3 Sales Tips For A Tough Economy!
Data from past recessions has shown we must continue to market. Those that do, win. They win during the recession, and perhaps more importantly they win even more after. But, our sales folks on the frontline may need a little more than historical knowledge to help them through.
We've recently received many inquiries asking about where companies should focus precious resources? We know times are lean and there is so little room for error. Here are three tips for selling in a tough economy:
- Mine your existing customer base. Your best opportunity is in your current customer base. We know you've heard this before. But have you really done it?
Common scenario (SOURCE: accenture, The Point, Vol. 4, Issue 4):
- 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
Use this time to meet with EVERY single current and past client. Find out what is happening with them. Look for, and focus on, the areas where you can help them during these tough times. Make sure every customer is aware of every product you offer.
Create an economical option. Times are tough for everyone. Be sure you have accounted for that with your product offer. Do you have an option that takes into account the economic conditions in your market? By doing so, you let your prospects know that you understand their pain and you're responding to it. Network, Network, Network. Now is NOT the time to be silent. There may be many in your market who simply cannot enter the buying cycle right now. But that will change. And, when it does...you want to be top of mind. Be sure you are showing up, wherever possible. This is the time you want to canvas the market to build and maintain awareness. While others are cutting back, you will be the one remembered when the dust clears!
Truthfully, these are tactics you should employ no matter the strength of the economy! Still, use this "slower" time to sharpen your skills in these areas, and you will not only survive...but THRIVE!
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