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Selling in a Downturn

Written by: Clive Miller

Article Overview: Seven Solutions - 120 words - 30 seconds: Get proof that your stuff does what you promise. Verifiable evidence convinces ahead of sales skills. Find prospects less affected by the downturn. Some are shrinking less or still growing. Use evidence and proof to develop better messaging and multiple messages. Cast better seeds on more fertile ground. Present better messages to more qualified prospects. Thrive on a small improvements. Vary your approach – phone, voicemail, email, letter, post card, introduction, or fax. Like advertising, effective sales prospecting depends on repetition and persistence. Have the customer quantify the cost of inaction. It is a brave manager who spends money in a downturn without a concrete business case. Training works. Attend or study a top sales course for new ideas. Full article >

Selling in a Downturn

‘Work harder’ is good advice for sales people facing a downturn because some will unconsciously use the circumstances as justification for working less. “Beware of leeching thoughts that sap the will” my mentor says. “It’s hopeless” is unconsciously interpreted as, “it’s ok to do nothing”. Some of you will sail through this downturn with hardly a dip. It is usually those who are best prepared who seem to deal with adversity without sweat or stress. Now is the time to draw on the best beliefs, attitudes, and working practices.

Shrinking markets need not mean shrinking income. First, let’s estimate the size of the problem.

Some markets are worse off than others. Those who only sell to the automotive industry might be facing a significant short term evaporation of opportunities. Despite the gloom, people will continue to need road vehicles. Customers may put off buying decisions and make do for a while but their need will only increase with time.

Innovation happens faster when the need is great. If your stuff enables customers to do more for less, and you can prove a short term return on investment, the worst hit sectors may still present increased opportunity.

The forecasted shrinkage for the economy varies according to who you listen to. For the UK, I have seen numbers between 2.8% and 4%. The automotive arena may shrink somewhat more than this – perhaps 10% or even 15%. The building industry, retail markets, and finance sector are also likely to shrink more than the forecasted average.

If you have the good fortune or freedom to sell in other markets, you can seek easier opportunities. Since some markets are shrinking more than the average, others must be less affected. Suppose you were experiencing or seeking 8% growth last year. This was the forecasted growth for IT spending in 2008. Gartner research indicates that IT spending will grow by 2.3% in 2009. Let's assume this is optimistic and that the downturn will result in no IT spending growth this year. Competitors in the IT market might anticipate the need to cope with a shrinkage of about 8%.

Two minutes research on Google should help quantify the impact on your industry or market. With a number to go at, it is much easier to break down the problem and formulate strategies and tactics to deal with it.

The following little known or perhaps little used solutions, diligently applied, have all been proved to increase sales in any business environment. Now is the time to raise motivation, improve practices, and create new ways to get results.

1. Get proof that your stuff does what you promise.

Verifiable evidence convinces ahead of sales skills. How much money or value does your stuff contribute to the customer’s bottom line and how could a customer verify the truth of your promise. If your proof is compelling, increasing the number of sales opportunities is simply a matter of bringing evidence to the attention of people for whom it is most compelling.

2. Find market sectors less affected by the downturn. Some are shrinking less or still growing.

Quantifying the potential for each market sector provides an easy comparison. Start with the low hanging fruit. Focus on market sectors that are least affected by the downturn and most accessible to your sales approach. New market opportunities continuously emerge so no matter how often you re-examine your market potential, there are always new possibilities to explore.

3. Use evidence and proof to develop better messaging and multiple messages.

Take the proof gathered in step one and use it to improve communication. Develop existing messages and create new, more powerful descriptions of the profit or value your stuff offers. Every time I do this, I find better ways to communicate value. Ask existing customers, business partners, and suppliers to help by reviewing new messages and giving feedback.

4. Cast better seeds on more fertile ground.

Present better messages to more qualified prospects. If you were selling bread and had a list of hungry people, you might expect to make a few sales. Applying thinking skills and tools to identify the right prospects is easier than ever. First choose the most likely prospects by comparing them with your best customers. Those organisations that look like your established customers are more likely to have common issues and similar needs. The opportunities and status of most organisations is apparent from their web site so you can identify the right prospects before you call on them.

5. Vary your messages and approach

Use the multiple messages you have created to mount a campaign. Bring your value to the attention of the people who can benefit most form what you sell. Use telephone calls, voicemail messages, emails, letters, post cards, introductions, and fax transmissions to vary your approach. Like advertising, effective sales prospecting depends on repetition and persistence.

6. Have the customer quantify the cost of inaction.

It is a brave manager who spends money in a downturn without a concrete business case. Have customers quantify the value that your stuff will create for them. Perhaps surprisingly, few sales people attempt this because customers are often reluctant to take the time or are too eager to examine the solution.

7. Attend or study a good sales course like ‘Selling in a Downturn'. Visit our web site - linked below - for list of issues addressed and sales difficulties solved on a good course.

No matter how much experience you have, you are bound to be reminded of things you used to do that have fallen into disuse, you will learn from the others on the course, and you will pick up new ideas, methods, and techniques from the material.

Challenging times are upon us yet succumbing in the teeth of the economic downturn is still a matter of choice. Success remains voluntary. No one will force it upon you.

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  How to Hire the Right Person During an Economic Downturn
  When selling a business - What is a Seller Earn Out?

Article Tags: downturn, recession strategies, sales, selling



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