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.
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:
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?
scenario (SOURCE: accenture, The Point, Vol. 4, Issue 4):
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 products.
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!