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When fear and uncertainty are in the air, leadership is key to leading your organization through the storm. As in everything else, however, there’s a right way and a wrong way to tackle difficult times. Here’s how to avoid some common mistakes for dealing with a down-turn in the economy, as well as some opportunities to watch out for.
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Do not cut back on your sales resources: Analysis shows that top sales organizations increase their sales resources in tough times. Income is the lifeblood of your business, so the strength of your sales team is more vital than ever. Not only does cutting your sales resources starve your company for income, it also makes you vulnerable to your competition when the inevitable upswing occurs.
Get everyone on board: Confidence comes from working a plan based on the situation as it truly exists. Let your staff know you are all in this together, tell them what your plan is and get everyone selling. Get them out from behind the desk and in front of the customers. When the sale is made, transition swiftly to implementation so your sales team can get back on the street to close the next deal.
Prioritize: Take care of your existing customers first. Not only are they among your most valuable resources in tough times, but your competition may be offering them panic-laden discounts. Show these clients the attention and care they need to not be swayed. Next, revisit the accounts that got away. Your competition is likely committing the same mistakes too many companies make in tough times, such as laying off sales staff, reducing their levels of service and putting their attention on acquiring new accounts. Take advantage of this and revisit these accounts. You may find a customer that didn’t have time for you before is now eager to explore their options.
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Greater discipline in funnel management: In good economic times, you can get away with loose funnel management but in tougher times it is important to know where your time and energy promise the greatest return. Frequently review where customers are in the funnel and, more importantly, where they ought to be. Don’t waste resources where you can’t arrive at a win-win situation.
Revisit expenses: Look over your expenses such as corporate endorsements and ask whether it brings value to the company. If the answer is no, then you may want to trim that expense and invest it in something that will bring value to the sales process.
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Do not take shortcuts: Don’t attempt to rush the sale or get around the customer’s buying process. Customers will always pay for results. Make sure you are delivering the results they want and need. Take the time to review the major accounts and do what is necessary to ensure that you both emerge from the storm stronger and ready to take advantage of the inevitable recovery.
For more thoughts and details on this topic, read Robert B Miller’s white paper “Selling in a Down Economy”.
