use this as an excuse.
5. What have you got up your sleeve?
As a salesperson in a tough economy you’ll most likely be asked for a discount at some point throughout the sales process.
So how are you going to respond to this?
You’ll need to have something up your sleeve or be crystal clear on what you’ll “give” and what you’ll “want” in return.
Practice responding to this kind of demand.
So there you have it!
5 quick sales tips for a tough economy.