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Selling in Difficult Times

Written by: Thomas Young

Article Overview: There is no question there has been turbulence in business recently. Just pick up a business paper or listen to business news broadcasts to get the facts. Many companies are struggling and their sales are down considerably. Yet, business must go on regardless so sales and marketing efforts become critical. How does one approach these tasks during difficult times? Here are a few ideas that can help

Selling in Difficult Times

There is no question there has been turbulence in business recently. Just pick up a business paper or listen to business news broadcasts to get the facts. Many companies are struggling and their sales are down considerably. Yet, business must go on regardless so sales and marketing efforts become critical. How does one approach these tasks during difficult times? Here are a few ideas that can help.

Check Your Attitude

The first step is a reality check. Is it really a slow or difficult time? Or is it a self-fulfilling prophecy? It is very easy to believe that the economy is going poorly and in doing cause your business to suffer. The most important thing you can do is maintain a positive attitude and focus on the needs of your customers. This is the time to work smarter and focus on the fundamentals of sales and marketing. Remember, many businesses are prospering in today’s’ business climate. Work harder on the fundamentals and you may have to market and sell to more prospects.

Adapt Your Target Market

Change or modify your target market. A friend of mine owns a company that builds custom circuit boards. He recently told me that his business was experiencing a severe slow-down and that he may have to close in six months. Computer manufacturers were not ordering circuit boards as they once did. When we spoke a few days ago his business was booming. He explained that security companies and defense contractors were growing and needed his custom designed circuit boards for their high-tech equipment. His current challenge is to find good people to help him handle the new business.

Ignore the Media
The media needs to attract an audience so they can sell advertising. They do this by targeting people’s emotions, especially fear. Remember this as you absorb the latest news. Keep an objective mind and remember you are observing the media’s version of business. They often have ulterior motives, which may lead to distortions and negative emotions that can derail your sales and marketing efforts.

Reports about the economy can also be misleading. The media usually does not report all the facts. They tend to focus on the negative side and only report positive news if it is a big story. Negative information will sell more papers because it plays on people’s fear. An example of this is retail sales figures. The press will report same store retail sales are down from the previous period, but not mention the fact that there are more stores in the area! Also, job cuts get full attention, but how often do you read about new jobs being added? The media will focus on the loss of jobs because it sells, rather then who is hiring and where jobs are being created.

People Love to Buy
Americans love to shop and buy no matter what the economy is doing. This is true in both business-to-business and consumer marketing and sales. Consumers love to buy that new gadget or item that makes them feel good. Smart businesses’ are always looking to invest in products and services that help improve their business.

Keep an eye on your own reaction to news about the economy or business in general. There are many opportunities available to those who stay positive and focus on sales and marketing fundamentals in turbulent times.

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Does a New Company need a "Big" PR firm? - I've started work with a brand new company that is going to do loss mitigation. My boss intends to hire a "big" PR firm - ie one that costs a lot of money - because he wants press releases sent out to the New York Times, the LA Times - all the major papers around the country - and he think they'll be more likely to print them if they come from a "big" firm as opposed to a one-person PR firm. I think it doesn't matter where the press release comes from as long as its well written. What are the opinions here?
Re: Does a New Company need a "Big" PR firm? - [quote="OmnivoreInk":dmj1i0sv]I've started work with a brand new company that is going to do loss mitigation. My boss intends to hire a "big" PR firm - ie one that costs a lot of money - because he wants press releases sent out to the New York Times, the LA Times - all the major papers around the country - and he think they'll be more likely to print them if they come from a "big" firm as opposed to a one-person PR firm. I think it doesn't matter where the press release comes from as long as its well written. What are the opinions here?[/quote:dmj1i0sv] I think the most important factor is whether your press release will reach the most number of your target audience or not. It won't matter if the press release is well written if no one has the opportunity to read it. I also believe that credibility comes with having your press release in an established source like The New York Times, LA Times, etc... For instance, if you enjoyed playing tennis, who would you trust more? The advice from a recreational tennis player who has his own column in [i:dmj1i0sv]Tennis Magazine[/i:dmj1i0sv] [u:dmj1i0sv]or[/u:dmj1i0sv] the recreational tennis player who has his own blog? I don't know about you, but I'd listen to the guy on [i:dmj1i0sv]Tennis Magazine[/i:dmj1i0sv] over the blog owner at least 9 out of 10 times.
Re: Does a New Company need a "Big" PR firm? - I agree with Kevin [quote:3b8fyubd]I think the most important factor is whether your press release will reach the most number of your target audience or not.[/quote:3b8fyubd] You dont a big company that will charge mega bucks as Im sure they will even add a %age to the cost of the press release. Im sure if you approach New York Times, the LA Times with every thing presented professionally I think it will still stand the same chance. I would start advertising online, then locally thats when the NYT can see what there missing out on! And to test the water first!
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