Tag Archives: Selling

Selling when there is a downturn in the economy can be difficult, but there are plenty of people that still get rich during times like this.  Keep in mind, in a bear market, business owners don’t need to follow the market, and scale back, they only need to do better than the completion.

Here are some tactics you can employ, not only to survive a recession, but flourish as well.

1. Keep selling….but with more effort
   When the economy is good, it’s easier to sell, that isn’t news to anyone.  Selling is easier as people have more money to spend and less economic worries. Studies have shown that a buyer will view, review, and reconsider a purchase an average of seven times.  Whereas sales staff often gives up after only one.  This inst enough persistence even when times are good. This is why you need to try harder, and put forth more effort during a bad economy.
2. Focus on your target market
   In tough times, a company should narrow its focus on what it does best.  Now is not the time to have weak product lines or distracting ventures.  Business should focus on strengthening its core products and services.  These are what contribute the most to sales volume and margin.
3. Increase the marketing budget
   Marketing isn’t a cost, rather an investment that generates revenue from new customers.  If businesses look at marketing in this perspective, it should be easier to increase the amount spent on marketing.  This is especially true when times are tuff.  Remember, you need to reach more people to get the same sales volume.
4. Make it easier to do business
   It’s all over, tightening credit.  It’s easy during downturns to tighten credit policies, shorten hours, etc. but what you are really doing is making it more difficult for customers to do business with you.  If your competition is making these types of cut-backs you should do the opposite; Offer terms, ship for free, extend warranties, provide better service, and watch their customers come to you.
5. Clarify your Value proposition and ROI
   Recession or no recession people are always going to spend money.  The only difference is many will be more frugal.  But people needs have not changed, and they are still going to spend money on goods and services that they perceive as having value.  Now is the time to show them exactly how they will benefit by buying from you.  You may want to consider creating case studies, product demonstrations or webinars.