Jump-Start Sales in a Slow Economy
Jump-Start Sales in a Slow Economy
1.) Don't let paranoia set in after setbacks. Pretend you're an undisputed championship boxer getting into the ring. With all those victories and all that fame and adulation, you're at the top of your game. You step into the ring to face your new opponent, who everyone predicts won't last one round. Confident you can take whatever this punk dishes out and have him on the ropes in no time, you're feeling like Mike Tyson. But whoa! If you're Tyson, your opponent is Buster Douglas. Before you know it, you’ve led with your chin, the punk has led with his right, and you're down for the count. Is this your sign to quit? No, it's your sign to stop resting on your laurels. Instead, you must take stock and create a plan that'll turn things around for you and your organization. So stay focused; don’t let fear grip you because of setbacks. Fear causes even the smartest people to become irrational and indecisive, keeping them from being proactive. It's up to you to conquer your fears and your foes.
2. Don't let fear force you to surrender to price-squeezers. When anxiety rules an organization, it's tempting to start accepting the smaller crumbs of business that you wouldn’t even consider before. You lower your prices, figuring it's just temporary. Trouble is, customers can smell fear. As Dr. Phil McGraw says, you teach people how to treat you. If they realize they can walk all over you, they'll happily do so. After all, a slow economy affects them, too, and if you're willing to provide your valuable services at a deep discount, that's all right with them. Some customers, when they sense fear, take advantage of it. When they do, you begin a downward spiral. Like the drunk who's quit drinking but gets one more taste of alcohol, it's easy to fall prey to temptation.
3. Don't resist change — embrace it! In 1987, the giants who owned more than 90% of the coffee market believed that coffee, like gasoline, was a commodity. While the coffee giants slept, taking their customers' loyalty for granted, the people behind a little coffee shop called Starbucks pulled an all-nighter. They found that customers were willing to spend three times as much money for an exceptional cup of coffee, not just any old jolt of joe. Starbucks is now an institution known for selling quality coffee at a premium price, with plenty of imitators and wannabes.
But don't let success blind you to changes in your market, either; the results can leave you alone in the dark. Since the early 1980s, the Los Angeles Police Department had sworn by their iconic Maglites, also popular among military personnel. Manufacturer Mag Instrument had dominated the market with their high-quality ten-inch aluminum flashlights, which could double as clubs when police officers were in danger.
Looking to enter the 21st century with a brighter, smaller flashlight, the L.A.P.D. began looking at LED flashlights, which were lighter in every way. Only then did Mag Instrument concede that they needed an LED flashlight of their own. The Mag team approached the development of their LED flashlight with their famed painstaking perfectionism, wanting to take their time to carefully develop a high-quality LED flashlight that would live up to the company's great reputation. However, with competitors' new LED flashlights popping up like mushrooms, many of Mag's clients proved fickle – including the L.A.P.D., which now purchases its LED flashlights from one of Mag's rivals.
Mag spent so much time and energy sticking with their tried-and-true formula, they ignored the smaller players nibbling at their feet. Thinking, "We're known for our flashlights, so we don't have to worry," they didn’t listen closely enough to their customers. But their rivals listened, sending their own businesses soaring.
JumpStart Sales in a Slow Economy - To learn more about this author, visit Paul Cherry's Website.
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When the economy seems shaky, businesspeople feel shaky. Hysteria sets in, sending managers and CEOs running for cover, making panic moves that cause more problems than they solve. When the people in an organization lose their composure, they can end up losing business, too. To avoid making costly mistakes, you can start by learning how to spot the three most common ones most businesses make in a slowing economy.
1.) Don't let paranoia set in after setbacks. Pretend you're an undisputed championship boxer getting into the ring. With all those victories and all that fame and adulation, you're at the top of your game. You step into the ring to face your new opponent, who everyone predicts won't last one round. Confident you can take whatever this punk dishes out and have him on the ropes in no time, you're feeling like Mike Tyson. But whoa! If you're Tyson, your opponent is Buster Douglas. Before you know it, you’ve led with your chin, the punk has led with his right, and you're down for the count. Is this your sign to quit? No, it's your sign to stop resting on your laurels. Instead, you must take stock and create a plan that'll turn things around for you and your organization. So stay focused; don’t let fear grip you because of setbacks. Fear causes even the smartest people to become irrational and indecisive, keeping them from being proactive. It's up to you to conquer your fears and your foes.
2. Don't let fear force you to surrender to price-squeezers. When anxiety rules an organization, it's tempting to start accepting the smaller crumbs of business that you wouldn’t even consider before. You lower your prices, figuring it's just temporary. Trouble is, customers can smell fear. As Dr. Phil McGraw says, you teach people how to treat you. If they realize they can walk all over you, they'll happily do so. After all, a slow economy affects them, too, and if you're willing to provide your valuable services at a deep discount, that's all right with them. Some customers, when they sense fear, take advantage of it. When they do, you begin a downward spiral. Like the drunk who's quit drinking but gets one more taste of alcohol, it's easy to fall prey to temptation.
3. Don't resist change — embrace it! In 1987, the giants who owned more than 90% of the coffee market believed that coffee, like gasoline, was a commodity. While the coffee giants slept, taking their customers' loyalty for granted, the people behind a little coffee shop called Starbucks pulled an all-nighter. They found that customers were willing to spend three times as much money for an exceptional cup of coffee, not just any old jolt of joe. Starbucks is now an institution known for selling quality coffee at a premium price, with plenty of imitators and wannabes.
