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5 Sales Tips to Use During a Down Economy

Regardless of the industry you’re in, the Coronavirus pandemic has had some effect on your business. With the volatility that the stock market brings and the unknown of where the economy will be tomorrow, it’s important to make sure your sales team is prepared to succeed regardless of how slow an economic recovery might take. If your team is on the brink of accepting down sales because of the economy, it’s time to step in. Refocus your team with these 5 sales tips to apply during a down economy.

  1. Rediscover new solutions

Any good sales team sells with pain points in mind. When there is a shift in the economy or a monumental crisis that occurs, a pandemic per se, the original points of pain can change. Times like these are when salespeople need to think outside the box, focusing on the key benefits of what they are selling, and how they are relevant to concerns that arise because of a particular situation. For example, the pandemic has seen a rise in remote work and online purchasing. Where can your products or services fit there?

  1. Don’t focus on fear

This can be easier said than done, especially with a 24/7, in-your-face news cycle. Worrying about things outside of our control accomplishes nothing and is a waste of selling time. Use that time instead to craft a strategy that re-prioritizes opportunities. Depending on the prospect, a down economy could turn a one-time hot lead into ice and vice versa. Focus on your pipeline and act accordingly.

  1. Produce creative visuals

With many industries cutting back on in-person events, meetings, and overall travel, cloud-based programs and computer software have become the tie that binds us. Whatever sales pitch you used to communicate, it’s time to turn that into an attention-grabbing visual presentation. Even if most of the selling you do is over the phone or online, if you’ve ever held an in-person meeting at any stage of the sales process, even just once, the entire process needs a makeover.

  1. Continue the hunt

Although unknown times tend to generate apprehension or bring a process to a complete halt, keep grinding. The pipeline might start to move a little slower and prospects may hold off on signing on the dotted line, but stay motivated and look for signs that a down economy is coming to an end. No one really knows when a recession will begin to turn or if the bottom has even been hit yet. If there is any breath left in the lungs of your business, capitalize on it and stock up your pipeline for when prospects are ready to move to the next stage in the sales process.

  1. Remember to network

Get in contact with your best customers or the top prospects you have. Ask your best customers for referrals and assure your top prospects you will be there when they are ready to move forward. If a certain crisis is driving your anxiety levels up, most likely, the same effect is happening to others. Most successful, seasoned salespeople have earned a degree in psychology. It’s sales 101 to ask questions that get leads talking. Building trust and putting them at ease nurtures a relationship, which is how sales are won. So why not put them at ease when it’s needed the most?

 

What sales tips would you recommend trying in a down economy? Join the conversation on LinkedIn and check out 9 Ways to Succeed in Your New Job.

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