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Pat Johnson
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All About Selling in RecessionSell through in recession Pat Johnson
June 18, 2009
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Selling in a recession stricken market is a difficult job.
Customers either order less or postpone buying which directly and adversely
affects budget.
During a tight market, customers most loath to spend
money. They tighten their budget and strive to make use of every penny and waste
nothing. Nobody affords to waste money in tight market. Now is the time to plug
up the holes and not let things slip through the cracks.
If all these years
you were selling your product by focusing on its key features, then now is the
time to think different. Try to answer the questions like—do your products or
services help your customers to plug up some holes? Do you help them save money?
Are they benefited by your product? If the answer is ‘yes’, then turn the
benefits to your key selling points. Think out of the box and find out how you
can help them save money or resources.
If earlier you were selling savings
now is the time to sell cost. Don’t tell your customers that they are going to
save money from your product; they already know that and probably many others
also told them the same about their offerings…so what difference will you make?
Emphasize on their expenditure and consecutive loss and stress that spending
money on your product will be a key to curb this expenditure. Instead of talking
about the benefit of your product remind them the existing problems they face.
This way they will start looking at your product with some interest.
Here is a piece of conversation between the sales person and the potential
customer, demonstrating how to turn the tables and compel the customer to think
twice before rejecting your offer.
Customer: “Well, it
looks good, but I really don’t think we can spend any money right
now.”
Sales Person: “I know that John, that’s
exactly why I’m here. But take a look at your monthly expenses incurred while
maintaining your existing systems. You are already spending $1980 per month to
maintain your older systems. Our product will cut that cost by 80%. I agree, Mr.
Customer, spending $1600 every month is difficult but installing our product
right now will save you $30,000.
You can start selling even while making an appointment with a powerful
introduction.
Sales Person: “Mr. Customer, this is John
Doe from ABC Systems. The reason I’m calling is that in these tight economic
times, most companies are feeling the pinch and looking for every possible way
to save money. Well, we have a new solution that will put thousands of dollars
back into your monthly budget, adding to your bottom-line and giving you more
money to do your job.” Now after an introduction like that, a prospect
cannot say they don’t have money to spend, the sales person just said that she
already knows that. Moreover, the idea of saving thousands of dollars will
compel the customer to rethink on your offer rather than bluntly rejecting.
The Three Principles
There are three driving principles which a salesman should keep in mind to
sell successfully through recession.
1. Be a true business consultant for your customer.
Tell your customers how your solution can solve their problems and improve
their business strategy. Offer them innovative ideas based on the insights from
your past experience with similar issues.
2. Do your homework well.
Know your customers, their needs, goals, their customers, competitors,
employees, and challenges. In a competitive market you should know your customer
well before you call them. This information will help you impress your customer
during the call.
3. Focus on both results and relationship.
Be result oriented and aim for a long-term relationship with the customer.
Customers are more interested in result than the process which gave rise to the
result. Think of each customer as market, capturing which will leverage your
successes.
Success Strategies
There are three success strategies which a sales person should keep in mind
while selling — retain existing customers during a recession, grow existing
customer relationships and acquire new customers during a recession. Given
below is a list of tips which will help a salesperson to sell through tough
economy:
- Hard work…more and more hard work. Now you have to work hard more than ever.
- How much ever scary the situation becomes, don’t panic and give up on all
hopes. Thinking negative is not going to help. Instead, change your selling
technique and strategy.
- Put resources in marketing and sales. Increase your visibility in market
thus increasing the market share. If you don’t increase your market share now
then you may loose business opportunities and potential customers too.
- Be proactive and involve yourself into more networking and social gathering.
Stay focused and targeted to increase your sell by the end of the day.
- Innovate new sales strategy or ideas to sell. Bottom-line is leverage your
efforts by all means e.g. ask for referrals, try to upsell and cross-sell, get
in touch with dormant clients and follow up on all leads.
- Grab every opportunity to build a long lasting business relationship. Never
treat a customer roughly. Add value to your service so that it in turn helps to
improve their service. Show the customer that you care for them. Spend time with
them and understand their concern. Keep your word and stick to your commitment.
- Most important of all, sharpen your skills. After all it’s your selling
skill which will get you going in the field. Get yourself into sales training,
prepare a development plan and monitor your progress, do everything possible to
hone your selling techniques.
Role and Responsibilities of a Sales Manager
- Acquire, retain and train talented salespeople with attitude necessary to
achieve results.
- Reward the deserving sales person for their efforts and ensure that the
compensation is aligned with their performance.
- Focus on the continuous growth and development of the sales force.
- Lead the sales team and motivate the team to stay focused on strategic and
financial goals.
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