A sales shutdown can pose as a threat to the life span of any business but knowing what to do during that period will help the business tremendously
Organizations adapt to the way they work during market transitions, and what their goals will be during difficult times.
One big obstacle in a downturn for most businesses is how to find and maintain their pipeline and sales cycle.
Sales are important for company survival and there are measures that businesses can take to ensure they make progress and boost their sales results both during and after a time of deflation in the market.
All business starts with a sale and a emphasis on how to bring goods and services into the market. Enhanced sale is an excellent discovery in any season and at any time.
1. Invest in or develop the Customer Relationship
Most businesses make the mistake of attempting to handle customers or clients without a Customer Relationship Management (CRM) tool.
More than half of small businesses do not have a CRM, but when they hire one each company will sell better.
If you’ve never deployed a CRM, there are several fairly inexpensive but successful options to consider.
Options like Nutshell or Fishbowl can be viable alternatives for small companies, while Salesforce or Hubspot is a commonly recognized CRM for larger businesses.
CRM applications help companies monitor a sale’s progress and collect important business-related information to build a stronger relationship with the potential client.
CRMs provide helpful information to a company when the relationship with a prospect is transferred from one salesperson to another.
Good sales start with good data. CRMs help companies to collect good data so they know more about their opportunities and needs.
The more knowledge you can obtain about a client, the more productive a salesperson can become as they understand how to recommend the right product to a prospective buyer at the right time at the right price.
Many CRMs give free trials so you can ensure that they suit your business budget.
To track your pipeline and build an accurate forecast for your company, it is important that you leverage technology.
2. Update the sales pipeline
A slow growth cycle is an opportunity to delete opportunities in the sales pipeline that should be eliminated.
A prospects analysis to decide if they are still viable is a good use of time for any company, but even more so when the market is slowing.
Some sales pipelines can get filled with lost opportunities and delayed connections because salespeople don’t always have the time to update or delete customers that are no longer interested in a product or service in times of high development.
Most sales start with a good list, and downturns provide an ideal opportunity to improve the sales list so that the sales team does not waste time on buyers no longer interested in the sale after the decline.
A reassessment of potential prospects can also be helpful in providing an accurate estimation of the future revenue outlook for the product.
Documentation is also important in a CRM tool as to the cause the opportunity was missed.
A study of missed opportunities will help the company and the sales team understand, and make changes for potential leads to be more successful
3. Reach out to current and past customers
Every customer is valuable and vital. This assertion is even more true during times of a downturn.
Companies seeking to be successful in a shutdown should contact all existing customers and prospects individually to better understand their current condition (all business and personal), and ask what the company might do to help them.
Enterprises and sales teams displaying empathy and maintaining a genuine customer relationship will find that those partnerships will pay dividends for the company in the future.
Downturns also offer a opportunity to re-start relationships with former customers.
Most firms are neglecting past clients, and doing so at their own cost. Current customers also have the ability to become future customers when interest is demonstrated for the former customer and a new opportunity to become a customer once again.
Past consumers should be considered warm leads, because they are still familiar with the goods and services of companies.
A communication with a former customer would also allow businesses to learn why a customer has left and possibly fix issues for the customer has not been discussed beforehand.
One fast way of improving sales efficiency and growing a company is by enlisting past clients. Past buyers are likely to purchase goods more efficiently and easily add a margin to the bottom line.
As part of the selling cycle, through businesses cultivate the practice of reconnecting with past customers. Each business will respect current and past customer relationships in a time of downturn.
4. Align the CRM with the current selling process
Any CRM analysis will include awareness of the sales process and represent the current sales process that the sales team is engaged in.
Many businesses spend time and resources, creating a structured selling process, but instead the sales process with the entire sales staff is not introduced or executed.
Once sales teams and sales strategies cooperate, transactions are made easier, and transactions people are made more efficient.
Many salespeople are underperforming because they don’t work the sales process aggressively, but want to assume that their approach is better than the carefully thought-out sales process developed by the business.
Sometimes, salesmen are self-starters and rugged individualists. This mentality can be helpful in sales activity but can also undermine the efficiency of the sales.
Across every sector, sales leaders recognize the importance of operating and conducting an efficient selling cycle.
One excellent time management during a downturn is to thoroughly review all information in the CRM and map it to the selling process.
Detailed notes should be made to a customer information profile, assignments, and necessary next steps on ventures and opportunities should be considered to help the sale keep going forward in the well thought out selling route.
5. Strategizing on a limited time deal
Downturns provides the ability to provide discounts on goods and services to inspire potential customers to establish a business relationship.
Try discounting the most valuable goods and services to effectively boost immediate income and increase cash flow.
Discounts offer an ideal opportunity to contact the consumer and remind them of a new opportunity to buy the product or service for a period of time at a reduced cost.
Downturns are also encountered on the markets by several customers. Therefore it is often understood and accepted when a discount is given due to a shift in the marketplace.
Premarketing the discount is a valuable method to inform client base.
Discounts should be given in order to start a particular date, and given only for a limited period.
Every consumer loves knowing they get great value at the best price possible.
A limited time discount strategy will revive cold or declining customer relationships, and reinvigorate the sales team to talk to consumers about a unique opportunity that the company provides.
6. Analyze the strengths and limitations of the sales team
A review of each sales team’s developmental needs may be beneficial during a downturn.
Every salesperson’s assessment to evaluate the long-term cultural fit of a business will provide insight as to whether a organization has the right team to deliver the right results as the market starts to grow.
Honest and honest interactions with each salesperson that prove useful in helping the salesperson achieve breakthroughs and making appropriate sales behavior corrections to produce a higher production level.
One area of measurement that should be addressed is the salesperson’s development and learning capacity. Sales are likely to stop flowing when a salesperson quits rising.
Many businesses that concentrate on growing and expanding their sales force can see a direct impact of their sales success growing.
An unsuccessful team will never produce very good results. It is much more important than ever in today’s competitive marketplace that organisations have the best salespeople who are a good match for the organisation.
The organization which develops the right sales staff is the organization which is ready to increase revenues and expand on the market after periods of recession and correction.
7. Invest money and time in sales staff training and growth
Downturns can be a good time for sales team training and development.
A training program will be developed and enforced after an analysis of the strengths and limitations of each salesperson.
Although sales training should be individualized and unique to each company, a few examples of macro-level sales training may include learning how to tell the sales tale, practicing active listening, and finding new leads and leading sources.
Any investment in the sales team would prove to be beneficial in the performing sales team at a higher level than a sales team that is never trained, built or improved.
Organizations should train their workforce to be stronger and become more competitive as the market is slowed so that they can be prepared to manage the amount of possible new business once the company returns.
Sales that aren’t ready for are sales that never get. Today a sales manager will be ready for the sales tomorrow.
These tips and insights will help any company boost its sales performance.
Industries who use a market downturn to strengthen their selling systems, and customers would be in a stronger position to boost revenue after downtown and into the future.
There is often work to be done in sales, and decisions to be enforced.
Downturns in these companies may have an effect on corporations and several different departments but they should never have an effect on sales activities.
Sales teams and business operations are immune to recession. In fact, every organization’s sales components should be more involved and engaged during periods of downturn than at any other time or era of the company.
The sales staff and the sales attitudes are essential to the entire organization’s current and potential performance in downturns. It can become a leading indicator of the business ‘future when the sales team is involved.
Any sales team therefore should take action to ensure sales success even in the midst of a downturn.