Are you losing sleep at the thought of having to change careers due to the recession? No wait! This isn’t “officially” a recession, but rather a soft economy. Regardless of what you call it, many economists are forecasting more to come. This means that if you haven’t already experienced a slump, consider yourself fortunate. But eventually, you too will feel the impact.
The worse thing you can do is assume that since things are looking good right now, you don’t need to proactively plan for a potentially bleak future. Many businesses and consumers fear anything that resembles a recession. This type of economy is characterized by a decrease in spending, tighter budgets, and downsizing. You can either look at these times as life-shattering or see them as an opportunity to give your business and sales a revenue-boosting makeover.
If you incorporate and execute the following no-cost techniques, you will increase your bottom line and take your business straight to the top. And on your way up, the competition will be forced to ask why you are thriving and they are barely breaking even.
Show Compassion / Be Empathetic: This may come as a big shock, but your prospects and clients aren’t interested in you. Especially in times such as these. They are only interested in themselves. If you want to peak their interest, you must appeal to them emotionally. Pain, pleasure, and fear – emotions – make people buy. Asking questions that evoke these feelings allows you to respond with empathy. When you do this, you are fostering a relationship, one which will exist long after the purchase and sale is complete.
Cash in on Repeat Business: Past clients are more likely to do business with you than new prospects. In a slow market, those would-be clients are holding tight to their money and don’t want to gamble on a new comer. You’ve already proven yourself to your past clients – you don’t have to sell them on your services. Let this work to your advantage. Contact your old customers to find out how things are going. This not only makes them feel appreciated, but it also opens the door for new projects. This simple gesture offers reassurance that you desire to do business with them again.
Ask for Referrals: Even if you’ve just closed the biggest deal of the year – don’t stop there! Ask that person who just entrusted you if they know of anyone else who could benefit from the product or service they just purchased. This is the most over looked strategy in any economy, but can be more detrimental when leads are already few and far between. The easiest way to get business is to ask for it. You can’t afford not to practice this lucrative business building strategy and it won’t reduce your marketing budget by one red cent.
Work Your Existing Leads: It may be hard to believe that the prospect who said no the first two times would’ve said yes on the fourth or fifth try. How would you know when you typically write them off after the second call? Be diligent and persistent when following up on leads, but be careful not to come across as desperate or pushy. The easiest way to make these leads active again is to send a handwritten note enclosed in a card or by simply making a phone call. Ask if they still have a need and what it would take to close the deal. You’ll be surprised at how quickly these once dormant leads can turn into profit generating accounts.
Exceed Expectations: One of the golden rules in sales is to under promise and over deliver. It’s critical in a recession to provide your clients with a level of service that no one else can duplicate. You want to do more than just please them. You should give them more than what they’ve paid for at every opportunity. They didn’t have to do business with you – they chose to. A stellar customer experience combined with a great product or service lays the foundation for loyalty and keeps your clients coming back for more.
About the Author:
Donna L. Johnson is a public speaker and business coach specializing in customer service and retention for small businesses and entrepreneurs. Are you ready to help your team sell more products or services? Visit www.DonnaSpeaks.com or email info@DonnaLJohnson.com for more information.
This article definitely gives sound advice on what it takes for any sales driven business to survive and grow during a recession. These are proven strategies that are often overlooked, but if they are incorporated into the everyday activities of your business you will easily seperate yourself from the competition. I look forward to reading more of your work. Thanks for the great article!
This is some really great information! This type of information is great because it encourage you to go back to the drawing board and work on those skills that tend to get forgotten over time. Donna, do you have a blog or recurring newsletter where I can access other articles that you have published?
In a world where we’ve all moved, so to speak, away from human connections and into technology, these ideas seem to bring back the humanness of business; one person apealling to another. These were fantastic ideas; ideas that have probably been around for years and are responsible for the success of the top business in the world today. Thanks for bringing them back! The greatest thing about these is that they don’t cost money to implement. It’s all about taking action!
Nice article
Each of the five topics provides the reader with straightforward business communication and customer service tactics that will score by and large in any business arena. Thanks for going back to the old way of doing business.
I have recently attended several sales seminars and read several sales books. This article is a very consice summary of the things I have been learning. These ideas are not only theroy to me, I have been putting them into practice. All I can say is, “They work”. I am glad to see good sound advice, and more glad to put it into practice.
I am in sales and for the last few weeks my sales have been slowing down. I have heard of some of these ideas and never gave them much thought, tried a few and got very good response. Customers really care when you show them more concern and let them know you care. One even said of all the sales reps he deals with that I was the only one who called and asked how things were going. Told me to guess where he was buying from now on. These ideas all make very good business sales sense and am going to try out more of them and keep them printed out and hanging on my office wall. Do you have any other articles or a blog that I can check out?
Great advice to business owners! This article gives you a workable action plan to achieve success in a down market. The action items are easy to implement and could increase your business’ bottom line with little effort. Anyone serious about their business will heed Donna’s advice.
Ty Ekelemu
we can reform our national integrity and economy with love for our country and each other. this is a great article which reminds us to stick together as a family (being positive), a state (referals), and a united union (work your leads)! One love.
Continued service after the sell, great way to “Cash in on Repeat Business”!! I often brainstorm on new ways to separate myself from the competition, constantly looking for that WOW factor, thank you Donna for reminding me of the Golden Rule. These are great strategies that I look forward to incorporating and practicing. With a down economy, I’m sure everyone is looking for low-cost; no-cost marketing strategies and you’ve given us a great starting point. Look forward to reading more!
It’s funny, those of us in the sales industry should know that these steps are imperative for success, but sometimes forget to implement the most basic techniques. Things don’t always have to be complicated to make sense or generate results. Thanks the refresher! I look forward to reading other articles.