Here is a synopsis of a very good post by Jeb Blount, in the Eyes on Sales blog, 5 Tips For Beating Your Competitors in this Recession. Check out the complete source article for more on each tip:
CNN calls it issue #1. You cannot open a newspaper, turn on the TV, or even have a conversation with friends without talking about the economy and the “r-word” – recession.
Doom and gloom are everywhere. And there is no hiding from the fact that trepidation in the market is having an impact on the paychecks of Sales Professionals across the globe. It can be depressing and people are looking for answers. Hardly a day goes by that I’m not asked by someone, “What should I do?”
While I don’t have all of the answers, and certainly don’t hold myself out as an expert on recessions, I offer salespeople five tips for prospering during a recession….
Tip #1: Play Offense. In every industry segment there is opportunity to win regardless of how hard hit. Smart salespeople go on the offense during economic downturns and take advantage of weak competitors.Tip #2: Play Defense. At its foundation, sales, and for that matter business, is about getting and keeping customers. Smart Sales Professionals are taking steps to protect their customer base now. These leaders recognize that they have competitors who will be knocking on their customers’ doors with tempting offers to save money. Instead of putting their heads in the sand and waiting for the inevitable calls from customers to discontinue service, cancel orders, or extend payment terms, they become consultants and proactively seek ways to help their customers deal with problems that arise from economic down turn.
Tip #3: Upgrade. When the economy was strong we could afford to make mistakes or ignore bad sales habits. Things have changed now. Recessions separate the weak from the strong. It’s the ultimate “survival of the fittest” in the business world. Your skills, talents, and attitude are the real competitive edge in this market place. Smart Sales Professionals are investing in themselves.
Tip #4: Focus on Fundamentals. During the good times, when things are booming, we have a tendency to ignore the basics and we lose our discipline to execute the fundamentals – we ride the wave where even the weak can survive. However, during a recession there is no room for error. Be disciplined. Block and tackle. Go back to the basics. Do right things right repetitively.
Tip #5: Move Faster. During recessions we have the tendency to slow down. We want to take our time to ensure we make no mistakes. Frankly, in some cases we are just plain old depressed. The fact is though that prospering during a recession means taking action – especially in the 21st Century where speed is key differentiator. Now is the time to get new products to market, now is the time to hit your competitors harder, now is the time to set new goals and create a new vision for yourself.
Bonus Tip: The problem for many Sales Professionals during tough economic times is that they begin looking for magic pills. The reality is there are no magic pills. The best way to prosper is a strict focus on the fundamentals.
{ 1 comment… read it below or add one }
Just as in “The Art of War”, you must have a good offense. A company that becomes completely defensive during a ression will not make it though. I like the point about upgrading your staff as well.