Simple Solutions That Work! Issue 18

54 DAVID WHITE Co-Owner D and S Consulting LLC ARTICLE TAKEAWAYS: • Know your customers and competition • Never reduce your price as it devalues your product • The customer is not always right! How to Sell in A Down Economy T oday’s headwinds are fierce and make even the most seasoned sales person frantic. Combating record inflation, high interest rates, depleted supply lines, and long lead times are tall tasks. Follow that up with high unemployment, customers not answering the phone calls or emails because they are over worked and you have the makings for what seems to be an impossible selling situation. All the while your management expects you to increase sales! Does this sound familiar? So, what, or how do you respond to that? According to the October 2022 issue of Industry Week we are heading for a global recession. Even though the economy right now is somewhat healthy its not a matter of if, but when the recession will hit. The economist and pro-capitalist Milton Freedman in his book Free to Choose reminded us that a recession or bad economy squeezes out the excess in the market. In other words, some of your competitors will not survive. At the very least they may not have the resources you have to call on customers as frequently. This gives you an opportunity to make inroads or even steal their customers. Someone once said that success in sales is being at the right place at the right time. But you can never be at the right place or time sitting behind your computer sending worthless emails. Covid restrictions, for the most part is over, which means it’s time to get out there and talk and listen to your customers. A lot of salespeople due to company policies (no travel during Covid) have gotten used to making phone calls and sending emails. But how many are answered and in the case of emails even read? I suggest that you hire a marketing company to send content rich emails for you and to track the results.Peter Drucker said, “You can’t manage what you can’t measure.” With results comes change; change in what you are doing if it is not working or change from emails to newsletters or on-site visits. Your goal is to reach the largest customer base with the right message. Marketing companies can help you do just that. This is the time to knuckle down with some basic rules for selling in a down economy. SOME BASIC RULES: 1. People buy from people not companies The first rule is to always build trust and a relationship with your client. Listening is the best way to know your customer. Have a list of questions memorized that show you understand him/her personally and the struggles faced every day. Take notes either during the conversation or directly following in the car (preferably into your CRM) so that you do not forget important names (including kid’s names) or especially what their biggest work issue is. 2. Be a problem solver not a salesperson Customers have issues. Supply shortages are a critical bottleneck right now. Therefore, even if it is something you do not sell, try to help them with it. Focusing on providing solutions is the fastest way to becoming someone they can count on vs another salesperson coming in to sell them something they do not want or need. Know your customers’ processes and issues. 3. Know your product! If you know and believe in the product you are selling, it will almost sell itself. There is nothing more pathetic than a wishy-washy salesperson who does not know the product they are selling or how it is better than the competition’s product. How can you ever convince someone to buy your product or piece of equipment if you do not know the differences between yours and the competition?