The Blatant Truth Weblog

Sales Tips for a Sh–ty Economy

Okay, full disclosure. These sales tips work in just about any economy but they are especially powerful in the current economic climate.

Yes, I know. It’s supposed to be getting “better” but just ask some of my business colleagues and they all say just about the same thing and that is that they are still “struggling” and feeling very very cautious.

So here are some “quick” tactics to help you weather the storm and perhaps even thrive during these most difficult times. (I know enough already with the difficult times! But honestly, it is still tough out there!)

1) Give something for nothing. No, I don’t mean tangible products although that can also be explored if you are in the business of selling goods. Nope. I mean things that provide a value-added for your prospects and clients, such as additional consulting time, introductions to resources that might be of interest to them, invitations to events and so on. These don’t cost much yet demonstrate to your prospects and clients that they are top of mind and important to you.
2) Fill your sales funnel. In good times, more new business flows through your sales funnel and it does so faster. When times are tough people are “frozen” and even if you can engage them in a sales dialogue, they are much slower to pull the trigger. In order to have enough business coming in you have to have more prospects in the funnel so that you don’t experience a potentially disastrous dip in business.
3) Differentiate. I know that is easier said than done, but if you can differentiate in such a way that you “attract” more business by the originality and desirability of your offering, you can be assured of thriving.
4) You can’t lose what you don’t have. Many sales reps are plain scared to be persistent. They slack off with their follow-up efforts and let prospects and even clients fall off the grid. Remember that you can’t lose what you don’t have. I don’t propose that you become a stalker; rather, I suggest that you establish a strategic “touch point management program” that allows you to stay in touch and on the grid in a purposeful and customer centric manner.
5) Alter your pricing structure. I don’t necessarily mean that you need to lower your prices but if your client is going through some tough economic times and you want to get/retain their business it is probably sensible to devise a pricing or payment strategy that works for both of you. Digging in your heels and wanting/expecting everything to be the same as in good times might mean that some prospects just do not have the wherewithal to contract with you. Flexibility is key. Negotiate so that both parties win!

Will these tips help? I think so. I’ve seen companies adopt one or more of these tactics and find that business development went a bit faster and smoother. You have nothing to lose. Give it a try.