RainMaker Blog

Selling in a Floundering Economy

Everyone knows that consumers and businesses have tightened their wallets due to the severe economic conditions. If your business relies on sales for its survival as most do, you also know that we’ve got to keep selling, even though the economy is floundering. Pressure and competition is intense. Tight credit, fewer buyers, and other hungry salespeople are making your job tougher than ever. So, how do you succeed in sales right now?

Just because the economy is floundering, it doesn’t mean that you must. First, create a plan. Football coaches don’t send their team out with vague instructions such as “just throw the ball” and neither should you. You must know who to throw the ball to and what you’re going to do with it once caught, right? With that in mind, which prospects are your best prospects? While selling is often referred to as a numbers game, right now, it’s important to carefully target prospects. Ask yourself what type of customer is your best customer and narrow your prospect list down to those that match.

Once you know which type of business to pursue, begin tailoring your approach. For example, if you’re pursuing high end clients, you’ll have a different approach and product lines than if you’re pursuing clients on the lower end of the scale. Ask yourself what types of problems can your product or service solve for this client type and start tailoring your presentations to address your client’s needs. In a floundering economy, focusing on solving problems is more crucial than ever. Consumers can put off purchasing luxuries and even some necessities, but problems need solving.

In fact, despite the gloomy economic news, consumers and organizations are still spending money. They expect more value for their purchases but spending has not come to a screeching halt. Make sure that you are offering a solution as well as value. Now is a great time to be specific in how your product or service solves their problem. For example, “Your company will save $586 per month by switching to our phone service. That’s over $7000 per year.”

In your effort to acquire new customers, don’t neglect your existing ones. They too are suffering the ill effects of a bad economy. Make sure that your current customers are well taken care of and that their problems are being solved. Continue building your relationship and being attentive to their needs and concerns.

Increased networking is also crucial during economic slowdowns. Participate in business events, conferences, and tradeshows typically attended by your ideal customers. While having a booth is good, being a featured speaker is even better. Start building yourself up as an industry leader now and gain greater visibility amongst your prospects. While this may not result in immediate sales, it does distinguish you from your competitors and could be the deciding factor.

Finally, stay motivated. People and businesses ARE buying; they’re just far more selective about what they buy and who they buy it from. Target your ideal customer, tailor your solution to meet your prospect’s needs, continue building relationships and networking, and sharpen your sales skills. It’s tough out there but not as hard when you have a game plan.

Do you have a game plan for selling in a floundering economy? What are your tips? We’d love to hear about them.