How Successful Salespeople Can Thrive During the Credit Crunch

By: Steve Reiffer

Even at the best of times, the job of the salesperson isn’t easy. There is work to be done to generate leads, qualify those leads, build a relationship, present, overcome objections, and close – and that’s just a single sale! That needs to be repeated dozens of times, or perhaps more, every quarter in order to meet quota and get paid, and many salespeople feel like they’re selling into a storm of “no” and “maybe”– as if no single person would want the product or service being offered.

Adding to that challenge is the reality of today’s economy – the credit crunch. The impact on personal and corporate income has been felt everywhere, so the salesperson needs to sell more to satisfy their own organisation’s need for revenue, they need to sell into a more competitive sales environment (because competitors are sending their hungry salespeople out as well) and they are trying to sell to organisations that have less to spend.

How does a salesperson overcome these challenges to become a successful sales leader in their industry? How does a salesperson overcome these obstacles to meet their quota and earn their pay?

Here are 7 tips to help them thrive through the credit crunch and come out on the other site with a list of devoted customers.

1.Temporary measure. Remember that all economies are temporary. The credit crunch may be painful, and it might be longer than previous economic disruptions, but it will eventually pass. In fact, many economists are predicting an end to the crunch by late 2009 or early 2010 for many parts of the developed world. Of course that doesn’t mean we’ll be back up to pre-crunch levels of prosperity, but it should mean that companies will be more likely ready to buy then. So with that in mind, you’ll want to build for the long term but act for the short term.

2.They still need to buy… from SOMEONE. Even though the credit crunch is restricting buying for a lot of companies, things are still bought! Business still gets done. Transactions are still processed. Your customers aren’t completely ending their buying activities altogether, they’re limiting them… but they still have to buy if they want to stay in business. Long after your competitors have given up hope at the customer’s ten-thousandth “no” and walked away; make sure you are still there, smiling and ready to do business with them.

3.Make sure there’s an obvious ROI. Businesses buy products or services because they expect to get some kind of value out of it – a Return On Investment. During strong economies, that value might be the assumption that more business can be derived from the machinery purchased or more profit can be uncovered from the financial software bought. Price is less of a consideration. In weaker economies, companies are still shopping for value. And although they think that price is a consideration, they ultimately want to find the best value. In every conversation, bring it back to value.

4.Add even more value. If you’re a B2B salesperson, you can add even greater value and build customer loyalty by changing your thinking from the mindset that you’re selling to a business to the mindset that you’re helping to grow your customer’s business. This simple shift will remind you to add value to your clients with every interaction. Make occasional calls to them to offer practical ideas, suggestions, and business-building contacts. While you might not be presenting your products or services during these times, you’ll still be positioning yourself as the high-value seller and your customers wouldn’t dream of losing that value by buying from a competitor.

5.Get creative. Even if you provide high value, you may encounter some organisations that have stretched budgets. This does not mean you have to walk away from the sale. Remember, you shouldn’t just work towards short term “let’s-get-through-the-recession” sales; you should build for the long term. You can do that by getting creative in how you sell your products or services: Create payment plans or sell in smaller amounts.

6.It’s not business as usual. Just to be clear: I’m not proposing a “business as usual” approach to selling. If you already offer ROI, and extra value, and you’re creative, that’s great. Don’t continue doing what you’ve always been doing. Instead, do more. Double your efforts in each of these areas as the first step. But there’s something else: Make more calls. Hone your skills to close more sales.

7.It’s time to pull out the history books. One of the ways to get more sales but prospect less is with your previous customer list – the list of customers who used to do business with you but do not any more. Give them a call and get them to come back to you. If possible, offer an incentive. If you offered a low price and high value in the past, this is a good time to highlight that attention-getter.

No matter what the economic situation, businesses still buy and the role of the salesperson is still a vital role for the economic engine to continue to turn. When you follow these 7 tips, you’ll help to show your customers that they can make it through the recession with the help of you (and the products and services they can buy from you).

The credit crunch is no time to panic. It’s a time when weak salespeople will disappear. It’s a time when businesses still buy but watch the value very closely. So it’s a time to get organised, get motivated, and get selling with more intensity.

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Steve Reiffer is the National Sales Manager at SWING in Australia and a freelance author. For more information visit - thesalesman.com.au

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