But don't let success blind you to changes in your market, either; the results can leave you alone in the dark. Since the early 1980s, the Los Angeles Police Department had sworn by their iconic Maglites, also popular among military personnel. Manufacturer Mag Instrument had dominated the market with their high-quality ten-inch aluminum flashlights, which could double as clubs when police officers were in danger.
Looking to enter the 21st century with a brighter, smaller flashlight, the L.A.P.D. began looking at LED flashlights, which were lighter in every way. Only then did Mag Instrument concede that they needed an LED flashlight of their own. The Mag team approached the development of their LED flashlight with their famed painstaking perfectionism, wanting to take their time to carefully develop a high-quality LED flashlight that would live up to the company's great reputation. However, with competitors' new LED flashlights popping up like mushrooms, many of Mag's clients proved fickle – including the L.A.P.D., which now purchases its LED flashlights from one of Mag's rivals.
Mag spent so much time and energy sticking with their tried-and-true formula, they ignored the smaller players nibbling at their feet. Thinking, "We're known for our flashlights, so we don't have to worry," they didn’t listen closely enough to their customers. But their rivals listened, sending their own businesses soaring.
JumpStart Sales in a Slow Economy - To learn more about this author, visit Paul Cherry's Website.
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David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
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Dave KurlanDave Kurlan is the founder and CEO of Objective Management Group, Inc., the industry leader in sales assessments and sales force evaluations, and the CEO of David Kurlan & Associates, Inc., a consulting firm specializing in sales force development. Dave has been a top rated speaker at Inc. Magazine's Conference on Growing the Company, the Sales & Marketing Management Conference and the Gazelles Sales & Marketing Summit. He has been featured on radio and TV, including World Business Review with General Norman Schwarzkopf, in Inc. Magazine, Selling Power Magazine, Sales & Marketing Management Magazine and Incentive Magazine. He is the author of Mindless Selling and Baseline Selling – How to Become a Sales Superstar by Using What You Already Know about the Game of Baseball. He created and wrote STAR, a proprietary recruiting process for hiring great salespeople, and he writes Understanding the Sales Force, a popular business Blog and is a contributing author to The Death of 20th Century Selling and 101 Great Ways to Improve Your Life, Volume 2. - Visit Dave Kurlan's Website |
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Leanne Hoagland-SmithAre your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith's Website |
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Linda RichardsonLinda Richardson is the Founder and Executive Chairwoman of Richardson, a global sales training and performance improvement company. As a recognized leader in the industry, she has won the coveted Stevie Award for Lifetime Achievement in Sales Excellence and she was identified by Training Industry, Inc. as one of the “Top 20 Most Influential Training Professionals.” Ms. Richardson is credited with the movement to Consultative Selling and is the author of ten books on selling and sales management, including Sales Coaching — Making the Great Leap from Sales Manager to Sales Coach, and Stop Telling, Start Selling. She teaches sales and management at the Wharton Graduate School of the University of Pennsylvania and the Wharton Executive Development Center. Linda is a frequent speaker at industry and client conferences, has been published extensively in industry and training journals, and has been featured in numerous publications, including The Wall Street Journal, Forbes, Nation’s Business, Selling Power, Success, and The Conference Board Magazine. Learn more about Richardson's sales training and performance improvement solutions at http://www.richardson.com web - Visit Linda Richardson's Website |
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John BrennanJohn Brennan Ed.D. Dr. Brennan is President of Interpersonal Development, LLC, a training and development firm. Interpersonal Development has provided sales training and coaching to more than 3,000 sales reps from over 100 companies. A native of Australia, Dr. Brennan received his doctorate from the University of Rochester. His dissertation researched the effectiveness of Behavioral Modeling Technology in training people in interpersonal skills. While he has spent most of his career designing or delivering training, he was also a Vice-President of Sales of a training and development franchise with operations in 25 markets. Dr. Brennan has designed and delivered sales training in North America, Asia, Europe, Australia and the Middle East. He has been a guest speaker at numerous national and regional professional conferences. When Microsoft wanted Best Practices articles on sales for their web site, they called Dr. Brennan. The results are at http://office.microsoft.com/en-us/FX011387391033.aspx His firm’s clients have included Volvo, The Prudential, Merrill Lynch, Eastman Kodak, Gannett, Equifax Europe, the Economist Group and countless small businesses. - Visit John Brennan's Website |
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George LudwigGeorge Ludwig is a recognized authority on sales strategy and peak performance psychology. An international speaker, trainer, and corporate consultant, he helps clients like Johnson & Johnson, Abbott Laboratories, Northwestern Mutual, CIGNA, and numerous others improve sales force effectiveness and performance. Though it's George's strategies and processes that help corporations increase productivity and performance, it's his tremendous energy and dynamism that spark the transformation. Again and again, clients remark on his amazing ability to unleash human capacity and inspire men and women to break out of their comfort zones. The result is a whole new type of salesperson. His customized presentations teach achievers to make stunning advances in their lives. From helping salespeople realize cherished dreams to helping corporations exponentially accelerate revenue streams, George Ludwig leaves audiences and individuals empowered, emboldened, and clamoring for more. George is the best-selling author of Power Selling: Seven Strategies for Cracking the Sales Code and Wise Moves: 60 Quick Tips to Improve Your Position in Life & Business. - Visit George Ludwig's Website |
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Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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