Okay, the market is down 20% in a few short weeks. People are being laid off and companies are cutting back. So what! While business may not be booming like it was a couple of years ago, people are still buying. The world goes on. The question is are they buying from you?
In markets where demand is down and supply is up, sellers need to concentrate on things they may not have had to worry about in robust conditions. To begin with, they must ensure their selling skills are the best they have ever been! There is no margin for error. You must know how to sell value and solutions. That means successfully employing consultative sales skills.
Next, your prospecting activities must be in high gear. You can’t wait for the phone to ring. With demand down, prospects that are buying don’t need to call you because your competitors are already beating down their doors. Timing is everything in sales. Ratchet up your prospecting activities to ensure you are at the right place at the right time.
While you are looking for new business, don’t forget your existing customers. More than ever you need to take care of them so they don’t disappear. You can’t afford to lose business. By the way, existing customers are also a great place to look for additional business. You already have invested in the relationship. Why not leverage it for additional revenues.
When it comes to closing the sale, you must maintain a full funnel of activity to avoid being desperate and forced to discount unnecessarily. Desperate people are not in any condition to negotiate effectively. You must increase the number of deals you are working on as your closing ratio may drop because of less opportunities out there. Closing ratio’s tend to drop with reduced demand and increased competition.
Last, but certainly not least, make sure you approach every day with a Titan attitude no matter how tough things look. In every problem lies opportunity. Are you looking for the opportunity or succumbing to the problem? The choice is yours!