"ScLoHo's Collective Wisdom dedicated to Marketing, Advertising and the Creative Process" -
Succeeding in an Economic Downturn by Jim Kasper To succeed in a down economy, you’ll need to step up your sales game. Here are eight adjustments you need to make to keep selling during these tough times.
The affects of the 2008 economic stimulus package presented by the President and Congress are long gone and there's talk of another one. The news about the $700 billion dollar "bailout" and global recessionary trends are dominating the headlines. Add to that the distress caused by election year politics and we, as professional salespeople, have been challenged to remain focused and productive in a slowing economy. Economists are predicting a tough calendar 2008 fourth quarter and a sluggish 2009, but our role in sales dictates that we need to attack rather than react. Selling in a tough economy requires extra effort, better planning, more control of your sales cycle and tenacity. Remember one thing: The top 2% of all salespeople automatically turn up their activity a couple more notches when things get tough. By doing so, they're the ones who'll be standing tall when the economy turns around. The top 2% do this because:
- They are true competitors and hate to lose.
- They have been in this position before and learned what it takes to win in an economic turndown.
- They refuse loss of income.
Below are eight ideas to help you sell like a "top 2 percenter" in a tough economy:
Double and triple your call activity Honestly, your competitors do not have the stuff to compete under these circumstances. Average salespeople buy into the "woe is me" philosophy and decrease sales activity. The top 2% know that an economic slowdown is an opportunity to edge out competitors.
Re-allocate your field time Work more with your "A" accounts and in lieu of your "B" and "C" ones. Your purpose should be two-fold: 1) Your top producing accounts have the capacity to buy more from you; that's what makes them "A" accounts; and, 2) You'll be securing your position with these accounts from potential attempts by the competition to wrest them away. Don't allow that to happen! Remember, this business cycle is affecting your competition too and they'll be aggressively looking at your "A" accounts as a source of new business.
Examine prospecting efficiency Both rookie and veteran sales professionals tend to let their prospecting slide when times are good. As a result, their prospecting skills and prospect targeting abilities get rusty. This is a good time for you to hammer out your prospective customer dimensions. In other words, delineate what your ideal prospect looks like. Then, identify key prospects in your area and proceed to develop your capture and execution plans.
Fire stalled prospects and move on Your income and success depend upon calling on true prospects and current customers who can (and will) do more business with you. Assess the prospects you are calling on and don't be afraid to "fire" them, particularly if your extra effort is not showing any results. Remember that you have a business objective for every call you make. If you don't, your call will be reduced to a social nature and you don't get paid for those.
Go the extra mile for customers and increase value-added activities You need to be creative in low or no-cost ways to help your accounts cut costs or stimulate new business. Go out of your way for your top accounts. Now is the time to establish yourself as a source for best practices. Share ideas on how your other accounts have benefited.
Make every call count Be prepared to make the most of every call. What value are you deriving from each customer visit? Who is controlling the call – you or the customer? Experience and research have demonstrated that formal pre-call planning generates more successful outcomes for all sales activities. You should never take sales call effectiveness for granted – especially in tough economic times. The days of "blowing through" a call are over. The simple fact is that you are paid to move the customer to the next stage in your sales cycle. In today's economic climate, you've got too much at risk not to plan for success. Now, more than ever, craft a strategy to overcome such objections as:
"Until things improve, we're not undertaking new projects." "Now is not the time to change. We need to stay with our current supplier." "With economic conditions as they are, we're looking for low-price suppliers."
Write a long list of discovery questions that will uncover hidden opportunities.
Plan to succeed You will not survive an economic slowdown by simply hoping that you sell more or your current customer base buys more. Account planning, territory planning, and pre-call planning are the keys to efficient selling in a down economy. It's time to review account plans or develop them, if you haven't already. Account plans are your road map to selling more to your "A" accounts. It may be time to reassess pricing or bundling in order to pick off some of your competitors' offerings. In addition, you should ask yourself the following questions:
- How efficiently are you managing your territory?
- How much time do you spend traveling? Are you touching all of the accounts you need to?
- How many of your prospect calls are interspersed within current account visits within your territory?
- What accounts are at risk and what actions have you taken to reduce that risk?
- What value added activities are you planning for your key accounts?
Reassess your priorities This is not the time to perfect your golf swing or take extended take extended time off. This is the time to dig in and take charge of your sales activities. By doing so, you'll be able to survive the current tough times and will be positioned to reap the benefits when the economy bounces back because you'll be ahead of your competitors who didn't!
From: Jim Kasper is the founder and president of Interactive Resource Group. Mr. Kasper has over 26 years of practical experience in direct sales, sales management, sales training, and marketing. Contact him at www.salestrainers.com or call 800-891-7355.
via "ScLoHo's Collective Wisdom dedicated to Marketing, Advertising and the Creative Process" -
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