When an economy faces a downturn, sales slump drastically due to a decline in consumer spending. Some companies are able to weather the challenging times and even grow their businesses. What is it that they do differently?
How to Sell Effectively During an Economic Slump
The first thing that a company needs to do when the economy begins to show signs of slumping is to pick up its sales activities. This must include sharpening and applying appropriate sales techniques. Here are some tips that you can use to boost your sales:
Get Set, Go: A laidback attitude can be a deathblow during recession. Be positive and be proactive in sales. Attend events and use social networking site to connect to prospective clients. Get in touch with all the clients that you have ever worked with and find out if they have requirements that you can meet. It is easy to feel disillusioned, but the need of the hour is to think that you will be able to make sales, as negativity can affects your activity and sales figures.
Improve Your Sales Skills: Selling is a skill that can be mastered through continued training and practice. Not many salespeople invest in enhancing their skills and techniques. Sales training will increase your confidence and help you gain a better understanding of your target audience. It will also help you make the right decisions. The mediocre salesperson is less likely to weather a tough market situation.
Innovate: Think about how you can improve the offering without adding significantly to your costs. While a downturn typically triggers cost cutting, this should not affect the offering. Don’t forget that your clients are also facing a tight situation. So, this is the time to improve your offerings and services. For instance, you may gain an edge over competition by just offering free home delivery.
Ask for Referrals: Referrals are a good way of getting more business. Be sure to ask for referrals even if you feel that most of your clients will not agree.
Upsell and Cross-sell: Consider all the existing clients. See how you can offer them much more value. Expanding your business with an existing client may be easier than making a fresh sale because you already have a relationship with the client.
Special Offers: Think about discounts and coupons that can help you make more sales. Special schemes and discounts can be linked to higher value orders, persuading your customers to increase their orders.
Online Marketing: Online advertisements cost you nothing unless you get results. Ensure that you have an online presence and that orders can be placed through your website. This is convenient for your customers and will add to your sales results. You can offer discounts on online sales, as this reduces your overheads of selling.
During tough times, you need to pay special attention to sales training. Log on to Salescoach.us for professional help. The Sales Coaching Institute has been conducting training sessions for clients from around the worked for more than 25 years.
The Sales Coaching Institute is world’s leading sales training, sales coaching and sales performance improvement company, focused on enhancing your sales.