How To Boost Your Sales In A Sluggish Economy
A down economy often means slower sales. Potential buyers tend to be more risk-averse, and you may face longer-than-usual sales cycles. It can be a brutal pattern for sales leaders and business owners alike. While no one welcomes a difficult market, there are some things you can do that can help you power through lean times.
Moeed Amin, founder of Proverbial Door, recommends following a strategy that can help you not only weather a slow economy, but grow through it. We share his tips in this issue of Promotional Consultant Today.
Remain calm. During difficult seasons, you may be tempted to give in to fear or uncertainty, but this isn’t a great place from which to make decisions. You can stay calm by learning to recognize the noise from the reliable information.
Recognize that downturns are temporary. Markets are always changing. Strong seasons don’t last, but neither do sluggish ones. Amin says it’s important to focus on the transitory nature of slow seasons and understand that downturns create opportunities for you to outpace others. You can also use these seasons to set the stage for future success.
Resist discounting. When your clients and prospects are telling you that their budgets are tight, hold off on lowering your prices. This tactic can lead to a negative buying experience, Amin says, because the buyer will have a lower perceived value of you. Have confidence in your products and services and they value they can deliver.
Communicate clearly. This tip is especially important for sales leaders and business owners since others are watching to see how they respond. Make sure everyone on your leadership team is on the same page so they can communicate with clarity.
Prepare for new purchasing patterns. A slow economy can often change buyers’ habits. Take time to understand these changes so you can provide better solutions for your clients and prospects. Amin says your company’s marketing team is a great place to start since they likely have abundant customer and market insights.
Revamp your value proposition. During leaner times, it’s important to review your value proposition and ensure you are giving buyers want they need now. Your original value prop may have served you during good times, Amin says, but you’ll need to refresh it during difficult seasons. The clearer you get, the better. Strive to show prospective buyers exactly how they will benefit by working with you.
Bring emotions into it. If you want to boost your sales in a slow economy, you have to show prospects more than just monetary value — you have to show them personal value. Amin says personal value comes in the form of personal desires, fears and values. Logic and reason are important, but emotions matter more in the buying process.
Sales may be harder to come by now but remember that growth always follows the downturns. By keeping the above guidance in mind, you can help bolster your success in a slow market.
Compiled by Audrey Sellers
Source: Moeed Amin is the founder of Proverbial Door, where he helps companies create the best sales infrastructure, culture and skills.