Economic downturns are always a tough time for businesses. But with the right approach, you can use an economic downturn to your advantage and increase your sales!
1. Introduction: Defining an economic downturn
An economic downturn can be defined as a significant decline in activity across the economy, lasting longer than a few months. It is visible in industrial production, employment, real income, and trade. GDP growth may also slow or even turn negative. During an economic downturn, it’s normal for businesses to experience a decrease in sales. To keep your sales going, here are five steps you can take:
- Keep your pricing in check
- Review your product mix
- Focus on your existing customers
- Find new markets
- Keep your costs under control
2. Why now is the time to focus on selling
The current economic situation is challenging, no doubt about that. But just because times are tough doesn’t mean you should give up on selling altogether. Now is the time to focus on selling more than ever.
Here are five steps you can take to make sure your sales don’t suffer during an economic downturn:
- Keep your prices competitive.
- Offer discounts and promotions.
- Get creative with your marketing and advertising.
- Focus on providing quality customer service.
- Streamline your operations to cut costs.
By following these steps, you can weather the storm and come out ahead when the economy recovers.
3. The five essential steps for selling during tough times
In these tough economic times, keeping your sales going is more important than ever. Here are five crucial steps for selling during tough times:
- Keep your tone positive and upbeat.
Your tone is one of the most persuasive elements in your sales arsenal, so make sure it’s working for you, not against you.
- Focus on the needs of your customers.
What do they need, and how can you help them? Focusing on making things better for your customers will make them more likely to do business with you.
- Be prepared to negotiate.
In these times, people are looking for a good deal, so be prepared to haggle a bit on price.
- Offer incentives.
If you can sweeten the pot with a little extra incentive, do it. People are looking for reasons to say “yes” these days.
- Follow up, follow up, follow up.
Once you’ve made the sale, don’t forget to follow up with your customers to ensure they’re happy. A satisfied customer is a repeat customer.
4. Overcoming objections
- Understand your customers’ needs
- Provide value
- Be flexible
- Be clear and concise
- Be persistent
5. Closing the sale
- Keep your sales pitch positive
To close the sale, you need to keep your sales pitch positive. This means highlighting the benefits of your product or service and downplaying any drawbacks. You want to sound optimistic, without being unrealistic.
- Be flexible with your payment options
During an economic downturn, people are often more hesitant to spend money. So it’s essential to be flexible with your payment options. Offer financing or leasing options, if possible. Or allow customers to make smaller incremental payments.
- Be willing to negotiate
Customers during an economic downturn are often looking for a good deal. They may be more likely to buy if you’re willing to negotiate on price. But be careful not to lowball yourself and leave too much room for negotiation.
- Create a sense of urgency
When people feel uncertain, they’re more likely to act if they feel a sense of urgency. So try to create a sense of urgency in your sales pitch. Point out that your product or service is in high demand or has a limited-time offer.
- Follow up after the sale
Once you’ve closed the sale, following up with the customer is essential. Thank them for their business and see if there’s anything else you can do to help them. If you provide excellent customer service, they’re more likely to come back the next time they need something
6. Closing words
- Keep your chin up – it’s easy to get discouraged during tough economic times, but it’s crucial to maintain a positive attitude. Your customers will be more likely to do business with you if you’re upbeat and optimistic.
- Get creative – think outside the box and develop new ways to market your products or services. This is a great time to get creative and try something new.
- Be flexible – be willing to negotiate on price, terms, etc., to make the sale. Many customers are looking for a good deal during tough economic times, so be prepared to give them what they want. However, ensure that your offer’s attractiveness is not based on price alone.
- Keep your pipeline full – always prospect for new customers, even when business is slow. You never know when someone might be ready to buy, so keeping your pipeline full of potential buyers is essential.
- Don’t give up – even when times are tough, don’t give up on your sales goals. It’s important to stay focused and continue working hard even when things are slow.
7. This episode of ‘Crazy People Podcast‘
Jeff Bajorek is the guest in this episode of the Crazy People Podcast – a podcast that Maurice co-created and co-hosts. Jeff Bajorek is a well know sales innovator and sales leader and covers some deeply insightful points about sales, how to be the best sales representative you can be and how to find your own voice when selling. I strongly recommend to have a listen on any of your favorite podcast outlets, or to just watch it on YouTube here.