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Selling in a Slow Economy

by Jim DeSena    

1) Give your existing customers better service than they've ever gotten before. In a growing economy where there is more than enough business for everyone, it won't hurt as much if you lose a customer because of poor service. It will when there aren't as many customers. You don't want to be in the position where you lose a customer because of something that was within your control or that of your company's. Studies show that it is much more expensive to get a new customer as it is to keep an existing one. Make sure that you don't get into the unhappy position of losing a customer because he or she didn't get the service he or she expected. Make it easy to buy - don't lose sales because the customer can't buy in the configuration he or she wants, when he or she wants. Challenge the preconceived notions about what you can or cannot do for the customer. Champion the customer's cause.

2) Sell value. When people buy, they still want the best value, only more so. They can't afford to waste money, so demonstrate how your solutions help them save money. In a strongly expanding economy, where there is plenty of money, people are not as concerned about spending. When the economy slows, they are, so they become more conservative. Show them how you can help them save on their operations, improve productivity or avert unplanned spending they might have experienced in the past.

3) Sell smarter. In a weaker market, some competitors will cut back or get out of the business. That will open new opportunities for you. Demonstrate to new customers how your company is a survivor. With every problem there is an opportunity. Being able to spot those opportunities isn't easy because we are concerned about problems and have framed the situation as a problem. Reorient your thinking. See where the opportunities lie.

4) Specialize. If you haven't done so already, start to specialize. Develop specialized knowledge that helps you solve a particular type of customer problem better than anyone else in your industry, especially problems related to the current economy.

5) Sprint. Pick up the pace. Designate certain times of the day or days of the month when you will work at sprint-speed. Concentrate your effort. Work at a rapid pace. If you watch people, you'll see some who work at a faster and more effective pace. They move quicker, but they also don't waste motions. They have a clear purpose in mind, working toward specific objectives. In an economy, such as we have now, we need to cover a lot of territory.

6) Scramble. Get out of the "comfort zone." If the competition is coming at you, scramble. Be agile. Recognize that someone is still buying. While the economy is slowing, it hasn't stopped. Certain segments and certain customers may be harder hit. They may be your customers. There are trillions of dollars of other transactions in the economy. Find them.

7) See success. Be focused. Be empathetic of the customer. Put yourself in his or her shoes. It may help you find solutions to problems you otherwise wouldn't have seen. Be conscious of the challenges but careful not to commiserate. Negative news can put cloud around your outlook. You know people are going to overreact. When the economy was booming, everyone believed it was and overreacted accordingly. The same thing can happen now, where people think everything is negative. It tends to complicate the situation. Don't make it worse than it is.

Ultimately, this is the type of economy that tests our confidence and abilities. Over prepare for meetings with customers. It will build confidence. Get back to the basics. In one of my programs, someone said, "When times are good, keep the basics in mind. When times are bad, get back to the basics." The basics are the fundamental actions we need to take to be successful when business doesn't come easily. It might be prospecting for new customers. It might be creating the discipline to call new or existing customers every day. It might be using good questioning or listening skills to really understand what customers want.

Success is what you work for. When you have seen your work come to fruition for customers, you know you have made a difference. In a slowing economy, you can help your customers in creative ways to meet their new objectives.


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