The economy is always prone to fluctuations, and recent months are no exception. With COVID-19, we have seen some massive swings, but that does not make it impossible to sell. Whether a global pandemic is knocking on the door, or the economy experiences a natural downturn, keep reading to learn about selling in a tough economy.
The Economy is Not an Excuse
It is easy to blame the economy if you have a tough day. Maybe you experience a difficult sales call or your conversion rate drops significantly. Whatever the case, simply blaming the economy lets you off the hook. It is an excuse that can lead to trying less in a time when you need to be working harder than everyone around you.
Also, it is important to take everything you hear about the economy with a grain of salt. If reports start about an economic downturn, it is not time to panic. Keeping your mindset in check can help you stay focused on your goals.
Target Your Prospects
In a tough economy, some salespeople will stop prospecting. Businesses operate with smaller teams and greatly reduce their overall efforts. However, the exact opposite is needed. You can find success by narrowing in on your prospects.
There is no need to cast a wide net because selling to everyone will likely result in selling to no one. But, you can decide who your ideal customer is and what they need, then target those kinds of businesses and leads. This is the time to work smarter and harder.
Focus on Improving Your Skills
If sales are slower because of the economy, it is time to go back to basics. Overcome the obstacles in your way simply by getting better at selling. Absorb as much information on selling as you can, including webinars, books, training sessions, and articles. Practice your pitch and your close, and refine your presentation.
It is also important to learn how to ask difficult questions. If the economy really is in a downturn, other businesses are likely feeling the impacts. Ask your prospects about the new challenges they are facing. What needs have come up due to the current situation? Spending time fine-tuning your skills can help you in the short and long run.
Prepare for Objections
In a bad economy, price is likely to be a common objection. As a salesperson, it is your responsibility to prepare for this obstacle. Instead of accepting defeat before it happens, find actual solutions to move past a price objection. Focus on building value in your presentation, highlighting the benefits of your offerings. Taking the time to build solid responses to price objections can take you a long way in a tough economy.
Cultivate Your Relationships
Are you taking full advantage of your relationships? Have you even built solid relationships that are beneficial, yet? If the answer to either question is no, it is time to focus on cultivating stronger connections.
Consider using a multi-touch campaign to reach out to your leads in a variety of ways to remain visible. Set up a combination of phone calls, emails, letters, and other networking events to connect with people in a way that makes sense for them. From there, you can start a conversation focused on your prospect.
Learn about the problems your prospect faces. Provide valuable resources or help to gain their trust and create a mutually beneficial relationship. When the time is right, you can leverage these relationships to boost sales while benefiting your connections.