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How To Sell Like A Pro In A Rough Economy

Last Updated On Sunday, Apr 9, 2023 | Written By - Mudit Jain


How To Sell Like A Pro In A Rough Economy

There is no doubt that 2020 has been tough. Many companies have cut back, employees are uncertain about their income, and purchase decision makers are holding off from making essential purchases.

But still, you have sales targets you need to reach if your company is to remain profitable and get through this period. How do you achieve these when no one is looking to buy? Here are some pro tips to help bring in the numbers.

1. Go Hard On Prospecting

Often, salespeople cast their net as wide as possible, hoping to net a reasonable number of clients. While this approach might work when people have reasonable purchasing power, it doesn't work as well during lean times.

Instead, use data to determine who your ideal customers are and then target these. This goes a whole lot better than cold calling hundreds of prospects hoping to land a couple. If you aren't sure, who to target, look at your existing customers, and identify opportunities to upsell or cross-sell.

2. Brush Up Your Skills

Modern times call for modern problems. If it's been ages since you got your marketing certification, it's safe to assume you are competing with more savvy marketers.

In a tough economy, you need to employ the sharpest skills you can manage. Be on the lookout for marketing seminars and other industry events to update your skillset.

Another thing you can do throughout your career is to invest in your knowledge. And there is no better way of doing this than taking a marketing course every once in a while. The good thing is that there are lots of great marketing courses to choose from and you can study from wherever you are.

3. Pull Your Customers Closer

You already have a relationship with your customers. This is the time to deepen these relationships. With business being slow, it is better to spend your time doing more for existing clients than chasing new ones. According to statistics, it will cost you up to five times more to get a new customer than to retain a current one.

Evaluate ways to better assist your customers solve their problems. Give them time to consult with you, recommend useful resources, support their projects, and so on.

While these actions are not guaranteed to bring you new business during this time, it might bring enough business and referrals, later on, to help you get back on track.

4. Increase Visibility

It might be tempting to crawl into oblivion till things get better. This is a gross mistake. While you might assume this will save your marketing dollars, you run the risk of being forgotten by your customers.

Your market base might lack the purchasing power during this period. Notwithstanding, increasing your visibility might encourage them to buy from you.

Think about more affordable options like social media marketing and speaking at industry events. Finding opportunities to be interviewed and writing for industry magazines can also give you enough exposure.

5. Mind Your Attitude

It's a rough economy, so you shouldn't expect any sales at all, right? Wrong!

Try to keep a positive attitude and do your best to motivate yourself through this because your attitude can make all the difference. If you need to read a motivational book, do so. You might also want to find out how others in your field are coping and what they are doing differently to keep afloat.

Final Thoughts

It's not uncommon for companies to thrive during a downturn. However, the first thing such companies are known to do is embrace the situation and readjust their marketing endeavors to align with changing times.

These tips will help you do just that.

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