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The economy seems to be recovering - how do I adjust my sales strategy?
Written by: Trent LeyshanArticle Overview: The short answer is - go back to basics. Treat your company like a start-up business by getting hungry and enthusiastic and don't think yesterdays successes always guarantee today's.
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The economy seems to be recovering - how do I adjust my sales strategy?
The short answer is - go back to basics. Treat your company like a start-up business by getting hungry and enthusiastic and don't think yesterdays successes always guarantee today's.
Over the past eighteen months, from what I have observed, the companies that resisted temptation to adjust their sales strategy drastically are the ones that remained most buoyant through these tough times. The business leaders who hit the panic button and shed resources (and valuable IP) during this time are now the companies needing to adjust yet again.
Reactive by nature, these companies are frantically rethinking their strategy - in doing so rehiring people for the same positions, in some instances at triple that of what it would have cost to have retained them in creative ways. Suffice to say, their recovery will take some time, but at least they're still trading right? Well, I guess that depends on your end game and at what cost.
Let's be honest business is tough in any market. The companies I see succeed over the long term invariably have a way of being that enables them to maintain their entrepreneurial spirit through thick and thin times. Not just hungry for new business, but an appetite for knowledge, learning and growing, always. In tough times you need to work smarter and harder, but you also have to do more of what works, not less of it.
The companies that look for easy, quick-wins with no risk are often left 'reacting' and 'reinventing the wheel' periodically based on market and external forces. There is a distinction between being adaptive and reactive I should note: To be reactive is to be guided by external forces, whilst being adaptive is using external forces as part of your strategy. In sales, you can never control the outcome - all you can effectively control is the process to help facilitate the outcome. Lose control of your process and you lose the ability to facilitate the outcome.
Your sales strategy should not need to change that much, particularly if it works. The strategy you develop should be adaptive and yet set on a foundation of planning for what is foreseen on the horizon. We could all see the Global Financial Crisis (GFC) coming. The dark clouds were imminent for some time, and the media were not short of making sure we saw the potential for the storm, if not adding to its ferocity.
There will always be dark moments in business, particularly following overly optimistic sentiment and business decisions being made as such. History suggest every ten years we see a correction take place in some way, so don't be too shocked when it happens next. My advice is, as a sales leader, take responsibility and be proactive by constructing a more adaptive strategy that allows for peaks and troughs and plan for corrections rather than waiting until it's too late.
Having the ability to stay the course in tough times is a sure sign of confidence. It also sets a positive tone with team members and sends a message to customers that you believe in what you are selling and how you sell it. In turn this will make your customers more confident in choosing you. And guess what? With confident team members and customers you will ride the recovery much quicker by being able to maintain momentum rather than attempting to move the bolder (once again) from a standing start.
The article written byTrent Leyshan as seen on Smartcompany.
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Article Tags: appetite, business leaders, distinction, end game, entrepreneurial spirit, honest business, instances, new business, panic button, quick wins, reinventing the wheel, sales strategy, shed, short answer, start up business, successes, temptation, thin times, tough times, will take some time
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About the Author: Trent Leyshan RSS for Trent's articles - Visit Trent's website  Trent Leyshan is founder, CEO of BOOM! A leading international sales training company that specialises in the development of inspirational sales cultures, leaders and salespeople. Early in his career Trent was head tradeshow spruiker and sales manager for Australia's most flamboyant TV salesman, Big Kev. He has since driven two of his own companies from lounge room operations into market leaders. And led sales teams in leading new media and advertising agencies. Trent is a sought after expert and facilitator on sales performance and strategy. He is the Author of sales book, The Naked Salesman: How to walk the talk and sell your way to success! BOOM! develops sales training strategies and delivers inspiring learning experiences for some of the world's most successful and demanding sales driven organisations. Empowering them with modern skills and tools to effectively engage with customers and build stronger and more valuable relationships.
Click here to visit Trent's website   How do I spot prospects that are actually time wasters The Internet killed the Telemarketing star Empower your Sales people with the right Sales Coaching Process How to be a high performance leader How confident are you really |
Related Forum Posts
Re: Surveys show more and more customers are cutting costs
- Adapt and adjust.
Offer coupons, deals and specials. If people think they are getting a good deal they will buy even in a tough economy.
Re: Service Or Product?
- All things being equal Evan, I completely agree with you. A service would be much more manageable and predictable in a down turned economy. However, it is also important to recognize that the cost of goods also plummits during these bad times, and to amass stock or inventory for future sales could be part of capitalizing on this bad economy. Good luck with CBC!
Need Help Growing?
- One resource that I've found to be extremely helpful was calling the Business Development Bank of Canada (BDC). I've met a lot of top business owners who have used the BDC for various reasons (i.e. sales/marketing strategy, training, foreign development, etc) and all say it was a massive help.
The BDC will usually help you create the strategy using industry specific consultants and then not only help you fund the consultant's work but also the strategy. Their loan terms are little higher than banks but they’re a lot more easy going and understanding than regular banks.
Welcome Back Jen
- Welcome back Jen, hope you're recovering well and glad to have your thoughts on this Forum again.
Re: Service Or Product?
- Service company always thrive in down economy. Let look at the advertising industies in any economy, you need to advertise your products or services even if you cannot afford any other things
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