Is it time to go back to basics? From a recent email I received:
5 Tips to Beat Your Competition in a Recession
by Jeb Blount author of the Power Principles Audio Book
CNN calls it issue #1. The political candidates talk about it incessantly. 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 Offence. In every industry segment there is opportunity to win regardless of how hard hit. Smart salespeople go on the offence during economic downturns and take advantage of weak competitors. They take definitive action to gain market share. They become consultants who look for innovative ways to help their prospects and customers prosper during the recession. One example is the Sales Professional I met last month who is thriving in one of the most depressed real estate markets in the US. Her strategy, she offers free concierge services to French tourists. Once the relationship is formed she shows them how cheaply they can purchase a vacation home in the United States. While others complain that nothing is selling, she is laughing all the way to the bank.
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. They understand that customers are extremely loyal to the people and companies who solve their problems. By being proactive they lock their competitors out and in doing so retain customers who will certainly buy even more when the recession is over.
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. They are reading more, listening to Podcasts like this one, attending seminars and webinars, and taking advantage of their corporate training programs. Take time to upgrade now and you will become an invincible competitor in your industry and market regardless of the state of the economy.
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. This is how great Sales Professionals win in any situation.
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. To prosper during the recession, urgency is mandatory. Sooner or later, the recession will end and when that happens speed will give you a huge head start over your competitors who have been hiding, with their heads down in the trenches.
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.
Tip #1: Play Offence. In every industry segment there is opportunity to win regardless of how hard hit. Smart salespeople go on the offence during economic downturns and take advantage of weak competitors. They take definitive action to gain market share. They become consultants who look for innovative ways to help their prospects and customers prosper during the recession. One example is the Sales Professional I met last month who is thriving in one of the most depressed real estate markets in the US. Her strategy, she offers free concierge services to French tourists. Once the relationship is formed she shows them how cheaply they can purchase a vacation home in the United States. While others complain that nothing is selling, she is laughing all the way to the bank.
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. They understand that customers are extremely loyal to the people and companies who solve their problems. By being proactive they lock their competitors out and in doing so retain customers who will certainly buy even more when the recession is over.
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. They are reading more, listening to Podcasts like this one, attending seminars and webinars, and taking advantage of their corporate training programs. Take time to upgrade now and you will become an invincible competitor in your industry and market regardless of the state of the economy.
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. This is how great Sales Professionals win in any situation.
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. To prosper during the recession, urgency is mandatory. Sooner or later, the recession will end and when that happens speed will give you a huge head start over your competitors who have been hiding, with their heads down in the trenches.
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.
To listen to the audio version of this article click here
Jeb Blount, the Sales Guy, is the award winning host of the most downloaded sales Podcast program of all time. With more than 20 years of Fortune 500 sales and sales leadership experience he brings a unique perspective to personal developement for the 21st Century Sales Professional. His audio programs have been downloaded more than a million times.
The Sales Guy Podcast is free.
To subscribe on iTunes click here.
To go to the Sales Guy home page click here.
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